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Some members of the Tea Party movement want to repeal the seventeenth Amendment, Which provides for electing U.S. senators popular vote. If the amendment were repealed, state legislatures would choose each state's senators. Advocates of repeal argue that it would strengthen the power of the states within the federal system. Are they right--and would such a change have a good or bad consequences? Explain.
Why Benefits in the Short Run? Suppose a country is about to open its markets for trade. In the short run , you would rather be in an industry with s comparative
Because increased government spending or tax cuts cause higher government deficits, they also contribute to a rise in total planned expenditures and aggregate demand. Previously, the government operated with a balanced budget; however, recently, ther..
Find out industry's profit-maximizing cost and quantity. Illustrate what is its profit. industry's production manager claims that industry's average cost of production in minimized at an output of 40 units.
What do economists mean when they say markets are mutually interdependent? Give an example to support your explanation
A manufacturer has paid an engineering firm $200,000 to design a new plant, and it will cost another $2 million to build the plant. In the meantime, however, the manufacturer has learned of a foreign company that offers to build an equivalent plant f..
Illustrate what happens to wheat farmers and the market for wheat when university agronomists discovers a new wheta hybrid that is more productive than existing varieties? show graphically.
Compute percentage change of real exchange rate between US and Japan in past year. Has US Dollar become weaker or stronger in real term.
Discuss your view on government intervention regarding consumption of tobacco; i.e., explain your reasons to be in favor or against the policy that attempts to reduce individuals’ smoking habit. Is your view on this issue closer to the organic view o..
Tad's bait shop has a monopoly in the bait market. Demand is given by q=56-8p and mc=0.25q. find profit maximizing output and price. find the level of consumer surplus that accompanies tad's profit max choice of output and price. determine what consu..
When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because:
Compare and contrast Absolute and Comparative Advantage – and discuss how each relates to gains from trade.
If players in a two player game play a Nash equilibrium
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