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Follow instructions and answer the following questions:
1. Explain the link between scarcity, choice and the production possibility curve. In your answer includes a description of the three concepts in your own words (300 words maximum).
2. Outline the major factors that determine the type of economic system existing in a country. Based on the factors you noted above, describe the principal differences between the Australian economy and the Chinese economy (300 words maximum).
Compare the income elasticities of the following consumer elastities of the following consumer products
Mining is proposed for a wilderness area that provides two benefits: recreation (due to backpacking opportunities) and biodiversity (there are endangered wildlife and plants). What is the present value of mining in the area (excluding effects on recr..
explain how much the minimum wage was, employers would still be more likely to pay it.
Consider a competitive industry with many identical firms. The supply curve of an individual firm is given by S1(p) = 2p when p ≥ $2 and S1(p) = 0 when p
The Fed wants to increase the money supply (which is currently 6,000) by 300. The money multiplier is 4, and people hold no cash. For each 1 percentage point the discount rate falls, banks borrow an additional 30. Change the reserve requirement.
Draw the isoquants for coffee production. Write down a mathematical expression for the production function for coffee.
In recent years the States of Colorado and Washington have (for all practical purposes) legalized the recreational use of marijuana. Both advocates and opponents claimed that such laws would have observable effects on public revenues and expenditures..
q1. discuss the problems of measuring productivity in actual work situations. how might productivity be measured for
If you have a credit card with 14.4% APR. What is your monthly interest rate and what is your annual effective interest rate? If you have an outstanding balance of $1,800 on that card what would be the balance if you skipped 4 months payments (ignore..
Economic laws studied in this unit tell us that as the price of some good rises
Small businesses often rely on lending institutions to finance their ventures. Banks, however, are not the only means to secure capital. Through creative and diligent research, entrepreneurs may uncover alternative sources of funding for their small ..
If I country decides to have a fixed exchange rate, what can it do to ensure it's value is kept proportially the same to another currency and what are the advantages/disadvantages to a fixed exchange rate?
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