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Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. He believed that any authority establishing a price that provided a fair price to the providers of the factors of production would distort the market's natural ability to determine prices and output levels. In general, he believed that competitive markets would allocate resources to their highest and best use. However, in recent times, we have seen the market mechanism fail and allocate too many or too few resources to the consumption or production of some goods and services.
What are some of the reasons for this failure?
Has government intervention into competitive markets changed the efficiency of these markets? Why or why not?
Was Smith correct or incorrect in his theories concerning the efficiency of the markets in allocation of resources? Support your answers with examples and references.
Justify your choices with valid assumptions and logically driven arguments. Cite any sources using APA format.
What information would a government needs to increase the probability that its industrial policy would promote long-term self-generated economic growth.
Suppose there are 200 identical firms in a perfect competitive industry. Moreover, assume that each firm has the following short run cost function: C(q) = 0.5q2 + 5q + 20.a) Compute the short-run supply curve for a single firm, expressing q as a func..
What explains Singapore’s economic performance from 1965 - 1992? Why did Singapore outperform most other developing countries? What role did government policies play in Singapore’s economic development? What role did contextual factors (i,e., locatio..
Examine the following variables that could affect the price of oil: Tax credits were offered for expenditures on home insulation. Choose any two of the above variables, and describe how your selections would affect oil prices based on the supply and ..
Suppose you purchase a $5,000 bond that pays 7 percent interest annually and matures in five years. if the inflation rate in recent years has been steady at 3 percent annually, what is the estimated real rate of interest?
Foster and Kaplan, drawing on research they’ve conducted at McKinsey & Company on more than 1,000 companies over 36 years show that even the best-run and most widely admired companies are unable to sustain market beating levels of performance for mor..
How would you design a specific customized compensation plan for Agent-Principal (owners, managers also workers) which would address both increased productivity also decreased turnover.
Consider the market demand for a given good. If ED= -2.5 at the current market price, then a 1 percent decrease in price will result in a:
For proportional tax system presented in table 7, illustrate what are average tax rates for people earning $50,000, $100,000 and $200,000. Illustrate what are corresponding average tax rates in regressive and progressive tax systems.
Draw a graph that shows a market with inelastic demand and elastic supply at equilibrium. Then, on your graph, draw what happens when the government subsidizes buyers. Note the price received by sellers and price paid by buyers. Who receives most of ..
Esther price of maple syrup increased by $6 per pint - $7 per pint production increase from 250 to 300 pints what is the elasticity of supply over this range is Supply elastic or inelastic over this range
Suppose the United States has a Gini coefficient of 0.4 and Sweden has a Gini coefficient of 0.25. Which of the following statements is true? The distribution of income is more equal in the United States. The distribution of income is more equal in t..
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