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a) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
In a command-system farm economy, the head of each household decides what crop to produce in the family farm.
b) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
In the Circular Flow model of the market system, households are the ones who demand resources in the resource markets.
c) Read the statement below carefully, and decide whether it is true or false. And then explain your answer (whether “true “ or “false”).
The Law of Demand states that if gold becomes more expensive, then the demand for gold will increase and the D curve shifts to the right.
What is the difference between a production function and an quant. Explain the law of variable proportions with the help of quant.
Why is money you receive at some future date worth less to you than money you receive today? If the interest rate rises, what effect does this have on the present value of payments you receive in the future?
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
Last year a very severe ice storm hit the north counties of New York state, and the states of Vermont and Maine. Electric poles were down and no one had power for days. It was reported that the price of kerosene heaters skyrocketed and the number pur..
Explain why physician groups and health service workers’ unions prefer stricter licensure requirements rather than cost control efforts from legislators. What are the most difficult aspects of the Coase Theorem in solving a problem like spread of a d..
In the aggregate expenditure model, assume that the consumption function is given by C = 800 + 0.8 (Y - TP), that planned investment. I. equals 200, and that the government purchases, G, and taxes, TP, each equal 200. Assume that there is no import o..
The political business cycle implies all of the following EXCEPT that:
Which are the top 5 lines of business of SAP on latin-america and the ones with the highest growth potential, again support the reasons you selected them with figures.
How could the formation of an economic integration unit among several countries actually result in the countries trading to a greater extent in absolute terms with the outside world than before the union was formed? What factors would you consider in..
Consider a closed economy and a small open economy. Derive the goods market equilibrium for each economy numerically and graphically. Be sure to explain what you are doing.
What will be the monthly payment on a 30-year, $250,000 mortgage loan, where the interest rate is 6% per year, compounded monthly? How much interest is paid over the life of the loan? What will be the monthly payment on a 30-year, $250,000 mortgage l..
Colleagues, assess and explain a major trade regulation or policy of the United States (please choose a regulation or policy other than one already discussed by your classmates). What purpose(s) does the regulation or policy serve?
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