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Question: The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist."
- John Maynard Keynes (The General Theory of Employment, Interest and Money)
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design."
- F. A. Hayek (The Fatal Conceit)
Provide a well-written essay of approximately 200 words. Once again, you have some latitude in your approach. Describe how Reagan and Thatcher were philosophically and economically aligned. How would they fit into today's economic world? Do you think that they would be in favor of bail-outs? What makes you think so? Express your opinion, with analysis in mind, not emotion.
On the basis of this analysis, would you support using government resources to encourage the establishment of a new milk cooperative? Why or why not?
Define economic rent. In the graph below, assume that the market demand curve for labor is initially D1.
Identify absolute and comparative advantage of U.S. and Japan - Suppose that these two countries engage in free trade. Identify absolute and comparative advantage. Describe the pattern of trade.
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
Suppose that the MARGINAL PROPENSITY TO CONSUME decreases (consumers spend a smaller share of their income on consumption).
Assume an economy that is operating above full employment. Draw a correctly labeled aggregate demand and aggregate supply graph and show each of the following:
what aspects of your decison-making process fit the description of a rational choice. did you consider costs and benifits?
Suppose supply of a good is perfectly elastic at a price of $5. The market demand curve for this good is linear, with zero quantity demanded at a price of $25. Given that the slope of this linear demand curve is -0.25, draw a supply and demand.
If we assume an increase in Investments by 100 units, please calculate again the IS-LM functions - analyze the behavior of the markets for goods and money for each area.
Suppose the government decided to tighten monetary policy and decrease government expenditures. In the short run in the Keynesian model, the effect of these policies would be to _____ the real interest rate and _____ the level of output.
What is the difference between JAD (Joint Application Development) and RAD(Rapid Application Development) software development methodologies?
What was the major event in the global and U.S. loanable funds market in 2009? How did this event affect the global supply and demand for loanable funds?
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