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Martha lends $200 to a friend who promises to return it after a year. Instead of lending it to her friend, Martha could have put the money in a bank where she could have earned an interest rate of 2 percent per annum. Martha's opportunity cost of lending the money is?
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
A 15 year bond having a face value of $5000 and a coupon rate of 6 percent per 6 months payable semiannually was purchased for $7000 8 years ago, and the 16th interest payment was just made. What can it be sold for now if a buyer's desired return..
What is meant by cause-in-fact? Explain how the logic of cause-in-fact does not always make economic sense. Why is it that in manufacturing and medicine the legal rule is generally strict liability?
Let a firm be in long run competitive equilibrium. The market price will be equal to
When you buy 100 shares of IBM it is an investment according to economists. If consumers have few durable goods, this will lower the C line, all other things equal. A corporation is a legal person separate from the owners. Investment is more stable t..
Demonstrate and discuss the effects of imposing a new industry-wide minimum safety standard. Under what circumstances might such a minimum safety standard leave at least some workers better off than they were before government intervention?
If the study of carpentry becomes more difficult due to complex technological innovations and usage of sophisticated tools, the marginal benefit of achievement will decline. Generally rising expenditure per student are associated with increase in edu..
Discuss the expenditure approach to measuring aggregate economic activity. Discuss the income approach to measuring aggregate economic activity. Are they equal? Does the value added method of measuring economics activity confirm this?
Suppose that there are two firms competing in the market for taxi services. Big Ben Taxis has the marginal cost MCB = $9 per trip, and the fixed cost FCB = $3,000,000. Find the equilibrium price and quantities for the case in which the two taxi compa..
In “Diminishing Marginal Utility: It's a Law,” a writer for the Ludwig von Mises Institute explains the concept of diminishing marginal utility, gives a detailed example, and then concludes that the law of diminishing marginal utility is “irrefutably..
Students for a Democratic Society (SDS) was an activist organization in the 1960s that protested the Vietnam War, racial injustice, and economic exploitation. For the most part, the organization favored direct action and protest, but a small faction ..
If the price-taking firm was earning zero economic profits before the dynamic efficiency, will the level of profits change after? If so, show the extent of the change.
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