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1. Which of the following is an ideal condition for a free market? Select one: a. There are no parties, institutions, or governmental units regulating the quantity of the goods being bought or sold in the market. b. There are many buyers and many sellers, and all of them have a substantial share of the market. c. The participants in the market have strong preferences as to which seller or buyer they would deal with. d. All the buyers and sellers in the market are free to leave the market but there are entry barriers. e. All buyers have full knowledge of what other buyers and sellers are up to including quantity of goods sold, but not the prices and quality of goods being sold.
2. According to the Freedom of Information Act, _____. Select one: a. a federal agency is required to respond to a document request within 10 days b. all the documents are available for public inspection c. requesters are not required to pay the cost of locating and copying the records d. any person has a legally enforceable right to access to geological information concerning wells e. there are a total of five exceptions to the Act
The country in this example is a large exporting country. Initially, the country exports motorbikes at the world price of $96. Motorbike producers lobby heavily and receive an export subsidy. What is the domestic price per bike after subsidy? What is..
If you had $ 4000 now and invested it at 6% simple interest, how much would it be worth 12 years from now? How much would it be worth if you receive 5% compound interest instead of 6% simple interest?
What are the problems associated with the current educational system, where the public school has a monopoly on K–12 education in the local school district, and teachers are tenured?
q1. compare the unemployment rate in new mexico to the national average of the past four 4 years. compare the trends in
What would you expect to happen to the stock of domestic bonds in the hands of the public as R and Y both increase along a stable MM curve? Explain in intuitive terms how such a change in the stock of domestic bonds in the hands of the public could b..
Your firm faces considerable revenue uncertainty because you have to negotiate contracts with several customers. Use Excel to set up a decision tree for your profit forecast (it does not matter whether costs or revenues come first). How many possible..
Appalachian Coal Mining should minimize net cost by choosing that level of pollution
Do you think Fed independence (from the legislative and executive branches of government) helps or hinders the achievement of low and stable price inflation? Why?
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free.
Explain how natural monopolies cause market failure? How is the deadweight loss associated with this form of market failure measured? What is a typical form of government intervention to correct it? How effective is this type of intervention? Use the..
Write down a utility function that represents Britney's preferences over dresses also hats.
Consider the usual case where a higher wage rate increases a firms’ marginal costs. In this case, the industry’s demand curve for labor a. is more wage inelastic than the individual firms’ demand curves would indicate. b. coincides with the horizonta..
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