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In the late 1940s, the Communists under Mao Zedong were defeating the government of China in a civil war. The paper currency issued by the Chinese government was losing much of its value, and most businesses refused to accept it. At the same time, there was a paper shortage in Japan. During these years, Japan was still under military occupation by the United States, following its defeat in World War II. Some of the U.S. troops in Japan realized that they could use dollars to buy up vast amounts of paper currency in China, ship it to Japan to be recycled into paper, and make a substantial profit. Under these circumstances, was the Chinese paper currency a commodity money or a fiat money? Briefly explain.
When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.
If consumption increases by $12 billion when real disposable income increases by $15 billion, what is the value of the MPC What is the relationship between the MPC and the MPS If the MPC increases, what must happen to the MPS
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand?
Examine the underlying historical and economic reasons behind the quest for alternatives to incarcerating offenders in jails and prisons.
grow fertilizers company purchases a gravity settling tank of the 30000 purchase price. the company finances 30 of the
One of the reasons for the existence of agglomeration economies is scale economies in intermediate inputs. Answer the following. What are the 3 conditions that are required for the emergence of agglomeration economies from the sharing of input suppli..
In recent years technological improvements have greatly reduced the cost of producing basic cell phones and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smart phones and ..
Assume government forced a minimum wage above what otherwise would be equilibrium wage rate for this segment of the labor market.
Suppose that the price of pumpkins in Austin has fallen by 10%, while total spending on pumpkins in Austin has gone up by 2%. Which of the following could explain those changes
1. How can the high unemployment hurt the growth of the GDP. Is the U.S. economy primarily driven by consumers or businesses? Why?. Let's look at the "crowding out effect". Please explain and define the crowding out effect,
Assume you ran the only bakery in town. Further suppose that it was currently very profitable. A. What things might you consider if you wanted to ensure that you continued to enjoy the same success in the future?
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