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Two executives were arrested by authorities for embezzling money for their firm. Short of confusion the only had enough evidence to put them away for 10 Years. Give confusion; however she was certain to put them behind bers for life without parols, since they killed a law enforcement officer who was investigating the case. The prosecutor put the two prisoners in separate rooms, and told them the following: 'If you confess and your partner does not, I'll give you a year\'s probated sentence but put your partner in the slammer for life without parole. Of course, if your partner confesses and you don't you'll get the life sentence without parole and he'll get one year probation. I must warn you, however that if you both confess I'll
Have enough evidence to put you both away fi=or life without parole.
1. Do you think the Prosecutor's bargain will induce the two executives to confess? Explain.
2. Would you answer change if the life sentence carried the possibility of parole? Explain.
Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.
The following quotations are from an article in the Financial Times on November 9, 2007:
Assume that the Bank of China wishes to peg the rate of exchange of its currency, the yuan, in terms of the US dollar. In each of the following situations, should it add or subtract from its dollar foreign exchange reserves? Why?
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.
Use the IS/LM model and the IS-PC-MR model to explain what monetary policy to pursue.
Describe the Soviet Rapid Development Model
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
How do you think each of the following affected the world price of oil? (Use demand and supply analysis.)
Find the equation of the new demand curve for Chevrolets. What is the relationship between D C and D' C ? What explains this relationship?
Using the following data calculate Disposable Income:
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