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As noted in the video Stalag 17 and in your readings, many things have been used as money over time: cigarettes, gold, paper currency (like the U.S. dollar), etc. Describe the functions of money and consider the U.S. dollar as an example. Although the U.S. dollar has little or no intrinsic value, why do people want it so much? Can you think of other examples of things that act as “money” in our society?
You are a member of an international ethics commission assembled by the World Trade Organization. Your team has been asked to assess the global tactics of Microsoft in recent years. A primary issue is whether Microsoft took unfair advantage of its po..
Now assume that once he earns $400 he loses all his food stamp assistance. How does this change his budget constraint.
In describing confidence intervals on a mean, z and t intervals are frequently mentioned. How are z and t confidence intervals different? Choose one interval and give an example of how it could be applied within an operations or production environmen..
Define the deadweight loss of a unit excise tax on a particular good. Explain what it measures. Draw a graph of possible supply and demand curves for a particular good for which the deadweight loss (DWL) from a unit excise tax is about half as big as..
As late as 1992, the United States was running budget deficits of nearly $300 billion. During the remainder of the 1990's, deficits declined and became surpluses. As the new century began, these surpluses again turned into deficits. Explain the decli..
What price are individuals with $5,000 in the bank willing to pay for the insurance. Will those with $5,000 in the bank voluntarily purchase insurance.
How must federal, state, and local public health agencies balance the cost of serving the people with the cost of ensuring there are appropriate and effective emergency preparedness programs in place? Who should pay and why?
If firm A expects firm B to set its price at $20, what is firm A's best response? If firm B predicts that firm A will price good A at $36, what is firm B's best response? What is the NASH EQUILIBRIUM price and quantity for each firm?
Chris Ricci has several credit cards, on which she is carrying a total current balance of $12,500. She is considering transferring this balance to a new card issued by a local bank. the bank adervtises that, for a @5 fee, she can transfer her balance..
In a society in which households differ significantly in income, two processes occur simultaneously that affect where households live: the Tiebout process and the separation process. Explain each. Compare a private school system to a public school sy..
Wicksteed made a significant contribution to value theory during the marginal utility revolution. This contribution was the "Exhaustion of the product"
Suppose the market for healthcare services conformed to the model of perfect competition presented in class, as represented in the figures below. If the government levied a $10 tax on providers for each service they provided, how would the market pri..
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