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According to the textbook, sociologists use the religious economy approach or a business perspective to describe religions as organizations competing with each other for followers. Speculate on the relation between the religious economy approach and the trend of more adults becoming nonaffiliated with any religion.
Please explain how trade and investment affect economic and social development. Provide an example of a country that had economic and social development from trade and investment. Explain and discuss Theory of Absolute Advantage. How does it differ f..
Identify two failed products and discuss the reasons that led to the products' failure. Or you may contrast the failed products with two from similar categories that were successful and try to figure out why they were the winners.
Suppose Congress had chosen to both increase government spending and raise taxes by the same amount in 2009. What increase in government spending and taxes would have been required to prevent the decline in output in 2009?
You are the manager of the surgery department at a hospital which serves mostly Medicare patients. The hospital performs 1,000 surgical operations per year using the traditional method. Compute the total revenue, the total cost, and the profit at the..
Consider the horizontal quality model on the unit interval from 0 to 1. There are N consumers located uniformly along the interval. There are two firms, with zero marginal costs, initially located at 0 and 1. Solve for the equilibrium price if both f..
Consider two closed economies that are identical except for their marginal propensity to consume (MPC). Each economy is in equilibrium with real GDP and aggregate expenditure equal to $100 billion. The first economy's MPC is 0.5. Therefore, its initi..
Identify the four major tools of monetary policy. Describe how a change in the Fed’s major policy tools leads to [1] expansionary and [2] restrictive or contraction monetary policies.
Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. In each of the following cases, state whether the monopolist would increase or decrease output: Marginal revenue exceeds marginal ..
Two firms, A and B, each with a marginal cost of $50, form an oligopoly whose market demand is P = 650 − 10Q. If the market is defined by Cournot competition, what quantities will they produce and what price will they charge?
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers? Why might gove..
The best use of scarce resources paid for at the minimum level of cost to consumers and businesses
You observe the following facts about a fictional economy: The capitaloutput ratio is 3. The country uses 15% of GDP to replace depreciated capital. The average growth rate of the economy is 2.5 percent. What is the rate of depreciation in this econo..
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