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1. What is the opportunity cost of producing a capital good such a new road?
2. In economic terminology, what is the meaning of investment?
3. How does an individual know whether or not an investment in education is worthwhile?
4. Define opportunity cost. Given the definition of opportunity cost, explain what is meant by the statement "There is not such thing as a free lunch."
5. Kathy and Amy paint pictures and do caricatures to sell to tourists. In one day, Kathy can either paint two pictures or do four caricatures. In one day, Amy can either paint three pictures or do three caricatures. For both Kathy and Amy, what is the opportunity cost of painting one picture? Who has the comparative advantage in painting pictures and who has the comparative advantage in doing caricatures? How might they be able to increase their total output?
6. Use a graph and comment on the following statement: "If an economy is producing inside its production possibilities frontier, it could possibly produce more of one good without giving up any of the other."
A firm produces 20 units of output at a market price of #5, a marginal cost of $5, and an average cost of $3.what is the firms economic profit.
How does the proliferation of global trade and competition contribute to markets moving away more from market possessing power to more perfect competition?
Many historians have labeled the 1820s and 1830s as the "Age of Jackson" because Andrew Jackson's presidency greatly altered America's political landscape.
The number of repairs manufactured by a computer repair shop depends on the number of employees as given follows:
According to the Neoclassical theory of investment, an increase in the marginal product of capital will cause a movement along the investment function> (Explain with full exlations and use graph to demostrate)
Illustrate which loan carries the lower effective rate. Consider fees to be the equivalent of other interest.
The setup activity price driver rate, using the best cost driver for this situation.
for each term define what it means and then discuss how it affects aggregate demand and aggregate supply. under
You are considering the purchase of a three year corporate bond. The denomination is $1,000 and the market price is $970.00. The interest is paid monthly at $8.90.
Suppose Canada trades only with these four countries, and the volume of trade is equally spread across the countries. Calculate the overall nominal exchange-rate index for 2001 that corresponds with these figures, using 1995 as a base year
Suppose that consumer spending initially rises by $5 billion for every 1 percent rise in household wealth and that investment spending initially rises by $20 billion for every 1 percentage point fall in the real interest rate. Also assume that the..
Additionally, several other configurations were also estimated. The results are shown on the following pages. Based on this data, answer the following questions. Comment on the significance of time trend and seasonality.
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