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At a young age, Lita's coaches were confident she had the potential to be a world class swimmer. They encouraged her parents to do as much as they could to further develop her skills, because a future in Olympic swimming could set her for life, including promotional endorsements and coaching positions when her competitive days were over. After four years on an athletic scholarship and Olympic experience under her belt, she chose a different path. With her savings and personal connections, she rented a corner building in a bustling San Francisco neighborhood and pursued her dream: a surf shop business. After several successful years, Lita was certain that Adam Smith would smile because:
Select one:
a. Lita deliberately set-out to help others.
b. unlike most business owners, owning private property was not her concern.
c. he laid the foundation for her success: She had freedom of choice.
d. Lita chose a career where there was very little competition.
A country has a constant population, capital stock, and technology. In 2010, real GDP was $ 300 million, the quantity of money was $60 million, and the velocity of the circulation of money was $10 million. In 2011, the price level rose by 20%.
Any change in the economy's total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works. (c..
Describe when and why central banks buy either their own currency or the currency of another nation in an effort to control exchange rates.
How would multiplying a positive constant to a linear demand function affect its own-price elasticity of demand? In particular, how would the elasticity of demand of \(Q_{x}=a+bP_{x}+cP_{y}+dI\) at a point compare with the elasticity of demand..
"In the Solow model, an economy that starts with a higher stock of capital per capita will reach a higher steady state level of capital per capita"
A private college adds a small café to its building to cater to the needs of its own students. The total cost of the facilities for the café is $100,000. After a year of operations the college determines that operating the café is interfering with..
A central city imposes a rent control law that places a binding ceiling on the rent that can be charged for an apartment. The suburbs of this city do not have aren't control law. What happens to the rental prices in the suburbs and to the equilibr..
Price Discrimination: Assume that United Airlines knows that it faces the following demand equations and corresponding marginal revenue equations for its (one-way) SFO to Las Vegas route
Besides your pricing decisions, what are your suggested nonpricing strategies? What nonpricing strategies will you use to increase barriers to entry?
Assume that a "leader country" has real GDP per capita of $40,000, whereas a "follower country" has real GDP per capita of $20,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 2 perc..
Wall Street responded by increasing SkyWest's market valuation from $143 million to $1.1 billion after the arrangement was made. Explain, in economic terms, how this arrangement with Delta and United could have caused the value of SkyWest to incre..
assume the elasticity of demand for chewing tobacco is .60 and the elasticity of supply is 2.30. suppose an
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