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"free market" system
Argue the science of economics in the presence of making a profit with scarce resources (Michael Baye) versus Adam Smith view that people decide on the basis of sympathy with an aim for moral approval. And what modern country runs their economy on a "free market" system?
Assume the graph below represents the market demand for a patented prescription drug together with the marginal cost and average cost functions for producing the drug. Draw the marginal revenue function for this firm.
The U.S. government spends over $15.8 billion on its Food Stamp Program to provide millions of Americans with the means to purchase food.
Elucidate whether each of the subsiquent would make fiscal policy more effective or less effective
What is the value of the money multiplier? What is the value of the nomial money supply? What are the nominal values of deposits, currency and reserves?
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input?
Indicate whether each of the following statements is true or false and explain why.
Explain how many hours of labor should XYZ hire each day to maximize its profits.
The return to a college degree raise a lot while college enrollment remained steady.
Assume W = 10 000. Draw the aggregate expenditure function on a scale diagram along with 45°line. What is the equilibrium level of national income?
In the 1970s people had become accustomed to high inflation. In 1979, Bank of Canada decided to fight inflation and decreased the money supply growth rates.
Characterize each of the following statements as true or false, and explain your answer.
Provide an update on the economy-where is unemployment, what is the outlook for the deficit, what are the overall predictions for 2010 - 2012?
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