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In a free market system continuous growth is an essential assumption. Growth is necessary because more and more people enter the job market as population increases. With the growth of the world economy, particularly in China (1.2 billion people) and India (800 million people) some have begin to discuss the issue of limited natural resources, particularly those with which we produce energy. If this speculation proves to be reality could it put the brakes on rising living standards around the world as well as have negative ramifications for the United States?
Describe the difference between Economic contraction and Economic expansion
If we accept the conclusion that librarians are more vital to the country than professional football players, explain why are librarians so poorly paid in comparison.
How much labor should the firm employ? What are its resulting output and profit? What effect will this have on the firm's optimal output? Explain.
The government budget is balanced, with government purchases and taxes both fixed at $1,000. Net exports are$100. Investment is $600. Find equilibrium GDP
Homo sapiens production possibilities curve have shifted outward to the right much more rapidly than that of Neanderthals
Does the marginal utility of x diminish, remain constant, or increase as the consumer buys more x? Explain
Discuss a scenario where either the supply or price of a good or service is intentionally limited by the government.
If the government faces an AD Shortfall of 100 billion dollars and finds that the marginal propensity to consume is 0.8, elucidate what will be the desired fiscal stimulus.
Taking all taxes into account, what are your average and marginal tax rates? What happens to your tax bill and to your average and marginal tax rates if your income rises to $40,000?
Demand for a certain for item is given q=200-2p. Where q donated amt and p is price per unit. It cost Rs 5 to produce each unit. What is profit function of firm for this item.
illustrate what are the likely consequences for future economic growth in China and India
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