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Define the key aspects of “Western Civilization” and discuss the different ways historians might understand the term. How “west” is the West, for example? What are the most important changes, in your opinion, that Western Civilization brought to human life? Give examples from before 1000 BCE
“In a situation of increasing opportunity costs, trade can be beneficial to both countries if they have identical tastes. However, trade cannot be beneficial to either country if the countries have identical PPFs” Is this statement correct of incorre..
Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H)=420H-40H^2 and C(H)=100H+120H^2. The corresponding formulas for marginal benefit and marginal cost are MB(H)=420-80H and MC(H)=100+240H. Write..
Suppose that the K/L ratio is higher in Germany than in Britain. What would you expect to happen to wages in Germany as trade took place between the two countries? Why?
Suppose shoe manufacturers can substitute between labor (L) and capital (K) in producing shoes. Further suppose that due to global competition the price of capital equipment used to produce shoes has decreased significantly. Using an isocost-isoquant..
Why was the Federal Reserve System set up with twelve regional Federal Reserve Banks rather than one central bank, as in other countries? What is the primary tool that Congress uses to exercise some control over the Fed?
An agricultural experiment examined the response of corn production (output C) to variations in two inputs pounds of nitrogen fertilizer per acre (N) and the number of corn plants planted per acre (P). Thus, the production function is on the form C =..
A higher interest rate __________ consumption, investment, and _____________, which ___________ aggregate demand
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 90 - 0.25P, and the marginal cost of production is $120. Determine the optimal number of units to put in..
How will planned investment spending change as the following events occur? The interest rate increases as a result of Federal Reserve policy. The U.S. Environmental Protection Agency decrees that corporations must upgrade or replace their machinery i..
In the long run, all thing equal, a decrease in the government deficit is likely to
Scholars have argued that Confucian ideology limited economic growth, while more recently, this same ideology has been used to explain the rapid economic growth of the region. Think about these two contrasting arguments. How can they be reconciled? W..
Illustrate what can we say about the elasticity of demand for Larissa's legal services. Elucidate which is consistent with the direction of these shifts
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