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In your opinion, how does the study of economics apply to our daily decisions? For example, can we use the lessons we learn about opportunity cost and efficiently allocating our resources to decisions we make about our individual lives, such as having children or waiting to start a family, going to college or working, purchasing a house or renting? Explain your reasoning in a minimum of two paragraphs. APA formatting and citation.
Statistical studies have shown that the price elasticity of demand is -0.4, and the price elasticity of supply is 0.5. Using this information, derive linear demand and supply curves for the cigarette market.
What is the something else that DeSoto argues is necessary for a capitalist economy to produce wealth? Choose and explain one example or counter example used by DeSoto to make his case.
Discuss the impact of foreign economic aid from rich countries to LDCs and should developing nations continue to seek such aid?
Assume that MPC is 0.8, while the sum of planned investment, government purchases, and net exports is $500 billion. Assume also that the government budget is in balance.
Why has "OMG! Meiyu" been so successful in China? Why do you think people have responded so well to the program? Do you think it holds the same appeal for older Chinese as it does for younger students?
The Hair Stylist, limited, has a monopoly in College Park market because of restrictive licensing requirements, and not because of superior operating efficiency.
Explain the process or mechanism underlying how a market-based economic system allocates scares resources. Identify how this process might differ from a centrally planned or command economy.
Which of the following expenditures associated with the production of a new high performance SUV will be included in GDP?a. the sale of bonds to finance the construction of the assembly plant.b. the purchase of used welding robots to assemble to vehi..
Illustrate what does the law of increasing opportunity price say and what is its implications regarding steel and textile manufacturing.
Suppose that Rob and Big both raise animals and sell them. Because Rob and Big have different talents, they have varying abilities to raise these animals.
Do you think unemployment insurance benefits would influence the unemployment rate? Suggest some actions that the U.S. government might take to create more jobs.
Elucidate the effectiveness of these staffing practices and selection tools in meeting current and future employment needs of the organization.
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