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Which of the following would eliminate scarcity as an economic problem?
a. Moderation of people’s competitive instincts.
b. Discovery of large new energy reserves.
c. Resumption of steady productivity growth.
d. None of the above because scarcity cannot be eliminated.
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500. What is th..
A bank proudly announces it has switched to continuous compounding on savings accounts and if you now make a deposit of $10,000 the value of your account will double to $20,000 in 10 years. What is the annual effective percent rate?
Illustrate what does the area EBCD represent. Provide a full explanation of the concept that is shown in that area.
Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. What are the profit-maximizing price and output levels? Explain them and calculate algebraic..
Assume the longer the search goes, the lower price the consumer would pay for the good. Furthermore, assume there are diminishing returns to the search since it is harder to find even lower prices as the search continues; that is: p?(t) > 0. Without ..
Illustrate what is the Business Cycle. Be able to describe all of its parts such as peak, trough, long-term trend, etc.
Analyze from an anthropological perspective the victory of Barack Obama as president of the U.S. in 2008. Does Obama’s victory indicate that the U.S. is no longer a racist country and that all ethnic groups in the society are treated equally? Is Obam..
How does this change in tax policy affect the price that buyers pay sellers for this good, the amount buyers are out of pocket including the tax, the amount seller receive net of the tax, and the quantity of the good sold?
Study by the National Park Service revealed that 50 percent of vacationers going to the Rocky Mountain region visited Yellowstone Park, 40 percent visit the Tetons, and 35 percent visit both.
q.mr. h. simpson is an individual who earns 5 per hour working at the springfield nuclear power plant. assuming he
If you get this classmate as your partner on a series of projects throughout the year, rather than only once, Explain how might that change the outcome you predicted in part (b).
Unusually good weather which improves crop production also a major oil discovery are examples of unexpected supply shocks in the economy
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