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Discuss three ways that parties organize American politics. Consider how politics organize our thinking, campaigns and elections, and Congress. Use an example from current events to illustrate each one of these dimensions.
If the minimum wage is set at $100, how many will be unemployed? If the minimum wage is equal to $125, what is the quantity of labor supplied, the quantity of labor demanded, and number unemployed?
He has an endowment of w1 = 100 and w2 = 0 and faces relative prices p1/p2 = 2. If the relative price decreases to 1, what are the Slutzky substitution and income effects on the consumption of good 1?
You operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. Discuss at least two pricing strategies you can use to increase your revenues and analyze them in terms of their abi..
Monetary Policy - Discuss Australia's Monetary policy during last 3 to 5 years. What are its affects and its problems on Australian Economy
Define Monetary Policy. Describe the impact that Monetary Policy has on our economy. Name the three major tools of Monetary Policy and describe how each one would be used to lower the money supply.
Your cat just won the local feline lottery to the tune of 3000 cans of "9-Lives" cat food (assorted flavors). A local grocer offers to take the 3000 cans and in return, supply 30 cans a month for the next 10 years. What rate of return, in terms of no..
Assume initially that the economy is in a state of long-run equilibrium. The real GDP equals potential GDP and only natural unemployment exists. Now suppose that consumer confidence plummets and the aggregate demand decreases. What will happen to the..
Assume that the dairy industry is initially in a perfectly competitive equilibrium. Assume that, in the long run, the technology is such that average cost is constant at all levels of output. Suppose that producers agree to form an association and be..
A local market for new wood pallets has daily demand described by P=178-0.2Q and supply described by P=85+0.1Q. Calculate the equilibrium quantity. Suppose a market has a supply described by P=3.0+0.1Q and a demand described by P=6.0-0.2Q. Calculate ..
Development economists consider the phenomenon of child labor as an example of ‘bad equilibrium’. Discuss briefly any two alternatives to a complete ban on child labor.
For the period 1980-2010, how did the rate of growth of per capita GDP in China compare to that in the US? How did the rate of growth of technological improvement (broadly conceived) in the two countries compare? Give some examples of changes that ca..
Discuss in detail whether education should be publicly provided. (Hint: refer to its characteristics as public good, positive externality, market inequitable, etc.)
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