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As noted in Chapter 14 of A&A, distribution of income among various population groups followed roughly the same patterns in the USA, Sweden, and the former Soviet Union, despite the very different forms of economic organization in each of those countries. Progressives and socialists today claim that if we had a planned economy in which the government directed the direction of resources instead of it being done through a profit-and-loss system and confiscated money from wealthy people via high taxes, and then re-distributed those revenues, that income inequality would be eliminated. Yet, that clearly was not the case in high-tax Sweden and the communist USSR, both of which featured all-encompassing welfare states. (In the USSR, the high-income groups tended to be those with membership in the Communist Party, about six percent of the population. It was difficult if not impossible for ordinary citizens to obtain Communist Party membership.)
Economically speaking, why would this situation be the case, despite what modern academics, politicians, journalists, and activists are saying today? Please be specific in your answer.
If the firm currently has 10 units of capital (K) and 10 units of labor (L), then calculate the Marginal Rate of Technical Substitution (MRTSLK).
The team must have two women and two men. How many different teams of 4 can be selected?
Oregon has an income tax but no state sales tax, while Washington has no state income tax but does have a state sales tax. Oregon residents can deduct the state taxes they pay (the income tax payments) from their federal income taxes, while Washingto..
What kind of market does the global automobile manufacturing industry resemble today and why?
Explain the significance of exports, imports, absolute advantage, and comparative advantage.
q1. consider the supply curve qs 4p. what happens to the price elasticity of supply along the curve as the quantity
Consider the horizontal quality model on the unit interval from 0 to 1. There are N consumers located uniformly along the interval. There are two firms, with zero marginal costs, initially located at 0 to 1. Consumers will buy one unit of the good fr..
The firm is currently production 1000 units of output with K = 10 and L = 2. A this mixture of inputs, the MRTS is 8. The cost of labor is 8 and the cost.
The manager of Mark Cricket and Company is concerned that the company profit margin has been declining during the last 20 months.
Interpret the significant impact of New Public Management on Non-Profit Reform. Next, infer two (2) challenges that are associated with implementing the reform in non-profits. Provide a rationale for your response.
Mattel, Inc. is expected to pay a $1.60 dividend per share annually. Estimate its intrinsic value per common share using the dividend discount model
Suppose we have two types of consumers (for simplicity we’ll assume that there is one person of each type). They have inverse demand curves given by: p1 =110−2q1 and p2 =70−4q2. What rents do the low-type consumers earn in any equilibrium? What about..
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