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Nations with corrupt police and court systems typically have lower standard of living as compared to nations with less corruption. Why might that be the case?
Perfect competition and economic efficiency. The market demand curve for widgets is P = 30 – Q while the market supply curve is P = Q. What is the equilibrium price and quantity in the widget market under perfect competition? What is the economically..
A friend of yours has just returned from desert island where she was stranded alone since January 2009. Having completed Econ. 104 just prior to arriving on the desert island (and being naturally curious), Is international trade more or less importan..
The price elasticity for butter is fairly high (in absolute value). Which of the following is among the reasons why its demand is so elastic?
Suppose that the citizens of Hungary can purchase all the oil they desire at the going international price. If the Hungarian government levies a tax on oil, who bears the burden? Illustrate your answer wit h a supply and demand diagram.
Sketch the extensive form of the game, carefully labelling the players that move and the actions they have available
At the equilibrium values, determine the price elasticity of demand. What does this number tell us?
What institutions explain why workers in some countries have more capital than workers in other countries?
You are given a free ticket to see the nike mens basketball team play for the league championship. The Spurs are playing on the same night and is your next-best alternative activity. Tickets to see the spurs cost $40. on any given day you would be wi..
A large city in the mid-West needs to acquire a street-cleaning machine to keep its roads looking nice year round. A used cleaning vehicle will cost $85,000 and have a $20,000 market (salvage) value at the end of its five-year life.
You plan to borrow $5000 to buy a car. The bank advertises two car loan plans with different nominal interest rates (APRs) and pay-offs periods. Plan A loans the money at the effective rate interest of 12 % compounded monthly, to be repaid over the n..
Describe the two major types of administrative agencies: executive and independent. Why is it important to have independent agencies?
Apple Computer wants to have $2.1 billion available 5 years from now to finance production of a handheld “electronic brain” that, based on your behavior, will learn how to control nearly all the electronic devices in your home, such as the thermostat..
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