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In a more detailed explanation explain the need and importance for economics using at least 5 vocabulary words we learned in class and lecture (can be the same from previous questions)
Question 1: Why do some economist favor raising all tax revenue through labor and or consumption taxes?
We’ve talked about how companies simplify Profit = Total Revenue – Total Cost. We’ve also discussed how the more meaningful definition of profit is Profit = Total Value – Total Cost, where all costs are opportunity costs. How might an obsession with ..
By specializing in the production of one good, a company is able to benefit from economies of scale which increases its revenue. Which of the following is an attribute of specialization?
Explain the main sources of finance for international trade and investment.
If the firm produces 450 boots, then the firm's total cost is more than $90,000t, true or false?
Twin deficits occurred in the 1980s reveal that huge government budget deficit may result in trade deficit. However, by the late 1990s, the federal budget deficit had moved into surplus, but the current account deficit widened. Can you explain the ca..
Derive Chenyu's consumption function in terms of her annual income Y and initial wealth W according to the life-cycle model.
It is expected that the price of a bushel of wheat will increase in one month.
Suppose we pursued a policy that made it more difficult for firms to fire their workers (e.g. mandatory severance packages, long notice time, burdensome paperwork, or prior government approval). What do you imagine will happen to the natural unemploy..
Hermione, without a job or job prospects, has been on social assistance for the past four months. Social assistance pays a basic benefit of $600 a month.
Which of the following is probably the best example of a sunk cost? If average total cost is equal to marginal cost. Joseph can initially produce 10 pizzas or 5 cakes. After some training from a pizza-making expert, his opportunity cost of making (a)..
Suppose there are two consumers, A and B, in an endowment economy. Each has preferences u=xy. The initial endowment for A is (4,16) and the initial endowment for B is (20,20). Each consumer is a price taker (Perfect competition). Let P(y)=1. Assume t..
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