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Suppose that a labor economist claims that recipients of economics PhDs gain little in terms of acquired productive skills from their graduate studies, but instead, the degree simply reflects a high level of inherent mathematical ability.
Which one of the views of education characterizes the labor economist's perspective?
Rapper Jay-Z has earned enourmous sumsn of money by supplying creative music to millions of fans. Which of the following statements characterize this market, in which some earn astronomical incomes, while others (who may have similar talent) earn very little?
Suppose a monopolist can purchase Labor at a price w = 36 and can purchase Capital at a price r = 25. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist is given by P = 180 - 3Q. a) What is the Monopol..
To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output and the success of Red Bull leads more firms to begin producing energy drinks.
Find the amount of the transfer implied by consultant B and determine whether the consumer is better or worse off from Consultant C's suggestion than before the price increases.
Compute the marginal rate of substitution of apples for bananas using the marginal utilities. Compute the value of the MRS at (2,4) and at (1, 16).
Describe the roles of financial institutions in the global economy and discuss how the financial services industry is likely to change over next decade.
Suppose a textbook monopoly can produce any level of output it wishes at a constant MC and AC of $5 per book. Assume that the monopoly sells its books in two different markets that are separated by some distance. The demand curve in the first mark..
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic product.
1. Why is there such a difference in Asia's share of global real GDP, depending on whether the computation uses purchasing power parties or exchange rates 2. Why is Asia's "economic size" so much smaller on a per capita basis than on an a..
Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.
1. Why might federal spending on roads, waterways, or national security be less subject to direct expenditure off sets than spending on health care or education 2.What might account for the fact that estimates of effect time lags for fiscal p..
Discuss the opposing arguments as to whether consumer sovereignty should prevail in medical care.
How much insurance should I buy to be fully insured and what is a fair insurance premium?
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