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Suppose you were having lunch withyour best friend who just enrolled in an economics class. He wascomplaining about how irrelevant the class was, commenting that hesaw no useful purpose for economics. According to your friend,"I'm a nursing major. I will never use this stuff inthe real world." Having just completed the same course ineconomics, you try to explain to your friend that economics affectseveryone! How would you explain to this person that economics is a daily part of his personal and professional lives?
Illustrate what should it do in the short run. Restricting the issuance of Federal Reserve Notes because paper money is the largest portion of the money supply.
Elucidate the difference between a monopoly and an oligopoly, and a cartel. Provide an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
Use the information on U.S. real GDP below to calculate real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005.
Do comparision with the economics of the two following service producing alternatives.
A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95.
The XYZ Corporation is planning to purchase an extruder. Thepurchase price of the extruder is $350,000. The company plans tomake a down payment of 25% of the first cost of the extruder and tomake a 7-year, 10%, yearly payment loan
In 1982 the Johnson & Johnson Company credo was suddenly taken to task when an unknown quantity of Tylenol capsules on the shelves of one or more drug store(s) in Chicago was/were laced with cyanide, and seven people died.
Good W and Y are made with intermediate goods A & B. The market value of A is $10 and the market rate of B is $13. The market value of W is $23, and the market rate of Y is $4.
The Congressional Budget Office (CBO) on August 25, 2009 estimated that the accumulated deficit from 2010-19 will approximate $7.137 trillion.
Assume that gasoline retailing industry is perfectly competitive, constant expenses, and in long run equilibrium. If the government unexpectedly levies a 5-cent tax on every gallon sold by gasoline retailers,
Construct a circular-flow diagram like the one found in this chapter to represent the sector of the economy devoted to collage education: collages and universities represent firms, and house holds both consume education and provide facilty and stu..
Elucidate what are the best goals for the Fed. Should it lean toward restraint or toward expansion.
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