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Suppose a country is deciding between two approaches to trade policy: one approach is to regulate a side range of industries and products. Another approach is mostly let trade be left to free markets. Which approach is best? What would the economically sound reasoning be for the chosen approach?
When Lisa was 16 years old, she bought a pedigree dog on credit for $1,200. While Lisa was a minor she made numerous payments on the contract price for the dog. The dog has now contracted a serious illness. Can Lisa avoid the contract and why? If so,..
Determine the number of souvenir coins that must be sold per year to justify the purchase of a $6000 stamping machine.
1. List two arguments for allowing importation of foreign prescription drugs. 2. List two arguments against the importation of prescription drugs.
Why is investment significant to economic growth? Please explain. What benefits does economic growth of economy provide to the average individual living in the economy? How can the government encourage economic growth via corporate taxes and other me..
part a1. russian farmers again have a poor crop. their government has announced that they will not ban exports. this
In the classical theory of labor supply it was believed that the individual attempts to maximize what factor? He will attempt to reach a point of trade-off between what two factors? What two “effects” come into play in reaching this trade-off?
During 2015, Rainbow Umbrella Corp. had sales of $730,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $500,000, $125,000, and $180,000, respectively. Suppose the company paid out $64,000 in cash dividends...
Which of the following are likely to increase the demand for heroin? Suppose that Jane Margolis is an addicted heroin user. Ceteris paribus, if the murder of some of the heroin dealers in town causes the price of heroin to rise, we would expect that ..
What is the relationship between the law of diminishing marginal benefits and the law of demand? Explain the law of suply and the firms marginal cost structure? In your analysis please explain the concepts of changes in price and its impact on cha..
A firm in a competitive industry has a short run cost function= y^3-10y^2+30y. If demand= 80-P. How many firm a will exist in equilibrium?
The social marginal cost of the production of snowmobiles
Given the market for wheat in equilibrium, assume that the government imposes a price floor on wheat. Explain what happens to the market for wheat as a result of this action? Draw and graph to fully illustrate the situation.
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