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The United States adopted the gold standard in 1879 and defined the U.S. dollar as $1 = 23.22 grains of fine gold. With 480 grains per troy ounce, it took $20.67 to equal one ounce of gold. Similarly, the British pound was defined as £1 = 113 grains of fine gold. So it took £4.2474 to equal one ounce of gold. What was the exchange rate between the dollar and the pound according to the law of one price? Answer to be to four decimal places.
Microsoft has been a giant in the software industry. Can we define Microsoft as a monopoly? Please explain. In addition, whether the Learner Index works well to define the market power for Microsoft in the software industry? Explain your answer.
In the Battle of the Sexes game, Man likes to go to watch football, while Woman likes to go to the mall. Both of them would rather go together than go alone. They decide to show up to one of these places without contacting each other. A game like thi..
Write an HTML5 page with JavaScript that creates a custom object to store information about a vehicle. Create the object in an external JavaScript file.
Before the war, Iraq had the capacity to produce a certain amount of oil from its oil wells. After the war, it found that capacity greatly diminished because the oil wells were on fire. Draw Iraq’s PPF before and after the war, assuming that the only..
In Assignment 1, a videogame development company recently hired you as an Information Security Engineer. After viewing a growing number of reports detailing malicious activity, the CIO requested that you draft a report in which you identify potent..
If economists wish to determine relative factor abundance across countries, why don’t they simply calculate w/r ratios across countries and then compare these ratios?
What is your definition of success in your work life? What can you do to ensure that you achieve success? What should you avoid doing?
There are one large and two small car dealerships in a town. The large dealer begins selling cars way below cost in an attempt to drive the small dealerships out of business. Once they are out of business, the large dealership knows it can raise pric..
At times, the Federal Reserve tries to change inflationary expectations. Why would the Fed want to raise inflationary expectations? How would this strategy of raising inflationary expectations affect consumption and investment? Be sure to tie your an..
Thinking back to the business cycle discussion, how would Keynesian economists explain the performance of the economy during the last few years? Show graphically using the AD/AS model, and explain your reasoning. Next, how would neoclassical economis..
In 2010, 500 radios were produced and 100 computers were produced. price of radio was 100 and computer was 1,000. In 2015, 550 radios were produced and 900 computers were produced and price of radio was 150 and price of computer was 400 Compute the p..
What proportion of the tax is paid by the seller? What proportion of the tax is paid by the buyer? compute income elasticity Is your good a normal good or an inferior good?
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