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1. Fran is from a small village in Mexico. Suppose that Fran moved to Los Angeles, California. What do you think she would like best about shopping for goods in the city?
2. While on an airplane trip in his country, Keller decides that his ticket cost too much and that the food was not good. Keller lives in a command system. The government controls goods and services. Do you think that Keller will write a letter to the airline complaining about his flight? Why or why not? How might things be different if the airline were part of a free-enterprise system?
3. How do you think your life would change if the United States switched from a market economy to a traditional system? How would you feel about those changes and why?
4. More Western businesses are finding their way into Eastern European markets. For example, you can now buy food and blue jeans in Moscow. In your opinion, what's good about this trend? What's not good about this trend?
The perfectly competitive market structure is widely regarded as the most desirable way in which a market should operate. Please explain why economists come to this conclusion. Please also use a real world example in your explanation and use a chart/..
A perfectly competitive business maximizes profit by producing at a rate where ________.
For each of the following utility (of income) functions, decide whether they represent risk averse, risk neutral, or risk loving preferences: a) U(I) = 25 + 2I (risk neutral) b) U(I) = 2I^2 (risk loving) c) U(I) = 5I^0.5/2 (risk averse)
What is globalization (please define it both as a process and outcome)? What factors can you identify in explaining why globalization occurred? How do you assess its impact upon both rich countries and poor ones, in particular, the issue of inequalit..
Find the Following: Average Product of Capital, Average Product of Labor, Marginal Product of Capital, and Marginal Product of Labor. Given: Q = 10 K^0.3 L^0.7.
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..
In a diagram of the equilibrium model of bank reserves, identify the discount rate, the interest rate on reserves and the federal funds rate. Make sure you label everything clearly.
Draw labor supply and demand curves for cashiers in Hadley supermarkets.
If factor-intensity reversals were indeed prevalent in the real world, how might this fact be used to explain the Leontief paradox? If this explained the paradox, would it suggest that any given U.S. trading partner stood a better chance of conformin..
Unemployment generated by the existence of labor unions is structural unemployment and so contributes to the natural rate of unemployment.
Explain the difference between sticky wages and sticky prices and how these two ideas explain the sloped short run aggregrate supply curve and why does it not affect the long term supply curve?
A dissenting opinion in this case argued that Jerry Schuster did carry on his father's business and should be liable for obligations of the continued business. Does that strike you as reasonable? Shouldn't a warranty be valid so long as the business ..
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