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Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. He believed that any authority establishing a price that provided a fair price to the providers of the factors of production would distort the market's natural ability to determine prices and output levels. In general, he believed that competitive markets would allocate resources to their highest and best use. However, in recent times, we have seen the market mechanism fail and allocate too many or too few resources to the consumption or production of some goods and services.
What are some of the reasons for this failure?
Has government intervention into competitive markets changed the efficiency of these markets? Why or why not?
Was Smith correct or incorrect in his theories concerning the efficiency of the markets in allocation of resources?.
The government expenditure multiplier and the tax multiplier are
What is the European Union? How do debt problems in Greece and Spain affect the European Union as a whole and its member countries? What are the potential political implications of the austerity measures being currently being proposed in Greece and S..
John Doe just purchased a new Glock handgun and has started carrying it with him when he goes out to restaurants and bars, in violation of Maryland law. He goes to have a few drinks at R.J. Bentleys in College Park, MD and takes the gun with him. Can..
Assume that capital is perfectly mobile, the price level is fixed, and the exchange rate is flexible. Now let the government increase purchases. Explain first why the equilibrium levels of output and the interest rate are unaffected. Then show whethe..
Jim likes to go to church but he also likes to drink wine. unfortunately for jim the consumption of one of these goods reduces the enjoyment of the other. draw the indifference curves that displays jims preferences.
Compares interest rates available for savings accounts at different banks. what is the range of rates currently being offered? what is the best deal? Comparisons between credit cards. briefly explain the factors that are considered in the comparisons..
Implications for juvenile females and members of ethnic and racial minorities.
Define the 3 types of price discrimination and explain why 1st degree discrimination is very difficult to practice. Provide 1 example where a form of 1st degree discrimination is practiced.
If LFC sells chicken and biscuits as a meal deal, what price would be set for the meal deal which comprising both an order of chicken and an order of biscuits
Be sure to clearly indicate what happens in the market for loanable funds, to net capital outflow, and in the market for currency exchange.
Household production consists of. The deportation of illegal aliens may create jobs on a one-to-one basis for native workers if
As reserve requirement increases, money creation increase. The money value and price level are in inverse relation. The nominal interest rate is related to inflation. An inflation tax is tax put onto inflation. Government expenditure belongs to the a..
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