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1. Adam Smith favors 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.
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
Which of the following curves- average fixed cost, average variable cost, average total cost, and marginal cost- would shift as a result of the lump-sum tax Why Show this in a graph. Label the graph as precisely as possible.
in an effort to increase revenue for the insurance industry all insurance companies increased prices by 20 percent. to
The rate of our imports and exports has nearly quadrupled during past decade alone. Firms today are hiring, investing, buying, selling, increasing capital overseas among other things
Imagine a local government is considering opening a public swimming pool in a residential neighborhood
What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
discuss how the actions of the federal reserve specifically an increase or decrease in money supply affect the other
How much of each good does each consumer demand in equilibrium?
Describe the meaning of the term "mutual interdependence" as it applies to oligopolies. Provide an example.
What is a government budget deficit How does afederal budget deficit affect the economy How does it affect thelevel of investment and interest rates How does it affect the individual consumer
a multiplicative demand function of the form qd apb1yb2pob3 is estimated using cross-sectional data and 224
you have taken a job as pricing manager for a very fine mens clothing line that sells high-end tailored shirts suits
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