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Which of the following is not an argument of those on the political right? A. Differences in income are the natural result of a market system. B. The incentives of the marketplace are needed to encourage people to work and produce. C. Public policy should ultimately be guided by human needs. D. Opportunities in markets make winners of some people and losers of others.
Which of the following careers in real estate would involve primarily working with local governments and civic groups for the purpose of anticipating future growth and land use changes? Property owners who deal only with their own property are not re..
Which of the following are reasons that the aggregate demand curve slopes downward? Check all that apply.
In the classical model, the rate of interest is determined by the investment and the saving functions. However, in the Keynesian model, the rate of interest is determined by the equality of aggregate output (GDP) with aggregate expenditure (Y=C+I+G).
Consider a market characterized by the following demand and supply conditions: Px=100-5Qx and Px=20+3Qx. The equilibrium price and quantity are, respectively:
If their account earns 6 percent per year compounded quarterly, how long will it take them to have a total of $20,000 in their savings account?
Suppose Dell reduces its computer prices by 10 percent and notices that the quantity demanded increases by 8 percent. Calculate the price elasticity of demand.
Whay Tara is leaving her current job, which pays € 56,000 per year, to start a new company that manufactures a line of special pens for personal digital assistants.
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $64 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. Calculate the MRS for this consumer for gene..
The typical firm in a monopolistically competitive market does not earn long-run economic profit. Does that fact make it economically efficient? Explain why the firm will not able to earn long-run economic profit.
Governments often impose taxes on the emission of specific pollutants, such as carbon tax. What is the relationship between the short-run effect and the long-run effect of such a tax on the quantity of pollution emitted? What is the relationship betw..
Compute most favorable output also profit for each firm and the market price. Also, compute the resulting profit of cartel.
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