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It has been argued that the effect of trade in goods and services has the same effect on factor income distribution in a country as would be the case if factors were completely mobile internationally. What is the reasoning behind this argument?
Compute a range of possible values for total gain with a Illustrate what is meant by the term 'utility,' and how does it relate to purposeful behavior.
A typical customer who buys from a firm has a demand given by P = 90 - 3 Q. The firm has a constant marginal cost MC = $18 and no fixed cost. It currently uses a uniform pricing strategy (i.e., it charges a single price for all the units it sells), b..
Explain what the automatic adjustment mechanism is. Which curve does it cause to move? How does this happen? Will this process happen quickly, or take a long time?
Why do politicians (such as Ron Paul) who distrust government prefer government-issued gold and silver coins to government-issued paper money? Do you agree or disagree? What are the pros and cons of commodity versus fiat money?
The regulatory agencies, JCAHO, CMS, and State Departments of Health all survey (inspect) hospitals and medical facilities. How may these processes improve quality in care? Which surveys are mandated and which are voluntary? Why would a facility choo..
Which of the following is not characteristic of perfect competition?
In December 1992, the federal government began requiring that all foods display information about fat content and other ingredients on food packages. The displays had to be verified by independent laboratories. The price of an evaluation of a food pr..
A monopoly with a constant marginal cost m has a profit maximizing price of p1. It faces a constant elasticity demand curve with elasticity e. After the government applies a specific tax of $1, its price is p2. What is the price change p2-p1 in terms..
The European Economic Community was founded with the Treaty of Rome. Please name the ten most important milestones between 1957 and the EU enlargement of 2008. The EU is the biggest common market worldwide. Please name the most important facts that d..
A consumer is willing to trade 3 units of x for 1 unit of y when she has a bundle (x, y) = (6, 5). She is also willing to trade 6 units of x for 2 units of y when she has (12, 3) bundle. She is indifferent between those two bundles. What is the shape..
Use a simple sketch to show the location of T5S, R6E. Appropriately label the principal meridian, base line, and each of the range and township lines in the sketch. Use a simple sketch to show the location of the parcel described as ”the NW ¼ of the ..
An? individuals demand curve is negatively sloped because...
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