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Consider the market for medical doctors. Suppose the opportunity cost of going to medical school increases for many individuals. Suppose it generally takes about ten years to become a practicing Doctor. Holding all else constant, in ten years the equilibrium quantity of doctors will
a. increase
b. decrease
c. not change
d. it is not possible to determine what will happen to the equilibrium quantity
Bill expects the inflation rate to be 4% per year over the next 5 years and Bill just borrowed $25,000 on a fixed interest rate loan over 5 years at an interest rate of 7.5% to buy a car. It turns out, however, that the inflation rate each year is no..
Using diagrams for aggregate expenditures (AE) and aggregate demand and supply (AD-AS), show the short- run effects each of the following events has on the Canadian economy. Be sure to identify the cause of any shift or movement along AE, AD, and/or ..
Zelda Industries is the only firm of its kind in the world. Due largely to historical accident, it began producing streganomas in 1985 in a vacant warehouse. This rate is comparable to the average interest rate that large banks paid on deposits over ..
Much like individuals, organizations also exist within the community. How does an organization's responsibility within a community differ from the individuals?
Two similar surgeries, breast reconstruction and breast augmentation, have different prices. Breast augmentation is cosmetic surgery not covered by health insurance. Patients who want the surgery must pay for it themselves. Breast reconstruction foll..
Explain how a tariff reduction causes an increase in the equilibrium quantity of imports and a decrease in the equilibrium price.
The following is a list of statements relating to the impact of free trade on wages and employment. Indicate whether the statement is true or false by dragging and dropping the appropriate term into the boxes provided. Free trade does not generally b..
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
The computer company “Bits Are Us” produces affordable, easy-to-use home computer systems and has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the four..
Illustrate what is the meaning of economies of scope and explain how do they differ from economies of scale.
Speculate about why people in higher income groups vote for reasons that are borne out of a sense of duty rather than from economic interests.
If the economy is in a recession, what sort of fiscal policy changes would tend to bring it out of recession? Discuss b) What is the difference between inflation and a relative price increase? Explain c). If the inflation rate is 4% and the nominal r..
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