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Provide the best answers to the questions below and provide suitable examples
1. What are the basic economical concepts? Briefly explain with the applications.
President Bush commissioned a study whose objective was to determine what the maximum tax rate on individuals and corporations should be. To what branch of economics does this study correspond? What branch of economics is concerned with the rate of i..
Explain how many bushels of corn are purchased by consumers and at what price. How many bushels of corn are purchased by the government and at what price.
A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. According to these numbers, what did the hospital cost approximately.
Suppose that an MBA degree creates no externality because the benefits of an MBA are internalized by the student in the form of higher wages. If the government offers subsidies for MBAs, then which of the following statements is correct?
Our forefathers incorporated into the Constitution the concept of checks and balances. Explain its strengths and weaknesses of such a system, especially in a democracy form of government.
The owner of small firm believes the production function is given by: How many people should he employ to maximize profit? What will be the firm’s hourly profit?
The optimal price for a monopolist facing different demand curves in two separate markets will be. People sometimes point to similar gas prices at competing gas stations as evidence of collusion when they could just be selling at market price. if thi..
When a nation is producing on its production possibilities frontier, if more resources are used to produce one good, then the production of other goods
Dave Macy decides to sell his gold jewelry and deposits the cash at his local bank. How would this be recorded on the bank’s balance sheet?
What does the elasticity of demand for labor measure? List and describe the three determinants of this type of elasticity.
Ben Bernanke, the ex-chairman of the Fed, dubbed the few years preceding the financial crisis of 2007-08 a period of:
Professor Fiorina argues that checks and balances cause gridlock in the US political system. However, one of the goals of the Constitution was to allow political minorities to prevent abuses by political majorities. Do you think checks and balances i..
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