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ANSWER THESE QUESTIONS ARE TRUE/FALSE AND WHY QUESTIONS. THE ANSWERS MUST NOT EXCEED 2 SENTENCES
1. Adam Smith favours a policy of laissez faire in managing economic activities. Why?
2. Economics deals with the efficient use of resources? Why?
3. Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
4. It is possible for everyone to enjoy comparative advantage in a task of their choosing. Why?
5. Prices and wages help coordinate economic activities. How? 6. Friedrich Hayek wrote, “…to assume all the knowledge to be given to a single mind is the same manner in we assume it to be given to us as the explaining economists is to assume the problem away and to disregard everything that is important and significant in the real world.” Explain why central planning eventually leads to misallocation of resources and corruption.
Illustrate what is explict opportunicy cost of attending college. what is an implicit opportunity cost of attending college.
q.assume that in a certain region there is a single firm producing chocolates nestlex. in this region there is a
This marginal cost is the only cost associated with the product. Illustrate what are the profit-maximizing price also quantity. Illustrate what are your optimal price also quantity.
suppose the social welfare benefit received by a typical family in country c was 5000 in these 3 years. Compute the real values of the social welfare benefit received by a typical family in these 3 years using constant (2006) price.
Ralph Sampson, the company's CEO, want to cut back on production of the fishing anchor so that the company can make more yacht anchors.
Analyze the current macroeconomic situation and its impact on Walmart and Starbucks. Explore in particular explain how the two companies' respond to the macroeconomic conditions in terms of their.
a rich man has 1,000,000 in the bank earning 7% interest. He plans to give away 100,000 at the end of the year and to increase his gifting by 10% each year there after. How long with the million dollars last?
Ryan has $200 per week to spend on gas and food. The price of gas is $4/gallon and the price of food is $2 unit. What is the opportunity cost of an additional unit of food in terms of gallons of gas? What is the opportunity cost of a gallon of gas in..
Where does this short-run aggregate supply curve intersect the long-run aggregate supply curve that you drew? Just need an explanation of what it woudl look like?
By how much should domestic auto-makers increase the cost of automobiles if they wish to increase sales by 5 percent next year.
Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines).
A purely competitive wheat farmer can sell any wheat he grows for $30 every bushel. His five acres of land
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