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1. In a market system, well-defined property rights are important because they:
reduce unnecessary investment. limit destructive economic growth. create economic problems. encourage economic activity.
2. The regulatory mechanism of the market system is:
self-interest. private property. competition. specialization.
3. According to Emerson: "Want is a growing giant whom the coat of Have was never large enough to cover." According to economists, "Want" exceeds "Have" because:
people are greedy. productive resources are limited. human beings are inherently insecure. people are irrational.Economics
Given the increase in government expenditures and the marginal propensity to consume, how would yoou find the change in equilibrium GDP.
Describe the difference between rise in demand and an increase in quantity demanded, through giving an example of what would cause an rise in quantity demanded
How many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?
Evaluate the following statements using graphical analysis. Provide a brief narrative explanation of your graph to support your evaluation. Make sure the axes and curves in your graphs are properly labeled. a. "When demand for home heating oil incr..
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand or supply that causes the shift. Justify your answ..
debbie listens only to frank zappa or weird al yankovic. she currently buys 10 zappa and 20 yankovic downloads per
Evaluate the forecast error measures and residuals to determine if the error is acceptable or has systematic variation. Write conclusion relative to the acceptability of the forecast.
Someone claims that the "bargaining" hypothesis appeared in the literature because of a significant flaw in the "comparative advantage" hypothesis. After you briefly explain what these two hypotheses stand for, identify what..
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
How big will that budget have to be before he would spend a $1 buying a first cup of coffee?
Give a definition of Pareto Optimal Allocation in this economy. Find out all Pareto optimal allocations and graph them in the Edge worth Box and also describe what is the theory of Second Best? Prove the theorem by using a diagram.
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