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If a firm in a competitive labor market offers less than the market wage rate, it will:
A. be able to attract a large number of employees because the marginal revenue product is low.
B. find that it has broken a federal wage law.
C. attract too few employees.
D. find that the supply is greater than the demand.
A sudden escalation in the utilization rates and, correspondingly, medical expenditures for treatment of ischemic heart disease (a procedure usually covered by insurance) would immediately. Insurance coverage of which treatment would likely cause the..
Use Ricardian model to explain why and how both of the two countries considered countries gain from free trade between them. And what determines the relative extent of these gains?
In the unit lesson for this module, it is suggested that all things in trade are not equal. How would you help disadvantaged countries to find better equality for them in our world trade system? Please consider the Hecksher-Ohlin model when answering..
Briefly discuss the differences between the Ricardian Theory, Specific Factors Model and Heckscher-Ohlin Theory of Trade.
Show an example of how to (1) derive compensating variation using indifference curves/budget constraints and (2) derive CV using expenditure function. Also, (3) compute expenditure function from cobb-douglas utility function and quasi linear utility ..
The Federal Government provides disaster insurance that helps people to build vacation homes in places subject to flooding, such as sand dunes. Assume the government wants to protect the environment by preventing construction of homes on a specific s..
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. How many franchises should now be awarded if we make the standard assumption that the effort costs of the stall holders..
What is difference between a change in supply and a change in quantity supplied? How the following factors will affect the supply curve? (your answer must be supported by a neat diagram):
Inflation is forecasted to remain consistent with its target over the next 1-2 years. Inflation arises when:
The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats, the price is $1 million and 240 luxury boats a week were bought. Now luxury boats are taxed at 20%. What is the price that ..
As if prices increase by 3% per year over that time, approx explain how much do you gain by keeping $100 in the bank for a year.
The World Trade Organization (WTO) has an important role in international trade. From the list below, select all statements about the WTO that are true. The WTO encourages dumping behavior to lower costs for consumers. The WTO assesses complaints of ..
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