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Which of the following statements is false?
A. Government owns the means of production in a socialist economy while individuals own the means of production in a capitalist economy.
B. The government allocates jobs in a socialist economy while individuals determine employment in a capitalist economy.
C. Production is planned by government in a capitalist economy while businesses typically plan production in a socialist economy.
D. The government determines prices in a socialist economy while markets determine prices in a capitalist economy.
Explicates which influences the marginal benefits also marginal costs associated with the decision to purchase a house.
Illustrate why the store's short-run equilibrium by plotting demand marginal revenue, average total cost,and marginal costs.
In the movie Peter says: “It’s not that I am lazy. It is that I just don’t care…The problem is one of motivation.” What kind of problem is depicted in the movie? Is it one of moral hazard or adverse selection? Explain.
In game theory, a dominant strategy is one _______________
Suppose the restaurant’s cost function for shrimp balls is C(Q) = 2500 + Q + Q2, and the marginal cost curve is therefore MC(Q) = 1 + 2Q. What is the variable cost function? What is the average variable cost function? What is the average cost functio..
Use the method from Section 6.4 to construct a 95% prediction interval for the 2004 unemployment rate. Is the 2004 unemployment rate in the interval?
An economist estimated that the cost function of a single-product firm is
What profit do you expect that the firm will make in the first year? (iii) Do you expect this profit level to continue in subsequent years?
At 36 units of labor, a firm finds that both average product of labor and marginal product of labor equal 42. We can conclude that the average product curve at 36 units of labor is
Compute and indicate in diagram the level of domestic consumption, domestic production and imports of commodity Y at free trade price.
Suppose a fish population experiences logistic growth with growth rate r per year and environmental carrying capacity C. The population is harvested at a rate of h per year. What are the equilibrium for this model? Are they stable or unstable? What i..
Why is wage labor completely incompatible with feudalism?Is economic life distinctly separate from social and political life?Describe what Smith meant by the "invisible hand". What is the mechanism by which selfish interests are made compatible with-..
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