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This is a four-part question relating to factor markets and unemployment in LDCs:
a. If wages are perfectly flexible, then there will be no involuntary unemployment. Is this statement true or false? Explain your answer.
b. Give three reasons why wages may not be perfectly flexible.
c. In addition to wages, the price of capital may be distorted and not reflect its scarcity value. List and explain two policies that can distort the price of capital.
d. Why should factor prices reflect the scarcity value of labor and capital?
Identify the assumptions associated with a firm operating under perfect competition and what the implications of those assumptions mean for its short run and long run decisions? Explain why market power leads to market failure and how this can be cor..
Explain how an individual's body composition and fat distribution pattern influence the potential for the development of chronic diseases.
Illustrate what happens to your tax bill and to your average and marginal tax rates if your income rises to $40,000.
A firm earning positive economic profits must be earning positive accounting profits.
Which of the following is a positive externality? The Coase theorem allows society to correct an externality without having to go through the trouble of defining property rights. Market failures can arise when: Anytime pollution is created during the..
At the end of the fiscal year for Santos Industrial Machinery, management raised concerns about the company's financial performance.
The distribution of heights of adult American women is approximately normal with a mean of 64 inches and standard deviation of 2 inches.
Suppose, unfortunately, your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only 12 hours studying for both exams. Construct a table for the production possibilities and corresponding nu..
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
Reflect on the changes in U.S. manufacturing over the last half century. Why did the United States lose so many jobs? What impact did that job loss have on the U.S. economy and on the economies of countries like China and Mexico that have been the re..
Describe the similarities between the health-care sector and it's problems and the higher education sector and it's problems. Why do these two sectors in our economy have similar problems?
Let X be a discrete random variable. If Pr(X8) = 1/5, then what is Pr(X=8)?
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