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1) How did Adam Smith justify the new economic system which was later to be called capitalism?
2) Explain the difference between a movement along a demand curve and a shift in the demand curve. Briefly explain and graphically present four factors that can cause a demand curve to shift.
Executives estimate, for the first year, that they will have gross revenues of $500K, total costs of $300K, $30K in tax deductions and a one-time start-up credit of $8K. What will the company pay in income tax?
calculate velocity of money when price level is 10, national quantity of output is $200 billion and money supply is $250 billion Answer must be in detail Explain how Explain how you got answer.
For which two bonds would you expect to generally pay the higher interest rate, a U.S. government bond or a municipal bond with the same term and issued by a creditworthy municipality and explain why?
The FTC and the Department of Justice guidelines state that, in the US market-driven economy, firms will be forbidden to
Suppose a politician promises a program that will give Amanda and Britney 70 units of utility for each.
What were the total revenue of Harvey's firm in the first year? The explicit costs of Harvey's firm in first year? The implicit costs of Harvey's firm in the first year?
Elucidate how does the real wage rate at point c compare with the real salary rate at point a. How do nominal wage rates compare at those two points.
Explain the concept of supply and demand in your own words and provide two examples of how you see it at work: one from the news and one from personal experience. State the difference between demand and quantity demanded, as well as the difference be..
Suppose that Home in a two-sector (i.e., agriculture and manufacturing) specific-factors model has a comparative advantage in manufacturing. If Home were to open up to trade, will Home’s workers be better off, worse off, or are we unable to say the i..
A firm that produces and distributes electricity has mostly fixed costs. It also tends to be the only provider of electricity in its market. This is an example of pure monopoly resulting from the firm:
you are asked questions about 5 mutually exclusive candidates described as follows all quantities are in
If a representative firm with total cost given by TC = 20 + 20q + 5q 2 operate in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = - 400 + 20P, its short-run profit-maximizing level of ..
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