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1(a) Why will a person who has transferable (saleable) property rights in a business for which he is making decisions, be more influenced by the longer run effect of his decisions than if he did not have transferable property rights in the business?
(b) Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
2. "Long ago we stated the reason for labor organizations. We said that they were organized out of the necessities of the situation; that a single employee was helpless in dealing with an employer; that he was dependent ordinarily on his daily wage for the maintenance of himself and his family; that if the employer refused to pay him the wages that he thought fair, he was nevertheless unable to leave the employer and resist arbitrary and unfair treatment; that a union was essential to give laborers opportunity to deal on an equality with their employer." This statement was made by Chief Justice Charles Hughes, of the Supreme Court of the United States in the case of United States v. Jones and Laughlin, 1937. Evaluate Chief Justice Hughes' propositions for their meaning.
3. A large lake is stocked with excellent fish, but no one owns the fish or the lake. Only by catching the fish can you acquire ownership of the fish.
(a) What do you think will be the average age of fish caught as compared to the age of fish in a privately owned lake? (b) Which system will induce over fishing in the sense that more resources will be devoted to catching fish than the extra fish caught are worth? Why?
What is the profit-maximizing price-output combination and what are the levels of the profits and consumer surplus at that point? What is Dead-weight-loss?
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
What is the difference between contractionary and expansionary monetary policy?
Overview of the project's objectives and scope
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
When the Bank of Canada sells the government bonds to a commercial bank, the commercial bank experiences a decline in reserves and in increase in bonds. Total assets are unchanged; this is just a portfolio switch between bonds and cash.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
Explain how a change in investment can have big impact on GDp causing nationwide slump. Recall that investment is "small' relative to the whole economy.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
Perfect competition guarantees allocative efficiency. A profit-maximizing monopolist can never be allocatively efficient.
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