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Suppose that in Germany total annual output is worth $600 million and people work 40 million hours. In France total annual output is worth $700 million and people work 50 million hours. In which country do people enjoy a higher standard of living?
What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics? Discuss the impact of rational self-interest on each of the following decisions. Suppose you go to a restaurant and buy an e..
1. Describe the circular flow model of the free-market system.
Market equilibrium. How is equilibrium established? Define market efficiency and volatility?
If interest rates in the United States is 5% per year and in Australia it is 8%, and inflation rate in Australia is 6%, then using the Fisher effect
We noted in this chapter that foreign central banks, especially in Asia, accumulated large dollar foreign reserves after 2000. One persistent worry was that those central banks, fearing dollar depreciation, would shift their reserve holdings from dol..
Discuss three tools that can be used for forensics data analysis and reporting. Explain how you would use these tools in an enterprise.
The gap between average total cost (ATC) and average variable cost (AVC) becomes larger when output increases. Marginal cost curve cuts the lowest point of the average cost curve.
What is the optimal system of intellectual property rights to encourage innovation? Empirical evidence from economic history can help to inform important policy questions that have been difficult to answer with modern data: For example, does the exis..
Given that China is a relative labor abundant country and Taiwan is a relative capital abundant country. According to the Heckscher-Ohlin Model, China should export labor intensive product and Taiwan should export capital intensive product.
Create a table where Q equals 0, 10, 20, 22.5, 30, 40 50 and 55. In the table include Quantity, Price, Total Revenue, Marginal Revenue (where MR equals the change in TR divided by the change in Q in the table), MR where MR=a-2bQ (include an explanati..
Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's el..
In order to form a common market or an economic union, the participating countries would need to reduce their traffis and quotas, but what else specifically would they have to agree to do?
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