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The owner of a good has the right to decide how that good is used and to restrict others from using that good. This idea is known as:
a. the principle of comparative advantage.
b. the law of demand.
c. the principle of mutual excludability.
d. the principle of negative externalities.
e. the principle of public ownership.
According to the RBA website, the current inflation rate is 1.5%. The RBA normally aims for inflation to be between 2 and 3 per cent. Since inflation is below 2%, and in reference to the media release by Glenn Stevens, why didn’t the RBA reduce the c..
Suppose that doctors’ visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors’ visits and a composite good that costs $1 per unit. a) Draw a graph that illustrates the consumer’s budget constra..
The difference between playing a board game and playing a video game is the a) eliminatiion of free riders b) technology of the video game c) involvement of fewer rivals or d) involvement of free rider
Burlington Coat Factory Warehouse, Inc., had a dress code that required male salesclerks to wear business attire consisting of slacks, a shirt, and a necktie. Female salesclerks, by contrast, were required to wear a smock so that customers could read..
Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve.
If monopoly involves a deadweight loss to society so that consumers pay a higher price for the product and have less than an optimal amount of it available, why does our government give patents to some firms for products so that they can keep a monop..
Consider a market with demand given by P=450-2Q and supply curve given by P=100+3Q. Calculate Producer Surplus if there are no taxes.
Which of the following is an example of implicit cost for a firm?
Consider the game of the battle of sexes. How would you modify the payoffs to (F,O) and (O,F) to reflect the following: Namely, the husband is unhappiest when he is at the opera by himself, he is a little happier when he is with his wife at the opera..
What is the equilibrium price. What is the equilibrium quantity. If the price was $7, what would be the quantity demanded
Explain how a "rising" American dollar will affect an American company which exports apples. Since the “meltdown” of 2008, many large companies (such as IBM) have issued more debt (corporate bonds) and used the proceeds for research and development t..
Which of the following are characteristic of principal-agent conflicts that often exist in a firm? Managers do not always operate in the best interest of owners because owners are generally more risk averse than managers.
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