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1. Why is U.S. economic growth important to the average American and what is the best way to measure standard of living of the average person: (use unemployment rate, inflation, & GDP in your answer)?
2. Does economic growth ensure all members of a society will be better off? explain.
Discuss and explain the difference between comparative advantage and absolute advantage. Also, provide some specific example so I can understand the difference.
Which of the following situations will arise in the domestic market following the removal of an import quota? a. imports increase, domestic production increases, prices increase b. imports increase, domestic production decreases, prices decrease c. i..
Assume that 2-people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and increase chickens.
And how about linking eastern Denmark more directly with Germany's Baltic Sea coastline, enabling Danes to go by train from their capital to Berlin in, say, three hours? Despite the Danes' nej to the euro, it is still a fair bet that this last muc..
Suppose two open economies A and B. In this economy only one good is manufactured for time t = 0 and price P(0,A)=1 Dollar and P(0,B) = 1,5 Euro.
Suppose the PRE government offers Exportian "stuff" producers an export subsidy of $3 per unit. In addition, the government imposes a tariff of $3 per unit on imports of "stuff". Calculate the price paid and quantity demanded by Exportian consumer..
Discuss how do government bureaus differ from private firms and explain why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?
The problem of estimating what goods and services society should produce, Determine the models used in economics
Many corporation manufacture more than one product. What is the motivation to do this and explain how do rules for profit maximization differ between a single product corporation and a multiproduct corporation?
Explain why this is puzzling. How can the puzzle be resolved, if at all? What are the main alternative approaches? Discuss briefly the advantages and disadvantages of each.
The report will also analyze the key reasons why the country has performed the way it has over the past two and half decades. This should include reference to the economic theories that are covered in the course.
Nation X's production possibilities frontier is given through the following table, Further suppose that the each country is currently manufacturing and consuming at Point C on its production possibilities frontier.
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