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What two important functions are performed by the price system? (1) The price system is an automatic method for distributing goods and services. (2) The price system defines t
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Consider an economy with three states. The following set of stocks is traded: x 1 =(2,2,0) x 2 =(1,0,3) x 3 =(0,2,4). The t=0 prices of these stocks are given as follow
In 1939 the U.S. economy was operating where in the production possibility curve?
What is the role of profits in a market economy? Profits act as an incentive to producers and potential entrepreneurs, and also as a signal to both that resources may be re-al
How did fixed exchange rates and the Golden Standard affect the U.S. economy as well as other countries.
data of past 20 years regarding price, wage, employment, productivity, investment, profit or loss.
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