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Two laws that affect the operations of labor markets are the minimum wage law and the right to work law (where a person can choose to join a union). Who benefits and who loses from each of these laws. Give at least two examples each.
Suppose you have a sample of body weights from a population of males above 20 years of age. Your sample size is 121 men. Body weights are approximately normally distributed. Your sample mean is 190 pounds, and your estimated population standard devia..
Which is steeper when it rises and steeper when it falls
Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. Has government intervention into competitive markets changed the efficiency of these markets? Wh..
The absolute value of Mars' MRS at his current consumption bundle is strictly greater than 2. Mars has convex preferences. Which of the following statements is (are) true? Justify your answer graphically.
Jane wants to buy a beautiful doll as a gift for her sister's birthday. She knows that the same product is offered in different shops with prices of $120, $100, and $80 with odds of one-third of finding each price. She just stopped at a shop and know..
Which of the following is the name of the power connector that is larger than the connector used for floppy diskette drives and that is commonly used with PATA drives?
Covington Corporation purchased a vibratory finishing machine for $20,000 in year 0. The useful life of the machine is 10 years, at the end of which the machine has zero salvage value. The machine generates net annual revenues of $6,000. The annual o..
Which of the following is NOT a main role of a nonstate actor? Which of the following inventions assisted in the creation of the modern state? The realities of globalization are reflected in which type of sovereignty? The dependency theory states tha..
Market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Overcoming market failure is a significant challenge for the government, which is not easy to accomplish and m..
In principle, the antitrust laws are designed to promote competition and improve market efficiency. Given the work by Williamson (1968) and Demsetz (1973), explain why these laws may promote static efficient but fail to promote dynamic efficiency.
Suppose a monopolist is producing a level of output such that MR > MC. Which of the following best describes what will happen as the firm moves to its profit-maximizing equilibrium? Select one: a. Marginal revenue will rise and marginal cost will fal..
Illustrate what whould be the appropriate elasticity to compute. Using the midpoint method, compute this elasticity.
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