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In a short legibly written answer (essay-type) 120 words each.
1. "The accelerating growth of useful scientific, medical and technological knowledge since1750 or so has affected the world more than all other social and political changes takentogether. It has led to a revolution in the human condition that has swept the world, and tothe greatest advance in the welfare of the world's population ever achieved in such ashort space of time." (Joel Mokyr) Discuss
2. In the 1960s, the average United States citizen measured in purchasing power was 33times richer than the average citizen of China (or up to 70 times as rich if measured atprevailing currency exchange rates). Both nations are large continental land masses withlarge populations, and as nations had historically virtually nothing to do with each other tothat time. So why were United States citizens so much richer? Discuss. Also, discusshow and why this ratio has changed since the 1960s and what the prospect for this ratiofor the future is.
John, who earns more than $50000/year working at his full-time job, spends 40 hours splitting and stacking two cords of firewood over the course of many weekends in the spring and summer. Firewood—split and stacked—costs $200 per cord. Based on this ..
Elucidate how does the Demand curve faced by a monopolist differ from the Demand curve faced by a perfectly competitive firm.
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 5 Percent per year, the money stock grows by 14 percent per year, and the nominal interest rate is 11 percent. What is the real interest rate? In Wiknam if Real GDP growth..
What motivated Europeans to initiate and undertake perilous voyages of exploration and discovery from the late fifteenth century onward? How was this related to the growth of the European nation-states? Who was most successful in these endeavors?
What if the pollution invades Baker's home and harms her health
At a restaurant that does not take reservations, people arriving at 7:30 normally have to wait for an hour, but some people arriving at that time give money to the hostess and are promptly seated. At another restaurant that takes reservations, there ..
Consider a monopolist facing two customer groups. The first has demand p1 = 10 ! q1/2 and the second has demand p2 = 20 ! q2. The firm has marginal cost MC(q) = q, where q = q1 + q2 is the total amount sold. Suppose it can separate customers into the..
Suppose that the Fed has decided that it should have an activist monetary policy in order to stabilize the level of GDP by managing the money supply. When the following events occur, show whether the Fed’s policy will actually stabilize GDP or not:
Scenario Kian and Rachel own a toy factory. Kian can build six toy ships per hour, earning a total of $30. Rachel can build two toy ships in one hour, earning $10. Kian and Rachel’s friend Jeffrey asks if one of them would build a dollhouse for his d..
Suppose that in voting fraud around the country the government is forced to spend billions of dollars in legal fees. Analyze the effects of such a massive increase in government spending in both the classical and fixed price Keynesian models when the..
Review and respond to at least two of your classmates’ posts by sharing any ideas you may have about how households and businesses can protect themselves against inflation. Inflation works in the borrowers favor in most cases if the borrower had debt..
For the no colluding oligopolist, there are two factors that affect the decision to raise production.
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