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Explain how it is that in international trade countries with high wages, such as Germany and the US, are able to compete against countries where wages are lower, such as China and Bangladesh.
Briefly explain regulation in the case of a natural monopoly. Provide 3 common examples of regulation. Briefly discuss the benefits of privatization set out in the text and explain what is required for privatization of a nationalized asset in order t..
Which of the following is an example of an explicit income transfer?
The world market demand for coal exemplifies a typical demand relationship. On your answer sheet, draw a graph of the initial market demand curve for coal in the world.
Discuss examples from economic theory that would be estimated using the methods of simultaneous equation models
How could a terrorist impact the United States' economy - not the attack itself, but its eventual consequences - Is the energy infrastructure the most viable target for the international terrorist?
Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run?
One kind of gain from specialization is that
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/2Y1/2. Suppose consumption bundle A consists of 10 units of X and 10 units of Y, and consumption bundle B consists of 20 units of X and 5 units of Y. Consumption bundle A..
Suppose that when the price of X goes up, you respond by consuming less Y . Illustrate the substitution and income effects of an increase in the price of X. How does your graph illustrate the information in italics above? Is Y a normal good or an inf..
Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices. What does this indicated about the relat..
If interest rates are higher than what individuals consider normal, they will
Soundscape Enterprises manufactures Sonoblast, a device that produces a high-pitched reminder to telemarketers that they have once again disturbed you just when you were sitting 1⁄2 down to dinner. Give the formulas for the short-run production funct..
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