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1. What "backs" the money supply in the United States? What determines the value (domestic purchasing power) of money? How does the purchasing power of money relate to the price level? Who in the United States is responsible for maintaining money's purchasing power?
2. How is the chairperson of the Federal Reserve System selected? Describe the relationship between the Board of Governors of the Federal Reserve System and the 12 Federal Reserve Banks. What is the purpose of the Federal Open Market Committee (FOMC)? What is its makeup?
Explain the three basic economic questions along with an analysis of the centralized command and control system, the price system, and the mixed economic system
A hotel owner, having heard that new hotels consider to open in area, says, We have too many hotels in this town already. Statistics show that vacancy rates average 20% on any given night.
The U.S. government is considering reducing the amount of carbon dioxide that firms are allowed to produce by issuing a limited number of tradable allowances for carbon dioxide
What effect on the price elasticity of demand for commuter rail is there probable to be from a decrease in the price of gasoline? Explain.
Suppose the equation of interest is now SLEEP=β0+ β1TOTWORK+ β2EDUC+ β3AGE+ β4AGESQ+ β5YNGKID +u
If the Social Security retirement system was a private retirement system, it would be declared bankrupt. Discuss why this is so and why the Social Security system can continue to pay benefits despite the fact that it can be considered bankrupt.
TC = F + c.q where TC is the total cost, F is the fixed cost and q is the output of the firm. q = S[1/n - b(P- Pbar)] where S is the market size, n is the number of firms, P is the price charged by an individual firm and Pbar is the average price in ..
Use the Porter's five forces framework to explain this pattern. Discuss possible profit-maximizing business strategies that artists, record companies, and retailers may wish to pursue.
if there are any additional issues you think are relevant to the choice of closing time be sure to mention them. is
what do you mean by a social welfare function? if you assume that such a function exists what properties of social
quantity supplied and demanded for products change as the prices of the products change. similarly supply and demand
Why are government imposed "nationalization of industries so pricing is at marginal cost" and "average cost pricing" both second best outcomes to the competitive markets? P=MC=min ATC long run equilibrium?
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