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1. A fundamental justification of competition is that it promotes efficiency and innovation on the part of business firms(True/False)
2. Consumption is the ultimate end of economic activity(True/False)
3. In a competitive, free enterprise economy consumer demand is the principle determinant of what and how much is produced(True/False)
4. The study of economics is primarily theoretical and has very little practical application(True/False)
Assume Firm Y's production function is given by the following Cobb Douglas equation: Q = 0.5 x L0.6 x K0.5 where L denotes labor and K denotes capital. a. Does the production function exhibit increasing, decreasing or constant returns to scale.
Sailright Inc. makes and sells sailboards. Management believes that the price elasticity of demand
Illustrate which tool is used most frequently. Illustrate what are two limitations on the money expansion process.
Labor demand for low skilled workers inthe U.S. is w=40-.15L where L is the number of workers (inmillions) and w is the hourly wage. There are 180 million domesticU.S. low-skilled workers who supply labor inelastically.
The Fed sells $100,000 in Treasury Bonds to Chase Bank in the secondary market. a) What happens to the monetary base as a result b) If the reserve requirement is 20%, c=0.5 and e=0.001, what happens to the money supply as a result
This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks. Assume that the relationship between the output ratio and the unemployment rate, U is given by the equation U = 6.0 - 0.5 (output ..
By how much and in which city is the hotel room cheaper.
a. Assume that your inverse demand equation from Assignment 1 is written as: P = 560 - 0.024Q. Then, the marginal revenue (MR) equation for this demand equation will become: MR = 560 - 0.048Q.
At the end of October, year 1, Specialty Training, an accrual-basis, calendar-year taxpayer, was hired by Dunbar Company to provide a six-week training program for its employees. Specialty was paid its full training fee of $30,000 on the first day of..
Discuss the advantages and disadvantages of adjustable-rate versus fixed-rate mortgages?
Explain what are some of the factors that contribute to the wealth and poverty of different nations.
there is persistent fear that there will be a high level of deflation. many economists warn that it may be worse for
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