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Restrictions on entry and amount of goods produced in production and retail business are usually objected to by economists. Indeed, such restrictions are considered a major source of divergence between the marginal willingness to pay and the marginal opportunity cost of production. Yet, when it comes to policy prescriptions concerning an open access fishery, economists argue for such restrictions. Solutions to the open access problems in a fishery include: a) tax on catch, b) quota on the type and pounds of fish caught, c) limiting the number of boats, and d) limits on capital (gear restrictions). Provide an explanation indicating why restrictions placed on open access fisheries can increase aggregate wealth. Discuss the efficiency aspects of each of the proposed solutions including a discussion of wealth effects
What is the confidence interval for the proportion of households represented at a town meeting. Survey of households in a small town showed that in 850 of 1,200 sampled households.
The following events have their initial impact on which of the following: aggregate demand, short-run aggregate supply, long-run aggregate supply, or both short-run and long-run aggregate supply? Do the curves shift to the right or left?
show the impact of your deposit on the bank's assets and liabilities. If the required reserve ratio is 10 percent, illustrate what is the maximum amount the bank can loan from this deposit.
Sales personnel, whether selling life insurance automobiles or pharmaceutical typically get paid on commission instead of a straight hourly wage. How does paying a commission help solve the principal agent problem between the owners of a business and..
Wilson is offered a job in Kansas City that pays $50,000 and a job in Dallas that pays $60,000. Which pair of CPIs would ensure that the two salaries have the same purchasing power?
question 1 at the national level public debate has centred on the performance of the main monetary measure - gdp. each
Suppose there are two types of customers for a cell phone service: undergraduates (U) and grad Students (G). The aggregate (inverse) demand curve for undergraduates is PU = 100 − 0.25QU and the aggregate (inverse) demand curve for the graduate studen..
In the Heckscher-Ohlin model, if the share of country’s capital used in Computers is higher than the share of country’s labor used in Computers, then Computers must be the capital-intensive sector. Consider a specific factor model with labor as a mob..
The following shows the demands and marginal revenue in two markets, 1 and 2, for a price discriminating firm along with total marginal revenue, MRT, and marginal cost MC: Compare the demand conditions in each market; i.e. how do the two markets diff..
In what ways do you think their behavior would differ from comparable doctors in a not-for-profit hospital in the US?
Which of the following might most closely represent a monopsonist? In a monopsonistic labor market, the marginal-factor-cost curve is
Growth rates of per capita GDP: Compute the average annual growth rate of per capita GDP in the each of the cases below. The levels are provided for 1980 and 2010, measured in constant 2005 dollars.
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