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Explain why each of the following statements is True, False, or Uncertain according to economic principles.
Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important.
1. The Ontario government now provides (pays for) influenza vaccinations free to all residents who want them.
This policy will result in less deadweight loss in the flu shot market than private purchases of “flu” shots.
[Hints: Assume that the flu is highly contagious and that the vaccination supply curve is perfectly elastic.]
2. Pollution emissions are a “bad”. Therefore the efficient level of emissions is zero.
The zinc also copper monopolists every set a price, believing that the other monopolist will not change its price. Conclude the equilibrium price of brass.
How much deadweight loss does Great Reception causes when it restricts output and charges a price above marginal cost.
In 2008, the price of crude oil (per barrel) set an all-time record of approximately $147 and then sank to near $40 by the end of the year. Since crude oil is a resource that is used in many industries, how would these changes in price impact of 3..
Do current politicians use to manage and influence to get reelected. Is this a "valid" use of political power.
Describe what a manufacturer of each product might do in the short run to raise production.
What U.S. government policy has had a distortionary impact on corn production? Describe the far-reaching effects of this policy on the beef industry, illegal immigration and everyday consumer products.
What happened to Ikonomia actir's net foreign assets during 2007. Did it acquire or lose foreign assets during year. Compute official settlements balance. Based on this number, what happened to central banks (foreign) reserves.
Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that she would not be willing to work for anything less than $50,000. Her decision is based on
question 1nbspbusiness economics is a useful toolbox for understanding the business environment and making better
assume the tax multiplier is estimated to be 1.5 and the aggregate supply curve has its usual upward scale. suppose the government lowers taxes by 150 million. aggregate demand will increase or decrease and by how much?
Compute an appropriate measure of association also decide how to present the results.How might this information involve the advertising approach.
Explicate why the government expenditure multiplier is different from the tax multiplier.
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