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In the essay, "Economic Possibilities for Our Grandchildren," written in 1930, John Maynard Keynes predicted that economic growth we would "in a hundred years...(be) eight times better off in the economic sense than we are today." In 2015, U.S. real GDP per capita was 6.4 times larger than in 1930, and with 15 years to 2030, it looks like he made a very good prediction. The second part of his prediction has proved less accurate. Keynes envisioned that we would be so rich by 2030 that it would only be necessary to work "three-hour shift or a fifteen-hour week," yet the average American still works about 35 hours a week. Using the labor demand and labor supply model, and substitution and income effects, explain what Keynes assumed about the relative importance substitution and income effects that caused this prediction about very short work weeks to be inaccurate.
The North Carolina Association of Professional Cat Groomers has asked the state legislature to require that anyone who offers cat grooming services in the state must have a license. Under the Association's proposal, any of the existing members of ..
Suppose the landlord lets the tenants do whatever they want. According to the Coase theorem, how might Ringo and Luciano reach an efficient outcome on their own What might prevent them from reaching an efficient outcome
An analyst locates a study that estimates the average beachgoer was willing to pay $2.25 per hour in 2000 to visit a renourished beach. What is the value of this in 1999 dollars?c. An analyst determines that the real operating expenses for a sewa..
If a firm had everywhere increasing returns to scale, what would happen to its profits if prices remained fixed and if it doubled its scale of operation?
Illustrate what are some of the traditional international trade theories that support the concept of globalization.
Why do oligopolies exit? list five or six oligopolists whose product you own or regularly purchase? what distinguishes oligopoly from monopolistic competition?
What is the equation for the average variable cost and what is the minimum level of average variable costs'?
All of the following would cause the aggregate demand curve to shift EXCEPT a) improving levels of prosperity in other countries. b) a decrease in the price level. c) a deterioration of overall consumer confidence. d) an improvement in overall con..
Suppose a random sample of size is selected from a population. Find the value of the standard error of the mean.
Create a supply and demand graph and identify areas of customer’s surplus and producer surplus. Given the demand curve, determine what impact will an risee in supply have on amount of customer surplus shown in your diagram?
Illustrate what is the cost of the same basket of goods and services in 2005.
Illustrate what would you expect will to the price and quantity sold of Toyota sedans, if the price of Kia sedans fall.
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