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About economics and the meaning of 3 economic systems traditional, command, market.traditional i undestand as peooples ecomonic passed down from previoius generations, traditions decide what theses people do for a living and how work is done.command the maid decision maker is the government no person may independently decide to open and run any kind of business.
market: it is one nations economic decision are the result of individual decisions by buyers and sellers in the market place. Explain how do the following types of economics systems capitalism , socialism, and communism fall under : market , tradition, and command.
Explain the tools used to pursue expansionary and contractionary fiscal policy. During which phases of the business cycle would each be appropriate Explain what is meant by a built-in stabilizer and give two examples
The government has set price ceiling on whatever the product is, so that there is a shortage. That industry complains to the government that the ceiling price is far below the equilibrium price.
Does the transaction of a buyer also seller directly affect a third party. Is the effect a negative or positive externality.
Fiscal policy also decrease the dollar like monetary policy.
Determine what managers can do to prepare for the possible change in short-run production. Pick a real or fictitious business. Create a scenario around this business in which a manager would decide to either stop operations in the short-run or goin..
The two firms could successfully collude over the monopoly output and hence share the monopoly profit using trigger strategies.
Calculate the real GDP in every year, assuming that the nominal GDP was $559 billion in the base year, $577 billion in year one, and $605 billion in year two,
Serena consumes popsicles (X) and ice cream cones (Y). Her utility function given by U (x,y) = 3xy. The price of a popsicle is $2, and the price of an ice cream cone is $3. Serena has $40 dollars to spend. A.) Set up the Lagrangian for the consum..
What would you expect to be the value P(having the trait and blue eyes) if eye color and trait status were independent? C. Which of the following expressions describes the relation- ship between the events A = a person has brown eyes and B = ..
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
Assume that software purchases by businesses are treated as expenses, as they were before November 1999. Calculate GDP using three different approaches: expenditure approach, income approach, and product approach.
Suppose if there were no tax profits and behavior is governed through rational self interest, would people give to charitable institutions? use economic principles to describe.
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