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An economic system is a set of rules that define ______ and _______.
A) resouces, prices
B) who gets to vote, when elections will be held
C) market prices, factors of production
D) how an economy's resources are to be owned, how decisions about the resources are to be made
A houseowners son has agreed to invest some money in materials for remodeling of his parents kitchen, if he can decorate kitchen and the cabinets in vinyl he likes.
Economic forecasters predicted that consumption also GDP would increase because of higher refunds on income taxes.
Suppose China exports TVs and uses the yeah as its currency, whereas Russia exports vodka and uses the ruble. China has a stable money supply and slow, steady technological progress in TV production, while Russia has very rapid growth in the money..
Explain how might this allocation under allocation get resolved via the means suggested by the coase theorem.
Suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand.
you are given the following information. the current dollar-pound exchange rate is 2 dollar per pound. A u.s. basket that costs 100dollar would cost 120 dollar in the UK. For the next year , the fed is predicted to keep US inflation at 2% and the ..
Using a spreadsheet program or a calculator, solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10%, she spends $30 each day, it costs her $0.50 each time she uses the ATM,
The major variables in this data are age of employee, wages earned by that employee before resigning, sex of employee, and series of variables indicating "membership" in a specific class, such as over 40, under 40, internal applicant, external app..
Elucidate the price elasticity of demand for Coca-Cola greater than the price elasticity of demand for soft drinks generally.
Defines and explains a closed system and provides an example. Defines and explains an open system and provides an example. Explains the inner and outer flows of a closed system. Explains the inner and outer flows of an open system.
Illustrate what effect do you think it had on learning by the industry as a whole. What factors might explain these patterns.
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function." Use examples to illustrate your response.
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