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1. After World War II most Western countries moved away from free markets and constructed ‘mixed economies’ combining nationalization, state planning, and Keynesian demand management. Why were policymakers so keen to abandon markets and adopt state planning during this period?
2. Were these the best policies for these states to follow at the time? If not, why did so many smart people get it so wrong?
3. Why were socialist economic solutions so attractive to leaders in Third World countries like India?
4. What led to the consensus supporting ‘mixed economies’ to collapse in the Great Britain and the United States (and elsewhere)? Why did these economies move toward deregulation and privatization? What led to the ‘revival of the market’?
5. Is the open market, capitalist economic philosophy now the only viable model for fostering economic development and prosperity? Should (or could) the state play a more direct role in guiding the economy?
6. How similar is the global economy of 2007 to that of 1907?
An economist gives the following advice to a museum director: “You should introduce “peak pricing”. At times when the museum has few visitors, you should admit visitors for free. And at times when the museum has many visitors, you should charge a hig..
Analyze how a bartender would know which the price of an exotic drink was too low or too high. Provide adequate conceptual justifications.
A production process exhibits economies of scale if:
Your friend's monthly demand for minutes of calling is given by the equation 50, where p is the price of a minute.
Which of the following is not a condition for a firm to engage in price discrimination? (Note: the question and answer choices seem to be worded to make it confusing)
Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. What minimum increase in sales would be n..
Assume that the demand for chalk is = 8 -0.1Q, where is the market price and is the total market output measured in thousands of boxes of chalk. Suppose that there are three firms in this industry, each of which has a constant variable cost of $2. Co..
the average price level is $4 per unit also the quantity of money. Illustrate what happens to velocity if the average price level falls to $2 per unit, the money delivery is $2000 also real GDP is 4,000 units.
Some oligopolies use a form of implicit cooperation called price leadership, which is legal in the US. Why do you think these firms try to engage in this practice? And why does price leadership often fail?
If the economy is headed into a recession with high unemployment, what would you want to do to supply of money and aggregate demand? To execute this, what must be done to excess reserves of commercial banks and how would this be done? What would you ..
A manufacturer is contemplating introducing a product that is inferior to its competition in its performance, design, and functionality. However, the manufacturer believes that “good brand marketing” can overcome these shortfalls. Why is this thinkin..
In a system in which there is an administered exchange rate, what is the term used when the government sets the rate higher to buy fewer units of foreign currency?
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