Reference no: EM13996890
Question 1: "One man draws the wire, another straightens it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head, to make the head requires two or three distinct operations, to put it on is a peculiar business, to whiten it is another, it is even a trade by itself to put them into the paper."
This quote -from Adam Smith's Wealth of Nations - illustrates what TWO economic principles? Why are these principles important to the economy?
Question 2: Over the last several years the Demand for used and reconditioned cell phones has increased about 150% (that is - the Demand curve has shifted right). Which determinant (also called a Factor) of demand would be responsible for this increase and WHAT is causing the change in this determinant?
Question 3: One of the five Factors of Production (resources) in Economics is Human Capital - that is - YOU! To improve your Human Capital, you, and your families, are investing significant time, money, sweat, blood (paper cuts - ha!) in your education. Does this investment pay off for you? Why? AND, what does Society gain from this investment in the improvement of Human Capital? Why?
Question 4: What are the defining characteristics of a Public Good? Give an example of a Public Good and how those characteristics apply to your example?
Question 5: What is the effect on both Supply and Demand of a Price Floor in the Labor Market? Give examples?
Question 6: Because of Scarcity - insufficient resources - we must always make trade-off choices that have an Opportunity Cost. In your choice to attend college; your Opportunity Cost to attend is greater than the Monetary Cost of college? Why and give examples?
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Evaluate google hr strategy for its effectiveness
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Calculate the economic profits of driving range
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Changes in the competitive environment
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Federal vs state government
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What are the defining characteristics of a public good
: Because of Scarcity - insufficient resources - we must always make trade-off choices that have an Opportunity Cost. In your choice to attend college; your Opportunity Cost to attend is greater than the Monetary Cost of college? Why and give exam..
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Two tools that can be used to measure credit risk
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Evaluate the effectiveness of the organizational structure
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If a bank decides to hold less equity capital
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Sells skateboards at an average price
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