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Suppose a developed nation’s economy historically had an economic growth rate of 3% but over the last 10 years, that rate hovered around 2%. In the last two years, assume it appears to have fallen further—down to 1%. Worker productivity appears to have been stagnant over the last 10 years as well and that is the likely root of the problem. Assume this indeed is the problem. How can a developed nation increase its worker productivity? Discuss approaches that would attack this problem in the short run and the long run.
Do you believe that business has any direct ethical duties to living beings other than humans? Do animals, plants, or ecosystems have rights What criteria have you used in answering such questions What is your own standard for determining what ob..
Suppose which major function of profit is to allocate resources according to consumer preferences
Assume the government increases education spending by $20 billion. How much additional consumption will this increase cause?
Consists of performing application oriented exercises wherein specific economic principles learned in this course are put to practical use.
In recent years, the Internet auction firm eBay has sougth to make its auction technology the favorite of software programmers, and it has begun licensing its technology to other Web sites. The company's managers have pulicly stated
Assume two inputs, K and L. Illustrate the following cases with two graphs: (1) the substitution effect on labor hired due to a wage increase is zero. (2) the scale effect on labor hired due to a wage increase is zero.
National income is initially at its equilibrium level when desired investment falls and a fall in national income, but not by as much as the fall in desired investment
A person desres to accumulate $18500 over a period of five years from now so that a cash payment can be made foe a new car. to have this amount when t is neede, annual payments at the end of each year will be made to a savings account that earns 8..
Government needs to eliminate the gap by changing expenditures. What policy would you suggest.
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced.
A manufacturer of microwaves has discovered that male shoppers have little value for microwaves and attribute almost no extra value to an auto-defrost feature. Female shoppers generally value microwaves more than men and attribute greater value t..
Consider a farm in the former Soviet Union. Try to describe how dicisions on the number of chickens to be raised, and the amount of each feed to use in raising them, were made under the old communist regime.
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