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1. Adam Smith favors 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.
Draw the Circular Flow Model of a simple economy with the roles of firms, Households, Government and a foreign sector. In addition, identify the factor and product markets in this economy.
Compute the unit price if the ventor sold 200 CDs. Compute the demand curve for CD. Calculate the fixed and variable costs. Calculate the break even quantities (number of CDS).
1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why? 2. Describe and explain why a socialist system might be the best in responding to the needs of people st..
What is cost of AFC per paper, what is MC per paper and what is minimum amount must charge to break even on costs?
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
What three events through the next three years are going to have the greatest effects the Health Care Market? Speculate on how each of these events will affect both the supply and demand curves for Health Care and the price of Health Care.
following brander and spencer 1983 and 1985 consider two countries denoted by i x y each of which has one firm
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is $250..
1. What do you think will be the basic problem of financing Social Security in the next 25 to 30 years 2. What would be the benefits of an open, free market for human organs 3. What do you think of a recommendation to privatize Social Security
Few states in the U.S. permit citizens to openly carry handguns. People can save themselves in the case of robberies or harm by using these guns.
produce a report based on a scenario covering a range of learning outcomes. demonstrate course concepts and ideas
How is the fact that more low-income families are sending daughters, rather than sons, to college likely to affect the female income gap in the future? Why do you think economist argue that the female wage gap will not entirely disappear unless women..
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