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1) What are the distinguishing characteristics of "public goods?" Give two examples of a public goods. Why are public goods difficult for markets to allocate efficiently?
2) What are the necessary conditions for economic efficiency? In what four situations might a market fail to achieve ideal economic efficiency?
3) What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
4) "If there are problems with markets, government will generally be able to intervene and correct the situation. Is this statement true? Explain your response.
5) "Because government-operated firms do not have to make a profit, they can usually produce at a lower cost and charge a lower prices than privately owned enterprises." Evaluate this view.
Illustrate what is being held constant when a demand curve for a specific product is constructed.
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
Assuming the same are price elasticity of demand calculated in part B, determine the future price reduction necessary for B.B. Lean to fully recover lost sales (i.e., regain a volume of 10000 units).
Which types of taxes are most important at each level of governemnt? Which two taxes provide the most revenue to the federal government?
What are the price-quantity effects of this tariff on domestic consumers, domestic producers and foreign exporters. Explain how would the effect of a quota that creates the same amount of imports differ.
Suppose Yon Sun Corporation's free cash flow during the just-ended year (t = 0) was $100 million, and FCF is expected to grow at a constant rate of 5% in the future. If the weighted average cost of capital is 15%, what is the firm's value of operatio..
How events would leave the equilibrium price of textbooks at the same level observed before the supply shift.
The Fed attempts to increase the money supply to stimulate the economy, but plants are operating at 65 percent of their capacities and businesses are pessimistic about the future.
Describe how the system converges to its new equilibrium. What happens to the equilibrium wage in the long run? What happens to the equilibrium population size in the long run?
Suppose that there is no growth in real GDP and inflation is equal to -2% per year. (Negative inflation is the same as deflation.) Measured in ducats, illustrate what will GDP be equal to next year.
Calculate the forward premium on the British pound for the Dutch investor where exchange rates are in euros per pound. Is it positive or negative? why do investors require this premium/discount in equilibrium.
On one hand, the WTO's role in international trade is becoming more significant. On the other hand, its verdict on the Brazil's Embraer versus Canada's Bombardier case did not seem to solve the problem.
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