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How would a communist economy, a market economy and a mixed economy react to technological changes? How wold they react to social changes? What is the role on nature in these three economies?
There are 168 hours in a week. Of these, about 60 hours will go to sleeping (more or less). That leaves 108 hours for which we have a choice in terms of how we will spend that time. Let’s assume that we will spend the 108 hours in either work or leis..
Given a situation in a monopolistically competitive market, if my price is $10 for an item and at my present rate of output, my marginal cost is $8 per unit
Suppose a consumer has $150 to spend on food and clothing. Food costs $4 per unit and clothing costs $5 per unit. The consumer's utility function is U(c,f) = f^2c. a. Give an equation for the consumer's budget line. b. Give a formula for the consum..
Why do virtually all societies create something to function as money and how did the combination of increased holding of excess reserves by banks and currency by the public lead to bank failures in the 1930s?
Elucidate how globalization affects the gross domestic product (GDP). Explain your thoughts on globalization in your own words.
The BLS estimates that in 2002, the number of working-age adults was 211.9 million, labour force was 141.8 million, and the total number of employed was 135.1 million. Calculate the following:
Suppose at current factor prices a country's manufactures use 60 hours of labor for each acre of land and food is produced using only fifteen hours of labor per acre of land. If the economy's total resources are 1800 hours of labor and 180 acres o..
Assume the U.S. government determines that cigarette smoking creates social costs not reflected in the current price of cigarettes
Suppose that the repeated application of a pesticide used on orange trees causes harmful contamination of groundwater. The pesticide is applied annually in almost all of the orange groves throughout the world.
Suppose the Lexington mayor caps the amount police can ne speeding motorists at $500. The police vow to step up enforcement in order to cintinue to deter speeding. How high must the probability of being caught speeding be in order to deter most pe..
Elucidate the policy which change, you would recommend also how this change would be financed.
Discuss three automatic expenditures in the federal budget. What is the difference between discretionary fiscal policy and automatic stabilizers?
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