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Read chapter 1 in Real World Micro, especially items 1.1 (“Free-Market Outcomes are Not Fair—And Not Free”) and 1.2 (“Shaking the Invisible Hand”).
Specialization can mean that different people produce different things or that different people perform different tasks in producing the same things.
Give examples of different people producing different things and exchanging their products (the social division of labor). And give examples of different people performing different tasks to produce the same things (the detail division of labor).
Why do we specialize in what we produce (the social division of labor)? Does this explain why we specialize in doing different things to produce the same good (detail division of labor)?
Some see the division of labor as the source of social and economic inequality. Do you think that this is true? Discuss whether it is true of both the social and the detail division of labor?
Firms are competing by choosing prices. Suppose that every firm's marginal cost is zero.
Describe the process in the money market (demand and supply of/for money) by which the interest rate reaches its equilibrium value if it starts above equilibrium. (Principles of Macroeconomics)
The interest earned is deposited back into the sacinvgs account each month. How much is this account worth 28 years? Answer to the nearest dollar.
Which of the following would cause a change in supply, as opposed to a change in quantity supplied, in the market for used homes? 1. an increase in the number of buyers in the market for used homes 2. An increase in the income of home buyers. 3. A de..
Compute the equilibrium level of income. Sketch this equilibrium position using a two-dimensional graph.
A random walk process with drift:
Summarize the recent policy of the Federal Reserve concerning the level of interest rates and the reasons for this policy. Do you agree with this policy? Why or why not? b. How does this policy affect the supply of and demand for products and service..
Illustrates what the advantage of using capital in the production. Illustrate what is mean by the term division of labor.
The monthly market demand curve for calculators among economics students is given by P=100-2Q, where P is the price per calculator in dollars and Q is the number of calculators purchased per month. Find the price/quantity combination that would maxim..
(a) Recommend some U.S. fiscal policy change in business taxes or government spending that would reduce the U.S. government’s budget deficit and also help improve the U.S. economy? Explain. (b) Would reducing the federal budget deficit also reduce th..
3.analyse the two following situations for forms in competitive markets a suppose tha tc 100 15q where tc is total cost
the central bank raises the actual inflation rate to 4% which sequence is most such way to occur.
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