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The owner of a good has the right to decide how that good is used and to restrict others from using that good. This idea is known as:
a. the principle of comparative advantage.
b. the law of demand.
c. the principle of mutual excludability.
d. the principle of negative externalities.
e. the principle of public ownership.
Indentify one group that would benefit from deflation and that would lose. explain why each group would gain or lose from deflation.
Suppose that, from an initial consumer equilibrium position, the price of one good falls while the price of the other good remains the same. Using indifference curve analysis, explain how and why the consumer's relative consumption of the two goods w..
Are monopolies and oligopolies (firms demonstrating power) always bad for society?
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
Should the Federal Reserve Board of Governors remain independent. Illustrate what is the strongest argument on either side
A biotech firm is considering abandoning its old plant, built 23 years ago, and constructing a new facility that has 50% more square footage. The original cost of the old facility was $300,000, and its capacity in terms of standardized production uni..
Advise Steve whether he will able to rely upon his insurance policy. Support your answer with relevant cases and legislation.
Demand graph to assist in explaining the increase in the price of chain saws after Hurricane Andrew. The mayo clinic in Minnesota is known for top-quality medical care.
Which lawyer would you sooner choose if you were on trial for a serious crime in a urban vs. a rural society. Is there a difference between the two communities? If there is tell us why there might be a difference.
What is the effective interest rate of an investment if the nominal annual interest rate is 4.67% and it is compounded semi-annually? Express your answer as a percent to two decimal places.
A monopolist faces the inverse demand curve p = 64 - 2q. At what level of output is his total revenue maximized?
Recessions can be caused either due to leftward shift in the aggregate demand (AD) curve or leftward shift in the short run aggregate supply (SRAS) curve. Compare changes in the price level for are cession resulting from a shift in the AD to that of..
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