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Describe three different methods of allocating scarce resources.
Explain how these allocation methods may affect quantity demanded, equilibrium price, and quantity supplied.
Are these allocation methods more or less efficient than other methods?
Explain your arguments using relevant course material and personal experience.
do you consider important to our overall economic health and are things getting better or worse? Please use real-world facts (i.e. statistics) to back up your answer.
Under what circumstances would a monopolistic firm be economically more efficient than a group of small, competitive firms? If there are such monopolies, what are the drawback
In 1947 in the United States, nominal GDP was $237 billion and real GDP was $1,771 billion in 2005 dollars. In 2011, nominal GDP was $14,869 billion and real GDP was $13,228 b
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People in a community are voting on how much of a public good should be provided. Assuming that each person casts a truthful vote, which tax structure is most likely to yield
Consider the following statement by Charles Wheelan, author of the Naked Economist: “The problem with Asian sweatshops is that there are not enough of them.” How is Wheelan’s
In 2008, Poland was forced to devalue its currency against the Euro. Which of the following groups was most damaged? Which of the following central banks use(s) the channel sy
Stan Money maker has been shopping for a new car. He is interested in a certain 4-cylinder sedan that averages 28mpg. But the sales-person tried to persuade Stan that the 6-cy
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