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Question: Market vs. Centrally Planned Economy. Lastly, I want you to consider the world we live in. Can you think of a single centrally planned economy nowadays? The biggest difference between these two economies is that market economies self-regulate. This means that the free market will create businesses, and where there is demand, there will be profit. In centrally planned economies the government simply decides how much to produce in what sector, basically killing entrepreneurship.
Discussion question: an idea that you would have for a business in a new market. It can be something completely new, or an old idea with a twist. But there needs to be a twist. For instance, a good answer at the end of the 1990's would've been pet rocks. On paper it doesn't sound like a great idea, but the guy that made them actually got quite rich. Another good idea, a couple of years afterwards was Paypal. You might not have known this, but Paypal's founder was Elon Musk, who later founded Tesla. He sold Paypal for $1.5 billion US dollars in 2002. If you don't have any ideas you'd like to share, feel free to look for recent startups (2010+) and tell about their product.
The ultimate question for this week is: "Is GDP a good measure of national economic well being?"
Suppose that for years East Confetti's short-run Phillips Curve was such that each 1 percentage point increase in its unemployment rate was associated with a 2 percentage point decline in its inflation rate. Then, during several recent years, the ..
Given an MPC of .8, if the equilibrium level of aggregate expenditure is 80 billion. What will the new equilibrium level of aggregate expenditure be?
Suppose that normal workers increase a rm's revenue by $6, while smart workers increase revenue by $A, where A > 6. Firms cannot tell smart workers from normal workers ex ante, but can observe a worker's educational level.
Describe the current situation and recent performance of the economy. Areas covered should include the levels and growth rates of total and per capital GDP
Leontief's paradox is an example of testing a trade model using actual data observations. If Leontief had observed that the amount of labor needed per $1.
Why do you think the United States has evolved with so many banks while the European countries and Japan have a relatively smaller number of large banks?
Denote by mi the median favorite position among the citizens of state i, for i = 1,2; assume that m2
The greatest value in a course such as Wireless Devices and Applications (WDA) comes from applying the concepts, theories, applications, and devices explored during class. This term project gives you an opportunity to select a topic that interests..
Describe the effects of an oil price shock in Keynesian model; why are such supply shocks difficult to handle using macroeconomic stabilization policies?
Find average growth rate for each country over that period. What are some of differences between those countries that have led to their different growth rates?
Plan A requires a $100,000 investment now. Plan B requires an $80,000 investment now and an additional $40,000 investment at a later time.
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