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In November 1999, the U.S. and China reached a trade agreement, which led to the flooding of U.S. market with cheap Chinese products. Since then, Walmart, as one of the main importers of the Chinese products to the United States, has become the largest retailer in the U.S. and the largest corporation in the world. Has this trade agreement helped or hurt the United States? Discuss the advantages and disadvantages of this trade agreement from as many angles as possible. Who has benefited and who has suffered as a result of this agreement?
In the medical care sector, the decisions of what services should be produced, how they should be produced, how they should be distributed, and how to allow for growth and innovation must be made. Please answer the following question: Who should rece..
Suppose in the United States, one worker can produce 10 tons of steel per day or 20 tons of chemicals per day. In the United Kingdom, one worker can produce 5 tons of steel per day or 15 tons of chemicals per day. The United States has 30 workers and..
Private ownership in the market system is believed to enhance innovation and faster growth than in the command economic system. With examples, explain why or why not this statement is true.
Average visit per week equal 640 when the copayment is $40 and 360 when the copayment is $60. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 640 and $40 as the denominators for percentage c..
How can the issue, perspective, concept or model enhance and enrich understanding of International Economics.
Based on marginal revenue/marginal cost analysis, describe how output and price are determined in monopolistically competitive markets. You should discuss what firms try to maximize (or minimize), what rule they need to follow to do this, and how thi..
Give two distinct reasons why studies might show that physicians firm might use too few nurses and other aides relative to profit maximizing amount of those two types of input.
A Microeconomist estimates that the price elasticty of demand for medical check-ups is 0.65. This suggest that the producer of medical check-ups could:
Two manufacturing firm, located in cities 90 miles apart, both send their trucks four times a week to the other city full of cargo and return empty. Each driver costs $275 per day with benefits (the round trip takes all day) and each firm has truck o..
Two firms are ordered by the federal government to reduce their pollution levels. What is the socially optimal level of each firm’s pollution reduction? Compare the social efficiency of three possible outcomes:
Car's annual operating and maintenance (O&M) costs are given by the following schedule: year value 1 50 2 60 3 100 4 150 5 210 If MARR=10%, and it is known that the value of O&M costs in the first year is the base annuity, define the value of paramet..
What are two factors that can cause the nation's real GDP to increase in the short run? What are two factors that can cause the nation's real GDP to increase in the long run?
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