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The behavior of almost everyone indicates that people believe they will be better off if they earn a larger income, because a larger income means the ability to acquire more of what they want almost, but not quite, without regard to what it is that they want. But to what extent is this desire for more relative to what others have? If everyone else in the society is also acquiring more, how much satisfaction will I obtain from getting more? Will the marginal benefit exceed the marginal cost?
Which of the following statements is true on average? Federal tax and expenditure programs: Labor productivity is measured using the:
Explain how demand for time travel, as well as marginal income, long-run marginal cost also long-run average cost.
What is a call option and what is a put option? How can an investor hedge against a price decline using an option? How can an investor hedge against a price rise using an option?
imagine a backyard garden of fixed size and all other inputs except labor also fixed ; will adding a worker increase your output? Will adding another increase output by as much? another?
Be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives
What is an absolute and comparative advantage? Give an example where you have an absolute, but not a comparative advantage with someone else.
In contrast to the federal government budget of the US, the budgets of the individual states
What is value of net domestic product. What is value of net investment.
A portfolio has an expected annual return of 15.7 percent and a standard deviation of 19.6 percent. What is the smallest expected loss over the next calendar quarter given a probability of 1 percent?
What would be additional revenue per hour obtained if company managed to have 10 doctors overseas on duty at any given time. What would be additional profit if company managed to have 10 doctors overseas on duty at any given time.
Adam Smith favors a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
Explain the long-run effect of an increase in nominal money supply on the amount of real money balances available in the economy.
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