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International trade and the market system
1. Why do many economists believe that the market system is the most efficient economic system for allocating resources?
2. What are the four main categories of resources? Explain each of them.
3. (a) Explain what happens in the simple circular flow diagram? (b) What effect do price controls have on the market system?
4. (a) Explain what can we learn from a country's production possibilities curve? (b) How can a nation's production possibilities curve shift inward? (c) Why the production possibilities cure is bowed-out in shape?
5. Will a nation tend to export or import goods for which it has comparative advantage? Explain.
6. Consider a professor who is writing a book. The professor can both write the chapters and gather the data faster than anyone else in the university. Still he pays a student to collect the data at the library. Is this sensible? Explain.
Earlier this year the Federal Government USA approved the merger between Sirius and XM satellite radio companies. What, if any, shortcomings arise from a monopoly pricing strategy (efficiency and consumer surplus)?
Explain how each of the following will affect the relative values of the dollar and the euro:
Presently most British imports come from other European countries. How does this fit in with the changing types of goods that make up world trade.
Provide a report to management of the firm as to whether or not it should continue to operate at a loss?
Either tenants occupy rent controlled buildings with a customers surplus deserve to live there.
Illustrate what would the total price be at 99,000 miles rounded to the nearest dollar amount.
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
To what peak if anyone does Wal-mart feel itself affected by Federal tax policy
Utilizing the midpoint formula, elucidate the price elasticity of demand for Coke at these prices.
Illustrate what is the labor variance for the month. Illustrate what is the labor efficiency rate for the month.
Using the following data calculate Disposable Income:
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Calculate the equilibrium price, firm output, total output and number of firms in the industry.
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