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The United Nations Security Council, the main decision-making body at the UN, is comprised of five regular members: China, France, the Russian Federation, the United Kingdom and the United States. Ten more members are elected from the General Assembly. Given the make-up of the committee, what type of action might the UN take with regard to the counterfeiting issue?
According to the graphical method used in class, figure out how a decrease in government purchases (G) is going to affect the IS curve. Is decrease in government purchases an expansionary fiscal policy or a contractionary fiscal policy? Why?[Hint: Us..
The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight loss. Use your diagram to identify these three pieces.
Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would firm’s likely use for each type of good and why?
Budweiser, Miller and Coors, together with their subsidiary brands and foreign corporate partner brands produce 80% of all beer consumed in the US. Each spends well over $600 million a year on television advertising campaigns, promoting their beer br..
The government wants to make Medicare benefits available to more people, but to achieve this goal, it needs to make cuts in the existing Medicare budget. Applying the concepts of diminishing marginal utility, the budget cuts should be made for spendi..
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. Let's also as..
Whether a tax is shifted forward or backward depends on the price elasticities of demand and supply. The effect of a tax is the same thing as the incidence of the tax. The principle of comparative advantage is associated with
An economist estimated that the cost function of a single-product firm is: C(Q) = 110 + 20Q + 30Q2 + 10Q3.
What are the differences between economic and accounting concepts of cost? T or F If a firm is making economic profits, then it must also be making normal profits. How are prices determined under perfect competition?
What is the difference between a movement along and shift of the demand curve? Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand, (2) an increase in supply, (3) an increase in both supply and demand.
The marginal factor cost curve for a monophony: The marginal factor cost curve for a monopsony: Which of the following Lorenz curves is closest to the diagonal line?
Six Sigma is deployed using the Define-Measure-Analyze-Improve-Control (DMAIC) project management framework. Identify an actual Six Sigma project and write one paragraph covering each of the DMAIC phases.
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