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The Chinese economy has grown at an average annual rate of about 10 percent over the last twenty years. By contrast, the US economy has grown at an average annual rate of about 3 percent over this same period. This has made observers wonder as to why China is growing so quickly.
One commentator suggested he knew the reason for China's success, writing:
"On my visits to China I noticed the finished apartments were so poorly made that they will need to be replaced in less than 15-20 years. This is the secret to their economy. The entire infrastructure will need replacing all the time and that keeps a billion people with jobs."
Is the commentator right? Comment from an economic perspective.
Please explain “opportunity cost” and give three examples from your own life. Please include and identify both “explicit” and “implicit” costs in your examples.
How much Medicare Tax did she pay? What is her marginal tax rateon her federal personal income tax? Details are related to the U.S.
Determine whether the Justice Department would challenge a merger between two firms in an industry with 10 equal- sized firms, based on its 1984 Herfi ndahl- index guidelines only. NOTE: Need to calculate and compare the Herfindahl index before and a..
A local utility finds that when the price of natural gas (dollars per mcf) is 3.52 the average household uses 4.17 mcf. Further, when the price is 4.65 an average household uses 3.65 mcf. Calculate the slope of a linear function that describes this r..
If Congress took steps to consolidate banks, thereby reducing total number to 2500, what would you expect to happen to costs within banking industry.
q1. suppose that the government chooses conscription i.e. government services the representative consumer to supply
q1. a firm hires 2 workers also rents 15 acres of land for a season. it produces 150000 bushels of crop. if it had
the shape depends partly on how much time consumers have to adjust a change in prices. Over a short period the demand curve is fairly steep because a few adjustments can be made.
Illustrate what would be the opportunity cost of x had the economy efficiently produced 10 units of y? Can the economy efficiently produce these quantities.
You can now think of the firm as using two additional inputs, pollution vouchers and smokestack filters, to produce x output legally. Does the overall production technology now have increasing, constant, or decreasing returns to scale?
Explain with a graph and a verbal explanation how a ticket price ceiling placed on a monopoly sports franchise (that does not sell out its games) may actually lower ticket prices and raise attendance. Assume that marginal costs are fixed.
How would you repond to this discussion question:foreign exchange rates are determined by supply and demand. Using the supply and demand curve, the intersection of the curves for a certain currency will help determine the exchange rate. The rates ..
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