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1. Incentives matter a. only when people are greedy and selfish. b. only in a free market system. c. only in the private sector. d. to all human beings regardless of environment.
2. Which of the following is often referred to as the basic postulate of economics? a. Individuals act only out of selfish motives. b. Incentives matter-individuals respond in predictable ways to changes in personal costs and benefits. c. The accuracy of the assumptions is the best test of an economic theory. d. The value of a good is objective; it is equal to the cost of producing the good.
3. The expression, "There's no such thing as a free lunch," implies that a. everyone has to pay for his own lunch. b. the person consuming a good must always pay for it. c. opportunity costs are incurred when resources are used to produce goods and services. d. no one has time for a good lunch anymore.
How does your company or management go about estimating its sales? How does it determine the demand for new products so that it can make a production run?
How would a regular LM curve be affected if the private sector demand for money balances increased following heightened uncertainty about prospects for bonds?
Evaluate the range of marginal revenues
Some econmic historians have noted that during the period of gold standard, when the value of the US dollar was tied to the value of gold, gold discoveries were most likely to occur after a long delationary period (The discoveries of 1896 are an exam..
Assume the elasticity of demand for chewing tobacco is .60 and the elasticity of supply is 2.30. Suppose an anit-chewing tobacco campaign decreases the demand for chewing tobacco by 18%. The equilibrium price of chewing tobacco will decrease by ..
Drugs 'R Us operates a mail order pharmaceutical business on West Coast. The company receives an average of $325,000 in payments a day.
Fisheria is a country in which the quantity theory of money operates.The country has a constant population, capital stock, and technology. In 2010, real GDP was $300 million, the quantity of money was $60 million and the velocity of circulation of..
Show whether each of the following statements is true or false, and explain why.
Why should the govt monitor money supply? If we are in recession today, which one of the three tools of monetary policy would you suggest and why (you must select from one of the 3 Monetary tools: Reserve requirements, Discount rates, or Open-Market ..
Utilizing the info above, which country has a comparative advantage in producing cars and which has a comparative advantage in producing trucks.
Peter and Jane receive the same annual income, but Peter , who gets paid monthly, will have a much higher demand for active balances than Jane, who gets paid weekly.
The “net exports effect” is the impact on a country’s total spending caused by an inverse relationship between the price level and the net exports of an economy. Using this principle, discuss how the following economic variables change during an econ..
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