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1. Adam Smith favors a policy of laissez faire in managing economic activities. Why?
2. Economics deals with the efficient use of resources? Why?
3. Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
4. It is possible for everyone to enjoy comparative advantage in a task of their choosing. Why?
5. Prices and wages help coordinate economic activities. How?
6. Friedrich Hayek wrote, “…to assume all the knowledge to be given to a single mind is the same manner in we assume it to be given to us as the explaining economists is to assume the problem away and to disregard everything that is important and significant in the real world.”
Explain why central planning eventually leads to misallocation of resources and corruption.
Assume an economy where both agents see the goods as perfect compliments at a ratio of one to one. What do the indifference curves look like? Assume an equal supply of each good.
Possibly, the most serious flaw in the Medicare system is the fact that
Assuming that U =0.5, would an hour spent in the labor force searching for a job make the husband better off or worse off? Would the worker continue to be a member of the labor force under these conditions? If not, how would he be ca..
A printer's wage rate is $20, and the price of a printing press is $5,000. The last printer added 20 books to total output, while the last press added 1,000 books to total output.
Presume Barry is maximizing his utility from consuming utilized paperback novels and audio books. The price of a used novel is $19 and the price of an audio book is $3. If the marginal utility of the last novel was 195 units, what was the marginal ut..
Describe the relationship between unemployment and real and nominal wages. Which is more important and why What effects would either an increase or decrease in unemployment have on wages
nationally the monthly survey of american households found 387000 more people at work in february than in january but
Presume you originally invested in a firm when it was small and unprofitable. Now the firm has grown to be large and profitable. Would you be better off now if you had bought the firm's stock or the firm's bonds?
a computerized tutorial center at a local college wants to compare two different statistical software programs.nbsp
Do consumers of public goods have the same incentives to reveal their true valuations of Public goods as they do of Private goods? Why or why not?
What is the average fixed cost of producing 2 units of output based on the following table:
Why does a perfectly competitive firm maximize revenues where P=MC? Why is P=MR in this market type? Name a business you think belongs in this category. Why? Be sure you think about all of the assumptions about firms in this industry
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