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Smith likes cashews better than almonds and likes almond better than walnuts. He likes pecans equally as macadamia nuts and prefers macadamia nuts to almonds. Assuming his preferences are transitive, which does he prefer: (explain your answer?)
a. Pecans or walnuts?
b. Macadamia nuts or cashews?
If you had the power of the President, Congress, and the Federal Reserve, what would you do to stimulate the U.S. economy which is barely growing?
Which of the following is an implicit cost?
Suppose you want to estimate the following labor supply equation: You gather data on US workers aged 22 to 55 from the Current Population Survey. You define the Average Hourly Wage as self-reported total annual labor income divided by self-reported t..
Assume that in 1984 the total output in a single-good economy was 7000 buckets of chicken.
Assume that, in a competitive market, long run supply and demand is more elastic than short run supply and demand. Suppose that the government imposes a transactions tax in this market. In the long run, the tax will collect [less/more] revenue and ca..
What is the effect of an increase in the tax rate on interest income on the supply of and the demand for loan able funds?
estimating elasticity of demand please respond to the followingfrom the e-activity analyze the elasticity of demand for
The curve that shows quantities of total real output that will be offered for sale at various price levels is called the
Suppose an assistant professor of economics is earning a salary of $75,000 per year. One day she quits her job, sells $100,000 worth of bonds that had been earning 5 percent per year, and uses the funds to open a bookstore. At the end of the year, sh..
Illustrate what is the net current value of a project that requires a $100 investment today and returns $50 at the end of the first year and $80 at the end of the second year? Assume a discount rate of 10%.
Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market..
The net result was the Japan's automobile industry improved its productivity throughout this period relative to the US, which generally just kept up with inflation due to its already high rate of accumulated experience also relatively slow growth.
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