Question 1. Briefly explain the law of demand, the law of supply, and how demand and supply interact in order to determine the price of goods and services in a market economy (500 words) 2. Subsidies, excise taxes, price ceilings, and price floors all have a clear impact on the demand, supply, and price of goods and services. Select one of the four and briefly describe such impact. (500 words ) 3. Briefly describe the difference between frictional unemployment, structural unemployment, and cyclical unemployment. What policies can/should government enact to respond to each of these? (500 words ) 4. What are the differences between a proportional tax system, a progressive tax system, and a regressive tax system? Which do you think is more beneficial to society? Justify your answer. (500 words ) Kindly reminder to provide me where information/idea is being drawn from (Sources/author, year, page, and PARAGRAPH) in order to make me easy to do checking process. To avoid repeated revise order, please cited accurately.
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