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Question: Suppose the following production possibility table represents the province of Quebec.
a. Construct the production possibilities frontier for cheese and tractors.
b. Does this production possibilities frontier illustrate the law of increasing opportunity cost? Explain.
c. Suppose a technological advance increases the efficiency of cheese production, leaving tractor production unaffected. What impact would this have on the PPF for the province of Quebec?
d. Suppose tractors represent capital goods and cheese represents consumption goods. If the province of Quebec altered its production from combination B to combination E, what impact could this have on the future economic growth of the province?
Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens' welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (li..
The ten firms have banded together to form a cartel, and the cartel sets the monopoly price. The cartel agreement limits each firm to an output of one-tenth of the total amount demanded at the cartel price.
With an expanded strategic analysis of your organization it is time to turn to your workers and understand their views.
a) What does a "more hawkish view" of inflation mean? b) What implication does this have for the monetary policy we can expect to see from the fed?
Suppose output is below potential output in year 0. Prices that year are given by P0. In year 1 (with the level of potential output unchanged) the Fed stimulates the economy by shifting the aggregate demand curve until it interest the point (P0, Y*) ..
A researcher wished to estimate the difference between the proportion of users of two shampoos who are satisfied with the product. In a sample of 400 users of Shampoo A taken by this researcher, 78 said they are satisfied. In another sample of 500..
Imagine that you have been hired as a contractor by a local business that has recently purchased new office space for its growing business. Design a network for the local business based on the following information:
a. What are the total benefits from each project? b. If a vote were held for each project, what would be the result for each project? Is this socially optimal? c. If these representatives were to logroll (trade votes) to get their preferred policy to..
Which of the following is an expansionary fiscal policy? Which of the following combination of assets is considered to be money? When you buy a ticket to the rodeo, you are using money as a(n).
What are the differences in the available products? What are the differences in the quality of those products? Considering this, in which of those years would you rather live? Why?
Calculate the steady-state growth rates of capital, output, saving and investment, and consumption - calculate the steady-state growth rates of capital per worker, output per worker, saving and investment per worker, and consumption per worker
Identify current trends in globalization. Reason whether the global economy will return to the mercantilist stage, or if benefits of free trade and market liberalization will prevail. Why or why not?
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