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1. Suppose that a local government decides to provide more funds to the local police department in order for the department to hire additional police officers. Is there an opportunity cost of this action? If so, how would you measure it?
2. Michael Jordan has more athletic ability than most individuals. Thus, he is more productive at most tasks involving physical skill. Explain why then, it is more efficient for Michael Jordan to pay someone else to mow his lawn.
3. Because of the quantity and quality of its resources, the U.S. has an absolute advantage in the production of many goods and services. Does this imply that the U.S. cannot benefit from trading with a developing country that has less productive ability? Why or why not?
4. Explain Ricardo's theory of comparative advantage
If Ron is lazy, he will surf the Internet all day, and he views this as a zero cost opportunity. However, Ron would view working hard as a "personal cost" valued at $1000. What fixed percentage of the profits should you offer Ron? Assume Ron ca..
Transportation providers often make round trips between a pair of cities, but the demand for transportation between the two cities is likely to differ. Show on a diagram how the equilibrium price of transportation in each direction is related to the ..
Suppose a worker receives a wage of $20 per hour. Compute the real wage (money wage deflated by the price index) corresponding to each of the following possible price levels: 85, 95, 100, 110, 120.
find an article from the media internet newspapers magazines etc. on a current event that addresses an economic concept
The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food.
Demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
Using your own words, define market imperfections. To support your definition, include at least two examples. Do not include the examples from the book create your own examples.
problem 1suppose that the firms markup over costs is 6 and the wage-setting equation is w p1 - u z where u is the
The problem is belongs to Economics, mainly Macroeconomics. The question is explains about a hypothetical scenario where the dollar will no longer be used as international reserve currency.
a) Identify and briefly explain the two basic economic functions of the Federal Reserve System. b) Briefly explain the key actions the Fed undertook when performing each of these functions during and in the years after the financial crisis of 20..
Let’s consider the effects of inflation in an economy composed only of two people: Bob, a bean farmer, and Rita, a rice farmer. Bob and Rita both always consume equal amounts of rice and beans. In 2000, the price of beans was $1, and the price of ric..
If the price of a good increases by 8% and the quantity demanded decreases by 12%, what is the price elasticity of demand?is it elastic, inelastic or unitary elastic?
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