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Imagine the country of Zed, which has the following production possibilities curve:
What is the opportunity cost between tanks and noodles? Is it constant?
Graph the ppc.
True, false, uncertain, and explain: “This economy should produce 30 noodles and 300 tanks because that is the most even distribution of resources between the two goods.”
Tanks: Noodles:
0 51
100 45
200 38
300 30
400 21
500 11
600 0
What is the opportunity cost between tanks and noodles? Is it constant? Graph the ppc. True, false, uncertain, and explain: "This economy should produce 30 noodles and 300 tanks because that is the most even distribution of resources between the two goods."
The first national bank received 3,000 inquiries following the latest advertisement describing its 30-month IRA accounts in the Boston World, a local newspaper. Assuming that additional ads would generate similar response rates, is the bank running a..
Essay about What major arguments can you list to support the doctrine of free trade? Why is the WTO important in maintaining the doctrine of free trade? What values and principles has the GATT/WTO promoted to liberalize international trade?
After the financial crisis that hits the country of Cinfuria in 2007, 8 million people become unemployed. If 25 million individuals are lucky to keep their jobs, what is the unemployment rate? Please specify your answer to two decimal places.
This graphing calculator illustrates the demand for spaghetti dinners served in all the restaurants in a society.
Suppose Canada's exchange rate with the euro rises from 1.2 to 1.4. This rise indicates a(n) ________ of the Canadian dollar, which means it takes ________ Canadian dollars to purchase one euro.
When the government imposes a price floor above the market price, the result will be that:
If an allocation of economic resources is not efficient, then some of the potential gains from trade among buyers and sellers are not being realized. Explain why an allocation is inefficient if a good is not being produced by the sellers with the low..
Show graphically and explain what happens in the Cars market, include effects on Price and Quantity. What would happen to the equilibrium price and quantity of cars if the price of steel increased?
What are the three categories of transactions in the balance of payments? Give an example of each. Economists sometimes say that the current exchange rate system is a dirty float system. What does this mean? What are the main arguments presented aga..
A company selling widgets advertises through three types of media: print, television and internet. Recently the company has decided to increase its advertising budget by $100,000. In order to determine where the additional money should be spent, the ..
Your firm must decide whether or not to introduce a new product. If you introduce the new product, your rival will have to decide whether or not to clone the new product. If you don’t introduce the new product, you and your rival will earn $1 million..
Suppose that the demand curve for wheat is Q = 100 - 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3. Describe how the equilibrium changes. What effect does this ceiling have on consumer surplus, producer surplus,..
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