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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?.
To counterac the recent crisis, the Federal Reserve has increased the monetary base by trillions of dollars. However, the total money supply in the economy has not increased significantly. Explain this paradox using the model of money supply.
Elucidate how much in revenues do businesses receive in the product marketplace.
q.in the wake of the energy crisis in california many electricity generating facilities across the nation are
expectations of the business community are increasing into areas beyond the core product or service into consideration
Elucidate why are shortages or surpluses more likely with preset costs, such as those on tickets, than flexible costs
A project that provides annual cash flows of $11,600 for 9 years costs $64,230 today. If the required return is 5 percent, the NPV for the project is $ and you would (Click to select) accept reject the project. At a discount rate of percent, you woul..
Elucidate how much the money supply will rise in response to a new cash deposit of $500 by completing the accompanying table.
Due to limited borrowing options, the government may ask the central bank to print money. We also learned that the real seinorage revenue of the government depends on inflation and real money holding of the public, that is R= \prodM/P?. Explain the c..
Consider a consumer that only purchases two goods to maximize his/her satisfaction. He/she originally maximized his/her satisfaction, and suddenly his/her income decreased. Assume that good 1 is inferior and good 2 is normal. What are the implication..
ZZ Tire Company started as retail installer of tires on cars 10 years ago. They now have 400 retail stores, installing about 10,000 tires per store per year and selling a total of 4 million tires. 5 years ago, they decided to start manufacturing thei..
Suppose that the K/L ratio is higher in Germany than in Britain. What would you expect to happen to wages in Germany as trade took place between the two countries? Why?
If David also Ellen live in rent-controlled apartments, illustrate what is the equilibrium cost for the non-rent-controlled apartments.
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