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Economic growth entails the process of increasing a nation's productivity (output) over time, which leads to an increase in the average standard of living of its citizens. In addition, the increase in the standards of living (high income level, access to education, better health indicators such as high life expectancy and low infant mortality rates) leads to higher productivity level and thus, higher rate of economic growth. Healthier and more educated labor force is more productive and remains active in the labor market much longer since healthier people live longer. Some economists argue that the process of human capital accumulation (accumulation of knowledge through education and work experience) also include investment in nutrition and good health since they contribute to the productivity of labor force. In other words, healthy people can remain in the labor market longer and continue to be productive even when they are older.
The evolution of modern medicine has contributed to the overall improvement of humans' health indicators. People live longer these days and can remain healthy and strong (productive), on average, much longer than 100 years ago. The presence of a functioning healthcare system in any society is a factor that contributes to economic growth through providing people access to medicine and treatments that keep them healthy and productive.
Do the structure, cost, spending, and accessibility to the healthcare system in the US serve the long-term economic growth path? In other words, is the healthcare system in the US efficient? Support your argument with facts and statistics.
Identify one example of a price control that is used in the United States or in another country. Does the price control benefit or harm producers and/or consumers? Why? If the price control were not in place, what would happen to the price of the imp..
q1. why would the traditional poverty measure created in 1963 be misleading?q2. suppose that as the result of recent
Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4L^1/2 + K. Assume that, at the beginning when w0 = 1 and r = 0.5, the firm chose to produce q0 = 20 units of output. Then, the wage increased t..
Paula has set aside $60 monthly budget to attend plays and watch movies. She likes plays exactly three time as much as she likes movies. Draw her indifference curves. If the price of movies decreases to 4 dollars how many movies will she see?
Crusty Cakes sells donuts in Eastown and Westown. Its total costs are given by TC = 10(Qe+Qw). The demand in each neighbourhood is given by Qe = 100 - 2Pe and Qw = 100 - Pw. If Crusty price discriminates between the two neighbourhoods, how much are i..
Suppose that a computer software company controls the operating system market. Although the government knows that the price is higher than it would be in the presence of competition, it believes that such profits are crucial to incentivizing innovati..
A wind power turbine produces a maximum electrical output of 500 kilowatts. The turbine has a 15-year lifetime and the discount rate is 10%. The wind turbine costs $1 million for equipment prior to installation. Operation and maintenance costs are $5..
A beekeeper, Yung, lives next to an apple orchard. She is not only benefits from the bees honey, which she sells, but she sells, but she also creates a positive externality for her apple grower neighbor: Yung's bees help pollinate the apple trees so ..
Price Leadership. Leading People Magazine is a dominant price leading firm in the popular celebrity news magazine market. Moonlighting and National Inquest are competing news magazines that address the same audience. Calculate optimal supply for Moon..
Briefly describe the tactics and strategies the organizations should use to minimize foreign exchange exposure. What financial institutions were established and for what purpose? Did the agreement work? How are national currencies controlled today?
Identify and state the significance of each of the following trade-related entities: the WTO, the EU, the euro- zone, and NAFTA.
Write down an individual’s optimization problem regarding consumption of good and bad behaviors using the Bellman equation representation of lifetime utility (as we did in class). Be sure to include the budget and time constraints and any constructs ..
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