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1. Why do workers in the United States tend to make a higher wage than workers in other countries?
2. The authors state that it “is in the interest of each producer to keep cost down and quality up.” Explain, in your own words, what you think the authors mean by this statement.
3. The authors state that we all benefit by the fact that there are very wealthy people in the United States. How do you and I benefit from the fact that Bill Gates is worth greater than $70B?
Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysi..
Electric utility companies usually operate their most modern and efficient equipment continuously (i.e around the clock) and use their older and less efficient equipment only to meet periods of peak electricity demand. What does this imply for the sh..
The equilibrium price and quantity of gasoline is $2.50 per gallon and equilibrium quantity is 15 million gallons. The price elasticity of demand is -0.5 and the price elasticity of supply is 1. The state legislates that a sales tax of $0.10 per gall..
Discuss the positive aspects of globalization, and contrast these with the negative aspects of globalization from the perspective of a small business. Be sure to address the pros and cons of outsourcing in your response.
A goatherd has the cost function c(y) = 2y2, where y is the number of tubs of goat cheese she makes per month. She faces a competitive market for goat cheese,with a price of $40 a tub. How many tubs should she produce per month?
A program evaluation is the systematic examination of any activity undertaken by government to make a determination about their effects, both short and long term.
What would be the pros and cons of an economy of personal income tax being fully substituted with a sales tax? Please explain why.What are the pros and cons of the government not being involved in the labor market (laissez-fair)?
Which is more economical, heating with natural gas or with electricity? Assume that both the equipment and building have a 25 year life, that the salvage value is 0 for both and the interest rate is 8%
Do you think that Monetary policy is easier to make than fiscal policy? Why is one easier or harder than the other? What is the Goal of each of the policies? Are the goals in conflict or complements of each other?
Consider the economy described in Box 1. Consider also a “balanced budget” increase in G and T (in other words, G and T both rise by the same amount). Each increase of 1 unit in G and T will a) increase r by .005 b) increase r by .015 c) decrease r b..
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Use your knowledg..
Consider the (world) market supply curve for oil. Saudi oil production inhabits the _____ part of the curve, and Canadian oil production inhabits the _____ part of the curve.
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