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1. Smith suggests that division of labor leads to increased production through three different avenues. Explain.
2. “It is the great multiplication of the production of all the different arts in consequence of the division of labour, which occasions in a well-governed society, that universal opulence which extends itself to the lowest rank of the people”. What does this sentence reveal about Smith’s views on what constitutes and what determines the wealth of nations?
3. Smith argues that in civilized society, humans rely at all times on the cooperation and assistance of others. How do we appeal to others for their help, according to Smith?
Elucidate what happen in the short run to market supply and demand curves, market price, the firm's output, the firm's profit.
While negotiating the future amount, Wylie notes that he would be willing to take no less than $5,700 if he has to wait a year. What is his TVOM in percent?
Assume you have an asset which will pay 5,000 dollars at the end of each year forever. Then, if the interest rate is 5% per year, the value of the asset is
q.statistical inference confidence intervals and hypothesis tests. suppose that a sample of economists are forecasting
In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets. Cite as many examples as you can of these types of businesses.
Assume that a nation’s marginal propensity to consume is 0.8, and that its potential GDP exceeds its actual real GDP by $3000 (There is a recessionary gap). By how much should that nations’ government initially change its spending (G) in order to clo..
You are working for a company that is considering purchasing a new piece of equipment that will reduce operating costs by $4,000 annually. If the purchase price is $50,000, and it has a 25 year life with a salvage value of $5,000, what is the present..
Assume that, in a competitive market, long run supply and demand is more elastic than short run supply and demand. Suppose that the government imposes a transactions tax in this market. In the long run, the tax will collect [less/more] revenue and ca..
To increase his market share in the fast food market, Jim would like to increase sales of the firegut to 750 per week, what price should jim set?
Show that for any level of output q, the minimum cost of producing q is $q. d. Explain how a 10% wage tax would affect the way in which the firm chooses to produce any given amount of output
Choose any two of the numerous Great Society programs that were initiated ruing the 1960s; explain the intent of those two programs. Then, give a substantiated assessment (-.gov sources work well for this) of how successful those programs have been i..
The nation of Acirema is “small” unable to affect world prices. It imports peanuts at a world price of $10. Now suppose Acriema imposes a production subsidy of $2 per unit produced by Acriema’s firms. Calculate and graph the new equilibrium with the ..
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