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Questions
1. Where does the US Economy rank in Economic Freedom? (Refer to the table 1.1 in the Chapter 1) Note whether or not you find the ranking surprising. The book shows the ranking for 2021. Please check the website https://www.heritage.org/index/ranking to get the most recent year available. Comment on how the US has moved up or down in the ranking over the past year and note what may have caused this change in ranking.
2. How important is International trade to the US Economy? How does that compare to other nations? Refer to the table 1.2 in Chapter 1 that shows the ratio of Exports to GDP for a number of countries.
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.).
Andrew's opportunity cost of producing 1 bushel of barley isbushels of alfalfa whereas Beth's opportunity cost of producing 1 bushel of barley isbushels of alfalfa. Because Andrew has aopportunity cost of producing barley than Beth,has a comparati..
Describe the key political trends in Chile since 1964, focusing on the period 1964 through the 1980s (that is, the periods of rule by the Christian Democrats
If a monopolist sells 4 units of output for $10 each and 5 units of output for $7 each,what is the marginal revenue associated with the 11th unit?
Research the ideas of W.E.B. DuBois and Booker T. Washington. Write a paper arguing for the side with which you agree.
What was the impact on the supply of the product and the impact on the demand for the product? Explain the impact on the price of the product and your decision on whether or not to buy the product
Suppose XYZ Corporation has a technology that uses only labor (L) and the production function is the following: one unit of labor will produce one unit of output (x), i.e., x=L. Also suppose that the firm can buy as much labor as it would ever wan..
How can the long-run average cost (LRAC) curve be derived from the short-run average total cost (SRATC) curve?
In the Ricardian model, trade with a low wage country will increase aggregate unemployment levels. Wages in the US are $15/hour while wages inChina are $3/hour. Goods manufactured using only labor will be 5 times cheaper in China.
Use a graphical approach to explain the effect of the following changes.
Now suppose their school opens up a market for loanable funds in which students can borrow and lend among themselves at an interest rate r. What would determine whether a student would choose to be a lender or a borrower in this market?
Suppose that X and u are continuous random variable and (Xi, ui), i = 1,...,n, are i.i.d.
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