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Q1. Americans already enjoy living standards that far exceed world's average. Should we even try to produce more, do we have sufficient?2. Explain how might the following government intervention affect a nation's economic growth:
(a) Mandatory school attendance (b) High income taxes (c) Copyright and patent protection (d) Political corruption.
Q2. Describe the determinants of varying levels of income. What factors determine a wages of a person? In your opinion, do these qualifications always hold true?
There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
Calculate a marginal cost as well as an average cost schedule for the firm.
As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
Discuss the manner in which an analyst would compare the relative profitability of the two potato chip segments.
Identify one positive or negative supply shock in the last decade and what is the impact that the shock has had in our economy.
Elucidate what would be the immediate and long run effects on c, k, and y. Explain by drawing the path of these variables. Consider that you impose the new saving rate.
A new Taurus bought in 1994 cost $18,680 and it could have been sold as used in 1995 for $12,600.
Explain how much does the customer pay. Explain how much does the government receive as tax revenue.
Analyze the equilibrium cost and quantity in this case and label it on your graph. Moreover calculate, deadweight loss, consumer surplus as well as industry profits.
Oil and gasoline prices are a concern in the United States. Why does this economic problem exist from a supply and demand perspective, what can be done to improve resource allocations.
Explain how the U.S. economy may self-correct back to the long-run equilibrium where actual GDP equals to full GDP and there is full employment.
Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
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