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1. Is the increase in standard of living the result of workers are making more money OR that their money is worth more because supply is higher with the increased productivity.
2. If the income or wealth of an individual increased, what would happen to his demand for a candy bar for lunch? Is this good a normal good or an inferior good?
3. A friend of yours mentions to you that his PIBP for a shirt is a range of $40-$50. What argument can you give him to explain it is not wise to have a range for his PIBP?
4. What is the law of supply? Answer carefully in words. What is the critical difference between supply and quantity supplied?
5. Is medicare considered a regressive tax? If so, why?
Give an example of a negative externality that was not used in class. Explain why the existence of a negative externality creates market failure. Illustrate the market failure caused by the negative externality using a graph of supply and demand.
Some city governments require that all city employees live within the city limits. What impact does this have on the elasticity of supply and or demand for employees of a city with such a requirement?
The Marginal Rate of Product Substitution (MRPS) is the rate that one output must be decreased as production of the other output is increased. The most common form of MRPS is?
Pick the last 2 business cycles as identified by the National Bureau of Economic Research. Describe the behavior of the components of aggregate demand during each of these cycles.
Identify the most common ethical issues that may arise in the international business setting. Explain the root cause of these issues. Discuss how managers of international firms should address these issues.
Grades on a final exam in Economics are normally distributed with a mean of 71 and a standard deviation of 11. What is the probability that a randomly selected student will receive a score greater than 80? What is the probability that a randomly sele..
Consider three groups of Social Security participants – single persons, one-earner couples, and two-earner couples. Discuss the distributional consequences on each of these groups of the implementation of the following Social Security system changes...
Suppose you have an asset with the following cash flow and that you face a MARR of 5%. If your client asks for the "levelized cost" what number do you give them?
The population of Ectenia is 100 people: 40 work full-time, 20 work half-time but would prefer to work full-time, 10 are looking for a job, 10 would like to work but are so discouraged they have given up looking, 10 are not interested in working beca..
Consumer spending during holiday seasons affects the aggregate demand (AD) in the economy. AD drastically declines during serious recessions. Explain what President Roosevelt might have been trying to achieve, using the model of aggregate demand and ..
Identify a company that you believe acts in a socially responsible manner, and describe some of the actions that they undertake in doing so. What benefits might be expected to result from these actions?
On Juan’s 26th birthday, he deposited $5,000 in a retirement account. Each year thereafter, he deposited $1,000 more than the previous year. Using a gradient series factor, determine how much was in the account immediately after his 35th deposit if:?..
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