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Our economy thrives on competition. Market forces will lead firms to produce the mix of goods most desired. Unforeseen events can be responded to in a rational manner. The constant struggle for profits will stimulate firms to cut costs. Note that technical efficiency results from attention to self-interest, not the public interest. However, in a market economy business must cater to the whims of consumer tastes or else go out of business.
Explain the importance of the following concepts:
1. Competition2. Adequate information by all parties in the economy3. The role of prices in a market economy
Explain why should you, as a future employe, be concerned about the downward trend in labor productivity increases that have been observed since the early 1970s.
Examine the contribution that automatic stabilizers play in creating a stable economy.
Explain how does technology affect an organization's productivity and costs. How has your organization used technology.
Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Illustrate what would you expect to happen to the total expenditures on good X.
Suppose the relationships hold true and given performance below, what salary would you estimate for each player in 2006.
Illustrate what has been, also what will be, the short run and long run impact of the Federal fiscal policy which has been followed in the past few years.
Base on your research; Discuss the identified risks and the tools that organizations could use to mitigate these risks.
Make an example of a comparative advantage model by 'choosing two countries and two products.
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
Find out an output which maximizes the total revenue. Calculate the price elasticity of demand at this output.
Discuss adjustment process using AD AS analysis that will ensure that the economy will return to full employment.
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