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Determine whether the following transactions involve spot exchange, contracts, or vertical integration. Explain.
1. A major oil company refines gasoline from crude oil produced by oil wells that it owns.
2. Transcontinental, an interstate natural-gas pipeline, has a legal obligation to purchase a specified amount of gas per week from a well owned by Fred Smith in Enid, Oklahoma.
3. A cabinetmaker purchased a dozen wood screws from the local hardware store.
4. An electric utility purchases coal from an underground mine
Explain profit maximization from the following approaches: a. total revenue to total cost
Consider a consumer with preferences over newspapers (x) and books (y) that can be represented by the quasilinear utility function u(x,y)=x+2sqrt(y)
a government is currently operating with an annual budget deficit of 40 billion. the government has determined that
you go to the movies one evening instead of doing your economics assignment and practice test. you get 70 percent on
Suppose a firm produces bicycles. Will the firm's accounting statement reflecte the opportunity cost of the bicycles Why or why not What cost would an accounting statement revelat Should current decisions be based on accounting cost
the size of the labor force in a community is 800 and 720 of these folks are gainfully employed. in this community 200
Indicate whether each of the following items represents a credit or a debit on the U.S. balance of payments.
(Money Supply Versus Interest Rate Targets) Assume that the economy's real GDP is growing. a. What will happen to money demand over time b. If the Fed leaves the money supply unchanged, what will happen to the interest rate over time
If the federal government were to run a budget deficit, this would:
problemsa. compare and contrast the following types of economic evaluation and provide an example of each a cost of
Provide alternative perspectives from experts on technology
Which of the following does not describe the circular flow model between the householdand the firm? John works at a coffee shop and makes $10 per hour. He decides to leave work an hour early to go see a movie that costs $8 per ticket. The opportuni..
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