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1. Critical thinking is one of the most important skills to learn in any course. One of several questions economists should ask themselves is how variables are defined. Which of the following is an example that illustrates the importance of questioning how economic variables are defined?
A New Jersey study shows that when the minimum wage increases, the unemployment rate decreases. The study concludes that an increase in the minimum wage benefits the overall economy.
The city of Washington D.C. raises the tax on gasoline because it needs to raise tax revenues and decrease its budget deficit. After the tax raise the city discovers that overall tax revenues have declined.
Data show that average wages in the economy have declined. The study concludes that the average person in the economy is worse off financially.
The production possibilities curve shifts out. This means that unemployment has decreased.
Q=4000-4p, where P is selling price per unit and Q is quantity demanded. V= $25/unit which is the revenue per unit and Fixed cost = $10025. (a) Find Breakeven quantity or quantities, (b) find maximum revenue, (c) find the maximum profit.
How can we link two tables, each of which contains the attributes of an entity, if the relationship between the two entities is a one-to-one relationship
One effective way to get the message about Individual Assistance to eligible tribal members is to:
Consider the following game: There are 3 players. Each player decides whether to work on a common project or not. The project is successful only if 2 or more players work on it. When the project is successful, each player obtains a payoff of 20. When..
Are unions good or bad for economy. How do unions at GM and Ford affect employment levels and wages How do unions affect or industries in terms of employment and wage levels.
Variable costs are expenses incurred by the organization regardless of the number of products produced. Once the problem that brought the problem-solving team together has been addressed, the team is disbanded.
The radio announcer just finished up the daily market report during which they stated that the price of wheat has risen to $4 per bushel. What type of statement did the announcer make?
When the expected value of a course of action depends on several sequential events occurring, each of which is statistically independent, the resulting table for the overall value of each possible course of action is called a/an:
Ceteris paribus, three industries are identical except that in industry A there are six firms that produce a homogeneous product. In which industry is collusion likely more sustainable?
For this section of the plan, create 4 security policies (you may include the policy you created in the previous unit)
What trade-offs does the Federal Reserve consider when deciding how rapidly or how slowly to increase the U.S. money supply? What are the dangers of increasing the money supply too slowly? Too rapidly? What factors make it difficult to predict the gr..
Highland Outpatient Center is evaluating two investment projects, each of which requires an up-front expenditure of $1.5 million.
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