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Free market economics stimulate greater economic growth, whereas state-directed economics stifle growth. Discuss.
Explain what is meant by a zero-sum game, and why it was central to Mercantilist thinking. Then, explain how Smith's idea of absolute advantage altered the nature of the "game."
There are wide differences across countries in the share of health resources spent on drugs. Describe possible economic and non-economic factors that may contribute to the variation.
The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
How can you explain that two countries can gain by trading even if one country is more efficient than the other in the production of every commodity? Consider the laws of absolute and comparative advantage. Provide specific examples to support your a..
q.according to the rule of most favorable input usage a firm should hire a person as long as her marginal revenue
What are the limits of the study? Write at least one paragraph. There are two deliverables for this Case Problem, the Excel spreadsheet and the written description/explanation. Please submit both of them electronically via the dropbox.
Consider two manufacturers, Each makes a product. The two products are partial substitutes. Priced at p_t, product i receives a demand q_1 = 15 - 2 p_1 + p_2 and q_2 = 15 - 2 p_2 + p_1. It costs $5 to produce a unit of product 1 and $10 to produce a ..
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $378. In 2007, Big Oil produced gasoline worth $294 and sold gasoline worth $384. What was Big Oil's inventory in 2007?
Suppose stock markets in the U.S. have a very successful month, and the indices increase by 10%. As a result, we can expect aggregate ______ to ______.
Assume a person is working 40 hours per week. If the wage rate is greater than the person’s marginal rate of substitution (MRS) at 40 hours, he or she would maximize utility by working more hours. Persons with more education will be able to earn (on ..
What happened to the Leontief paradox when human capital embodied in U.S. exports was accounted for as a separate factor of production? Does this help to explain why college graduates might favor international trade more than those with significantly..
Economics is best described as the, A 5 percent increase in income leads to a 10 percent decrease in quantity demanded for a service. This service is a(n) __________ good and demand is __________.
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