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Explain how the law of diminishing marginal utility is related to the law of demand.
A economy produced the following final goods and services during a given year: 3 million pounds of food, 100,000 shirts, 20 houses, 10,000 hours of medical services, 10 automobile plant, and 2 tanks. Calculate the value of the GDP at the following ma..
20 years ago John invested $10,000 in a mutual fund. The value of his investment declined by 19% during the first year and then declined another 30% during the second year. 18 more years have passed, and john's cumulative return on the 20 year period..
Suppose a country has a production function that exhibits constant returns to scale. Starting from an initial steady state with population growth rate n and a rate of capital depreciation Delta, the country is devastated by an epidemic that quickly k..
Some years ago a critic of what economists were saying about the U.S.'s international trade position argued that it was essential that the U.S. as a country should run a trade surplus and maintain a healthy positive net inflow of foreign financial..
can you explain (in your own words) the difference between Proportional Taxation and Progressive taxation. If you have a job where you pay taxes, which type of tax do you think your employer uses on you (for the deduction)?
Suppose a major US manufacturer is for casting demand for its products during the next year. How will the forecast affected each of the following?
Assuming the most typical shapes of the demand and supply curves, which of the following could lead to an increase in the current equilibrium price for personal computers?
Explain why net exports and net capital outflow are always equal. Explain why higher real interest rates lead to lower net capital outflow.
Explain the concept of Pareto Improvements and give examples from purchases you made during the last Christmas/Holiday season. Explain the term Deadweight Loss and cite an example of a market situation that would create such a loss.
Felix Santos, Carlos Garcia, and Jose A. Valdes Prieto were stock persons for Cuba Tropical, Inc., a supermarket supplier. They regularly worked over 40 hours per week, but they were not paid overtime. He was required to sign certain documents for th..
Illustrate what is the airline's profit-maximizing fare? How many passengers does it carry per week, using how many flights.
Assume that between 1990 and 2000 the money GDP of an economy increased from $3 trillion to $8 trillion and that the appropriate index of prices increased from 100 to 200. Which of the following expresses GDP for 1990 in terms of 2000 prices? Which o..
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