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Question1: Explain why does the government support public education when the private sector also provides this service? Are these reasons the same as those for government providing services such as police protection and the National Weather Service?
Question2: Estimate the basic thrust of Keynesian demand-side policies? Why was economic policy based on Keynes' ideas effective in promoting prosperity in the 1960's? Why was this policy less effective in the 1970's?
Question3: Describe why labor productivity is important but not the only key to improvement in living standards.
Illustrate what are the gains and losses for consumers in these types of international production and trading patterns.
for the nation as a whole the expansion of production of one product must involve a decrease in the availability of the other.
Early Classical economists found following diamond or water paradox perplexing: Why is water, which is so useful and so necessary, so cheap.
Suzy knows that she has maximized her utility, as she is on her budget constraint.
Discuss and explain some example of supply and demand that you have observed in the real world. Be do not use the example for the questions below, use something else.
The entire satisfaction consumer gets from consuming a good or service is________ utility, but the extra or additional satisfaction that a consumer gets from a good or service is ________ utility.
Full employment income is estimated to be $11,000. The current interest rate is estimated to be 4.178 recent. While last year total business investment spending was $900.
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
The UAW labor contract with General Dynamics expired in October 2001. IN the months preceding the expiration date, bargaining teams for the UAW and General Dynamics met to negotiate a new contract.
Illustrate what does this say about the likelihood of our running out of resources.
The XYZ Corporation has estimated the expected cash flows for 1996 to be as follows, Calculate Expected value, Standard deviation, Coefficient of variation
Provide the demand curve in part a, what is the equilibrium price and quantity. If consumer income increases to 30,000 what will be the impact on equilibrium price and quantity.
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