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Sernie Banders wins an election in a far away land, promising free stuff to the entire population. Upon taking office, he confiscates all private property in the country, outlaws the price system, and redistributes all goods in an equal manner to every member of the population. Every citizen receives the exact same allotment of transportation, housing, food, education, etc. Sernie promises to continue this regime into the future. All producers will be asked to continue their previous production levels, but their output will be delivered to government offices for redistribution immediately upon production. Using both the consumer and producer sides, explain why the future of this country is quite grim.
How might increasing the level of government transfers reduce the size of the economic pie? Higher taxes may be necessary to finance increased transfer payments, leading to a reduction in hours worked because of a decrease in the reward for productiv..
In 2003 at Holloman Air Force Base in New Mexico, test engineers set a world record by moving 192 lb payload at 6,453 miles per hour in a rocket sled. The rocket sled track, built in 1954, is 15.44 km in length. Assume the sled moved at the maximum s..
If the marginal revenue from a product is $15 and the price elasticity of demand is ?1.2, what is the price of the product?
Identify at least three such factors that, in your view, should be included in the GDP calculations; then elucidate and illustrate how could they will help to improve the GDP as a tool for measuring the well-being of a nation.
Behavioral economics is a descriptive theory: it attempts to model how people actually behave. Neoclassical economics is at least partially a normative theory - it says how people should behave in order to act rationally. Do you believe that people s..
When a bank borrows reserves from the Fed itself, it is said to be borrowing at the discount window. If the Fed reduces reserve requirements, banks will lend a smaller percentage of their deposits, leading to fewer loans and a decrease in the money s..
Drawing on current business publications, find out some updated facts for each case that support this theme.
Shawn Bates was working to establish a business enterprise with four of his wealthy friends. Each of the five individuals would receive a 20 percent ownership interest in the company. A primary goal of establishing the enterprise was to minimize the ..
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
Suppose several additional junior staff are employed in subsequent years after a new business is established. The owner notices a large increase in the motor vehicle expense account.
How does the work of anthropological linguists differ from that of linguists in other fields? How can learning the native language of a people benefit the research of a cultural anthropologist who plans to study them?
What is the point, based on the Equimarginal Rule, which has equal marginal benefit (or the closest) for the two purchases?
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