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2-3 pages
What is a market economy? Compare and contrast a market economy with a planned economy.
Research capitalism and socialism. What are some of the advantages and drawbacks to capitalism? How is socialism different from capitalism?
Define the terms opportunity cost, scarcity, and resources. Please describe in detail an example of how each of these concepts have affected or currently affect your life.
What is market failure? Please list an example of market failure that has occurred in the U.S. in the last few years. Be specific. APA citation and formatting
Adhere to APA formatting and reference guidelines when writing your response. Additionally, your response should be free of grammatical errors, use complete sentences, and give specific details to support statement.
suppose you are the production manager for widgets inc. your job is to produce a fixed amount of output at the lowest
Elucidate the difference between the law of demand and the law of supply. What does the phrase 'other things equal" mean? Why do we need that.
a. lisa consumes only pizzas p and burritos b. her utility function is up0.5 b0.5. the price per pizza is 10 and the
Draw a set of indifference curves for Jones, and second set for Smith, with alcoholic drinks on vertical axis and non-alcoholic on the horizontal axis.
U.S. real gross domestic product increased from $10 trillion in 2000 to $15 trillion in 2010. During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to 12 percent.
Compute the long-run impact of a permanent rise in money supply versus a permanent tax cut.
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen. Show their argument using the AS/AD mo..
donut ville caters to its retirement population by selling over 10,000 donuts each week. to produce that many donuts weekly, donut ville uses 1,000 pounds of flour, which must be delivered by 5:00 AM every friday morning.
Mr. Black and Mr. Blue, each out for a Sunday drive, have a collision in which their cars are destroyed. Black and Blue each hire a lawyer to sue the other, paying the lawyers $5,000 each for services rendered. The judge throws the case out of court.
Sketch a graph of demand and supply curves that shows the effect of an increase in rainfall on the equilibrium price and quantity of corn. Do price and quantity increase or decrease?
Provide an overview of current conditions and challenges for each of the two areas listed above, detailing why these represent challenges to both economic stability and economic growth.
In October 2004 and 2005, real GDP in the United States increased by 3.6 percent, while nonfarm payroll jobs increased by only 1.4%.
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