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1. According to Matchek, the phrase "the best of all possible worlds" applies to a state of equilibrium, which doesn't exist in the world as we know it.
True or False
2. According to Matchek, one of the reasons people tend to take the role of entrepreneurs for granted is due to the fact that we do not often question the origin of the many goods and services we use each day.
Explain The Economic Opportunity Act of 1964 and the programs created under it are classified as institutional programs. Increasing opportunities for the poor was the main concern of this act which proves that the basis of this act fits the model ..
Warranties and service agreements play an important role in communicating a company’s willingness to stand behind its products. Research the warranty coverage and how well the Harley dealership network stands behind the product. How do the warranty c..
Discuss the opportunity cost you incur for some activity in your life. Additionally, what activity do you feel you have a comparative advantage in?
An asset used in a three-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $8,700,000 and will be sold for $1,910,000 at the end of the project. If the tax rate is 34 percent, what is the after tax..
The Phillips curve supposes that there is a trade off between inflation and unemployment. Is this correct? Why or why not?
The additional output produced by a firm as a result of hiring another worker is called the marginal product of labor. The amount by which a firm’s revenue will increase as a result of hiring one more worker is called the marginal revenue product of ..
Sketch a diagram that illustrates what happened to the Bridgewaters' budget constraint. Could they have been made worse off by the change.
What are some difficulties with fiscal policy approach? (Budget deficit, crowding out, time lags) Explain. How an expansionary monetary policy can help fiscal policy in stimulating the economy? Explain.
Many small businesses use Secondary data due to the low cost. However, we should also reflect that primary data can be collected by engaging with your customers and asking or watching what they do. The WalMart founder was famous for doing just that. ..
Suppose that in 2013, the U.S. runs a current account surplus of $514 billion. If other factors did not affect the U.S. balance of international indebtedness, it would decrease by $514 billion during 2013. Suppose that in 2013, the U.S. next external..
The inverse demand for a homogeneous-product Stackelberg duopoly is P = 18,000 -5Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 2,000QL and CF (QF) = 4,000QF.. What is the follower’s reaction function? Determine t..
This question deals with the application of microeconomic theory to labor markets. What is the difference between the perfect competitior's value of the marginal product of labor and the imperfect competitor's marginal revuenue product of labor curve..
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