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For each of the statements below, assess whether the statement is TRUE (always correct), FALSE (always wrong) or UNCLEAR (meaning correct under some circumstances, wrong under other circumstances to define). For each statement, provide an explanation / illustration of why this is the case. Your answers must be entirely in words with no balance sheet, no diagram and no equations.
Consider an economy inhabited by n identical people. Each person's utility function is Ui =(z)(bi) where bi and z are his bread consumption and the quantity of some public good. Find the quantity of public goods provided under voluntary contributions..
What knowledge, skills, attitudes, and behaviors should an effective citizen have? Explain the connections you see among service, civic responsibility, and business? What are the business/industry implications of civic responsibility?
Assume the government purposely incurs a budget deficit that is financed by borrowing. As a result, interest rates rise and the amount of consumption spending declines.
Suppose there are n identical firms in a market. Each firm’s cost function is given by C = 25 + q2, where q is the amount that an individual firm produces. How much output will each of them produce? What will be the market price? How many firms will ..
Suppose that an excise tale of $1 is placed on sellers in a market for widgets. Using diagrams indicate whether none, some, or all of the tax is passed on to the consumer in the form of a higher price for each case described below. Demand curve is ho..
Why do economists include only final goods and services in measuring GDP for a particular year? Why don't they include the value of used goods, i.e. cars, furniture, etc., bought and sold? Define net exports. Explain how US exports and imports each a..
A 500-MW power plant costs $3,700/kW to be built and the operating cost is $26.00 per MWh produced, including fuel, personnel, maintenance and other expenses. The plant will operate at an average of 85% capacity. What is the total investment to build..
There are those that are for increasing the minimum wage. Many fast food workers would like to see it increase to 15 dollars per hour.
How can neurotransmitters play a role in mental illness? How is dopamine or serotonin associated or tied to a mental illness? Why?
a. What is the expected flight time? b. Display a graph of the probability density function for flight times.
What price does Bill need to sell the bond for to earn his desired return?
The Cost of a Flower Business. Jen left a job paying $60,000 per year to start her own florist shop in a building she owns. The market value of the building is $80,000. She pays $40,000 per year for flowers and other supplies
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