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Question1. Why do many economists believe that the market system is the most efficient economic system for allocating resources? Question2. What are the four main categories of resources? Describe each of them. Question3. (a) Describe what happens in the simple circular flow diagram? (b) What effect do price controls have on the market system?
Question4. (a) Describe what can we learn from a country's production possibilities curve? (b) How can a nation's production possibilities curve shift inward? (c) Why the production possibilities cure is bowed-out in shape?
Question5. Will a nation tend to export or import goods for which it has comparative advantage? Describe.
Question6. Imagine a professor who is writing a book. The professor can both write the chapters and gather the data faster than anyone else in the university. Still he pays a student to collect the data at the library. Is this sensible? Describe.
Smith is a currency trader and reviewing forward foreign exchange rates. His investors have made several statements regarding foreign exchange rates.
It has been estimated through the United State International Trade Commission that the Japanese automobile import restrictions during the 1980s
Microeconomics is suppose to be the study of scarce resources. Here, consumers [both individuals and organizations] must make allocation decisions. These 3-basic trade offs include which goods or services are to be manufactured,
Using demand and supply analysis, answer the questions. Determine the effects on the exchange rate between the British pound and the Japanese yen from:
Using demand and supply analysis to assist you, determine the effects on the exchange rate between the British pound and the Japanese yen from:
The health care industry desires to get bigger and that its only option is a merger. Now the industry is confronted with the government regulations to oversee merger.
May rise or reduce in absolute value as one moves southeast along an indifference curve, depending upon whether the substitution or income effect is dominant.
Asssume that, from an initial equilibrium position in offer curve diagram, country I imposes a tariff on country II's export good at same time that customers in country II
Determine the main costs of production for the goods or services your organization supplies? Breakdown the costs from the largest to the smallest.
If real exchange rate is equal to nominal exchange rate then, If a Big Mac hamburger sells for the same dollar value in Tokyo as in Los Angeles then
In the value process, the estimation of the has historically been somewhat neglected in relation to the other steps in the process.
Determine justification for capital requirements imposed by bank regulators and why do people who work at investment banks earn so much?
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