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An economy in which a central authority draws up a plan that establishes what will be produced, how, and when, sets production goals, and makes rules for distribution is A. a modern socialist economy. B. a laissez-faire economy. C. a command or traditional socialist economy. D. a capitalist economy
you are a manager in a perfectly competitive market. the price in your market is 45. your total cost curve is cq 10
Which of the following terms defines a preference aggregation mechanism that satisfies the properties of dominance, transitivity, and independence of irrelevant alternatives
Is the government as efficient as the private sector in delivering services? Why? Why not? The new health program (Obamacare) has a number of problems. Will the new health care program be affected adversely?
Okun's law expresses the relationship between: unemployment and inflation. frictional unemployment and structural unemployment, the money supply and the velocity of money. cyclical unemployment and the output gap.
Consider a market whose supply and demand curves are given by P = 4Q ^S and P = 12 - 2Q^D. Calculate the equilibrium price and quantity (P* and Q*) assuming the market is unregulated. What is the total surplus at the equilibrium? Calculate the price ..
What happens to hours of work when non-labor income decreases? Does such a non-labor income change generate a substitution effect? Why might we expect welfare programs create work disincentives? What happens to the probability that a particular perso..
A society has two people: 1 and 2. Person 1's true demand (marginal benefit) for a public good is given by P= 60 - 2G and 2's true demand is given by P = 120 -G. the total cost of providing G is TC = G^2. Calculate the total (net) benefit to society ..
Describe the Lucas critique. Why might the level of government debt affect the government's incentives regarding money creation?
In the early 1990s, land prices plummeted in Japan, leading many bank borrowers to default on their loans. Stock prices also came down sharply, reducing the value of banks’ shareholdings. The net result was that most Japanese banks fell into severe f..
Regional economic integration and multinational agreements in place help companies in pursuing and developing a transnational strategy. Do you agree with this statement? Why? Why not?
What is the present worth of $500.00 in month1, $510.00, in month 2, and amounts increasing by $10 a month through month 36, if the interest rate is 15% per year, compounded continuously? Please show work and use functional notation where needed: ex...
Elucidate how are the benefits and costs of this tariff distributed among consumers and producers.
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