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Some economists argue that private firms will not undertake the efficient amount of basic scientific research.
a. Explain why this might be so. Classify basic research in one of the categories; private goods, natural monopolies, common resources, public goods
b. What sort of policy has the United States adopted in response to this problem?
c. It is often argued that this policy increases the technological capability of American producers relative to that of foreign firms. Is this argument consistent with your classification of basic research in part (a)?
Depends on your discussion, what is the most critical element(determinant) when considering the determinants of supply. In other words, what determinant has the greatest influence on the economy.
Illustrate the difference among dollarization, a currency board, and a fixed exchange rate regime. Do you know of any countries that have recently adopted dollarization.
(c) Probability that the chlorine concentration will exceed 0.80 ppm (d) Probability that the chlorine concentration will be under 0.85 ppm (e) Probability that the chlorine concentration will be between 0.80 ppm and 0.90 ppm
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
In the late 1990s a growing number of economists argued that world policymakers were focusing too much on fighting inflation. The economists also argued that the technical level of potential output had risen
Economists classify production functions as possessing constant, decreasing or increasing returns to scale. Yet, from a cause-and-effect point of view, it is not readily apparent why decreasing returns to scale should ever exist. That is, if we du..
The night before an economic exam, you decide to go to the movies instead of staying home and working your MyEconLab study plan. You get 50 percent on your exam compared with the 70 percent that you normally score. a. Did you face a tradeoff?
Using a spreadsheet program or a calculator, solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10%, she spends $30 each day, it costs her $0.50 each time she uses the ATM,
Do you think lotteries have both micro and macro economic effects or only micro. how do lotteries change what and for whom goods and services are produced.
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
List and explain the sources of expenditures in economy by focusing on the 4 major sectors of economy.
When the demand line is perfectly elastic, there is no deadweight loss after taxation and firms must not operate if the market price is less than ‘break-even' price.
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