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1. Describe each of the four properties of indifference curves.
2. Explain what is meant by "asymmetric information." Identify and explain the two basic types of problems that arise when there is asymmetric information.
3. Much has been made of the fact that people don't consistently act with scientific rationality. What is meant by rationality? Consider the three "systematic mistakes" discussed in your text. What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
4. Describe and explain the budget constraint. How does a consumer maximize utility under a given budget constraint? How do consumers know if they are not maximizing utility?
5. Explain the Condorcet Paradox, the failure of majority rule to produce transitive preferences for society. Explain Arrow's impossibility theorem. What does this say about society's choices?
What would be the long run price and quantity for this firm in a competitive market and in the long run how many firms are in the industry?
Discuss the effect (increase or decrease) of an increase in the tax rate, t, on the equilibrium income Y* using the effect of increasing t on the equilibrium solution.
Individuals without health insurance impose substantial negative externalities on those who do. In a paragraph, list some of these externalities and briefly describe their signficance.
The Federal Reserve buy $100 million worth of government securities in open market. If the required reserve ratio is .6, determine the maximum possible increase in the money supply?
WHAT FACTORS AFFECTED NATIONAL INCOME, UNEMPLOYMEY RATE AND INFLATION RATE WHAT FACTORS EFFECT EACH OF THESE ECONOMIC VARIABLES?
if Q = 60 − (1/2)P, and MC = 60, which means that MR = 60 how do you work out the price, which then allows you to work out the Q
There is significant disagreement whether a dependable positive correlation (relationship) exists between incentive pay and individual employee productivity. Question is what causes you to come down on one side or the other on this issue?
If a poor country invented a brand new product and marketed and exported to other poor countries. What learned theories of international trade does this occurrence contradict
The MidNight Hour, a local nightclub, earned $100,000 in accounting profit last year. This year the owner, who had invested $1 million in the club, decided to close the club. What can you say about economic profit (and the rate of return) in the n..
A supply curve differs from a supply schedule because a supply curve is a graph and the supply schedule is a table. represents all firms in the market, whereas the supply schedule represents one firm. holds the number of suppliers constant, wherea..
Demand for DVD rentals at a video store is described by the equation: Q= 4,000-500P, where Q denotes the number of DVDs rented per week and P is the rental price in dollars.
By the 1950s, the views of the Classical economists among American economists: had been largely eclipsed by Keynesian views. had largely replaced Keynesian views. were about as widely held as Keynesian views.
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