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What motivated Europeans to initiate and undertake perilous voyages of exploration and discovery from the late fifteenth century onward? How was this related to the growth of the European nation-states? Who was most successful in these endeavors?
What single sum of money at t=4 is equivalent to receiving $5,000 at t=1, $6,000 at t=2, $7,000 at t=3, and $8,000 at t=4 is money is compounded at a rate of 8% per time period?
On the horizontal axis, K/L represents capital (K) per work hour (L). On the vertical axis, Y/L represents output (Y) per work hour (L). 10. Refer to Figure 1. The curve becomes flatter as the amount of capital per work hour increases because of a. i..
Assume the market for bagels is in equilibrium.
Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumption changed the price of a case of beer from $10 to $20. According to the midpoint method, the government policy should hav..
The Newport Beach Sanitary Agency is presently shipping its waste to another municipality at an annual cost of $100,000. It is considering building a landfill near the city. Start-up costs for the landfill are $900,000, and there are closing costs of..
Describe the prevailing arguments of what constitutes a "just war," and assess the justice of the Vietnam War in that context. Speculate on how the world would be different today if the U.S. had not become involved in Vietnam.
Danny “Dimes” Donahue is a neighborhood’s 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.25 each, he sells 100. At a price of $1.75 each, he sells 300. If demand had the same elas..
Are credit cards money? Explain. Why do we accept money as payment? What affects the value of money? What is the purchasing power of dollar? How higher prices affect purchasing power of dollar?
Suppose the production function is Cobb-Douglas, y = x 1/2 1 x 3/2 2. What is the technical rate of substitution? Does this technology demonstrate increasing, decreasing or constant returns to scale?
Using a graph explain the welfare impact of export subsidy on domestic consumers, producers, government, and national welfare in a) a small country b) a large country
A perfectly competitive firm’s cost of producing q units of output is T C = 18 + 4q + q2. Its corresponding marginal cost is MC = 2q + 4. The firm faces a market price p = $24. Determine the profit-maximizing output for the firm and the corresponding..
The late 1990s in Canada was characterized by substantial economic growth with little inflation; that is, potential real GDP increased with little, if any, increase in the aggregate price level. Describe what must have been happening to Canadian aggr..
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