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Public Choice theory has attempted to explain, "Why Government Grows?" by applying the logic of economics (individual choice, marginal decision making, the weighing of costs and benefits, the pursuit of profitable opportunities, etc.). Compare the political scientist's view of government and economic policymaking and the Public Choice conception of politicians, bureaucrats and special interest groups in the political process. Which do you consider to be more realistic for understanding the political process, and for thinking about economic policy issues? Why?
What are the main differences between microeconomics and macroeconomics? Provide an example of a microeconomic and macroeconomic phenomenon.
Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor an increase in immigration
In an up-coming textbook chapter you will learn that wages reflect the productivity of labor. That is, higher productivity brings higher wages, and vice versa. How do the readings in this group cast doubt on this morsel of theory.
Discuss the Henry George idea for a single tax on real estate and why did the California State Lottery extend the payoff period from 20 years to 26 years?
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
From time to time it has been proposed that a law or constitutional amendment be passed that will force the federal government to balance its budget every year. How would such a requirement affect the conduct of discretionary fiscal policy? Automa..
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and the wage paid to labor is $50? Round any decimals to the nearest hundredth. Derive the firm's cost function using the rental an..
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
Some fields have large enough quantities of both oil and natural gas that coordination must be achieved for the production of both, rather than oil a in our examples. Will fields with both oil and gas have greater difficulties in unitization.
About the role of Multinational Corporations in Business, Government and Society. the role of ethics in the global arena, the influence of governmental regulation, the roles of consumer, employee and environmental protection and how good corporat..
Describe an externality created by a firm in your state. b. What are the social costs associated with the externality c. List three remedies that the federal, state, or local government could introduce to reduce the problem.
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