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Say you are watching your favorite television program, and a commercial comes on. A soothing voice begins to describe your imaginary vacation in the lush, tropical paradise of Timbucktoo (a remote island in the South Pacific-fictitious of course), while pictures of rain forests and secluded beaches flash across your T.V. screen. The commercial begins to describe your daily itinerary while showing you the “gentle and friendly” native peoples of Timbucktoo, performing native dances and other activities to the delight of the tourists. You wonder about these “gentle and friendly” people of Timbucktoo living on an island thousands of miles away from anything out in the middle of the South Pacific, and you ask yourself why the people of Timbucktoo would desire tourism to come to their peaceful and secluded island? What could they possibly do with that added aggregate income (generated by tourism) when they are out in the middle of nowhere. What could they possibly spend their money on? What about the pollution and the noise? The hustle and bustle, the crime! And what about their peaceful and gentle way of life? Is it worth sacrificing for more income? Increases in GDP and aggregate income do not always mean the level of well-being and happiness increase as well for all citizens of a society. With this in mind, please explain your thoughts or insights regarding this hypothetical commercial.
Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100. Discuss how this scenario relates to..
Calculate the loss of economic welfare caused by the monopolistic . If some of this lost welfare would have been producer surplus, why is the monopolist willing to forgot this surplus?
For retirement planning, you decided to deposit $1,000 per month and increase your deposit by $100 per month. How much will you have at the end of 10 years if the bank pays 3% annually, compounded monthly?
q.a firm that sells e-books books in digital form downloadable from the internet sells all e-books relating to
What would the government likely challenge a merger where a firm with 20% share is attempting to acquire a firm with a 5% share.
The following activities would not be included in the GDP: the purchase of a new car, gratuities at a restaurant, and payment to a neighbor for lawn-mowing services. Identify three more examples of transactions that would not be included in the GDP. ..
Among his many endorsement contracts professional golfer Tiger Wood endorses Buick automobiles. Buick reportedly recently extended his contract for another 5 years at $40 million. If Buick makes $4,000 profit per car they must expect to sell at least..
Suppose that Best National Bank currently has $100,000 in demand deposits and $70,000 in outstanding loans. The Federal Reserve has set the reserve requirement at 20%.
Why do some economists believe the Fed needs to unwind monetary policies instituted during the recession? What is the risk in doing so?
Explain how incomplete information can cause market failure. Give at least one example of this type of market failure and explain how government intervention has been used to correct the problem. How effective has this form of intervention been? Use ..
The demand curve for a product is estimated to be given by the expression: q = 200 − π Calculate the price and the price elasticity of the demand for the following values of the demand: 0, 50, 100, 150 and 200. Repeat these calculations for the case ..
Can citizens who speak an official language or than majority language receive official personal documents in that language. What arrangements have been made in this respect.
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