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ANSWER THESE QUESTIONS ARE TRUE/FALSE AND WHY QUESTIONS. THE ANSWERS MUST NOT EXCEED 2 SENTENCES
1. Adam Smith favours a policy of laissez faire in managing economic activities. Why?
2. Economics deals with the efficient use of resources? Why?
3. Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
4. It is possible for everyone to enjoy comparative advantage in a task of their choosing. Why?
5. Prices and wages help coordinate economic activities. How? 6. Friedrich Hayek wrote, “…to assume all the knowledge to be given to a single mind is the same manner in we assume it to be given to us as the explaining economists is to assume the problem away and to disregard everything that is important and significant in the real world.” Explain why central planning eventually leads to misallocation of resources and corruption.
q. a pharmaceutical firm faces the following monthly demands in the u.s. and mexican markets for one of its patented
Suppose i = 3%. Find the value one month before the first payment of a level annuity-due paying $200 at the beginning of each month for five years.
q.recently there has been great controversy about some state governments attempting to use eminent domain to tear down
The United States can make certain toys with greater productive efficiency than can the China. Yet we import those toys from China.
Assume that you own a 10-acre plot of land that you would like to rent out to wheat farmers.
one year later, the new class discovered that, at a price of 30 cents per can, the number of cans has fallen to 125 and two revenues are down. (A) Compute the price elasticity of demand in the first and second cases. (B) Explain what may have happ..
an across-the-board tax reduction in income tax rates or a package of tax-relief measures that would give every household a $200 tax rebate and allow them to deduct the interest they pay on credit card purchases?
some games of strategy are cooperative. One example is deciding which side of the road to drive on. It doesn't matter which side it is, as long as everyone chooses the same side. Otherwise, everyone may get hurt. Is there a Nash equilibrium in this g..
Robert Johnson, manager of a Kentucky Fried Chicken franchise, is thinking of introducing barbecued chicken in the product line. Its profitability will be based on the fact that the barbecue sauce will cover up the lack of freshness in leftover chick..
Explain how much profit will the perfectly competitive firms earn. Explain how much profit will the monopoly firm earn.
Should the United States pass a minimum wage that assures all workers earn a wage above the level of poverty.
what output level should you operate to maximize profit? What price should you charge? How much will the industry as a whole produce?
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