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The surplus created by a price floor will likely be? smaller if the good is a necessity. larger if the good is addictive. smaller if the good is a luxury. unaffected by the time that has elapsed since the price ceiling is implemented. None of these answers is correct.
A descriptive essay on "What are the necessary ingredients for a nation to experience greater rates of economic growth, higher average standards of living, and a great ability to compete in the global economy? That is, what could the U.S. do to achie..
Ted Booth and Richard Whitehall mention some of the cultural barriers that Smart Design faces in developing products for worldwide use. Identify examples of other barriers the firm might face in international trade. Describe what you believe would be..
The following questions refer to a capital budgeting problem with five projects represented by binary variables a, b, c, d, and e. a. Write a constraint modeling a situation in which two of the projects 1, 3, and 5 must be undertaken. b. Write a cons..
What happens to the quantity of tickets that people are willing to buy and the government bans the aftermarket sale of super bowl tickets would this act as a price ceiling?
The discipline of macroeconomics developed during the: Keynesian economics focuses on situations in which: Macroeconomic policies are designed to address: Keynes asserted that the Great Depression could be ended by: To the extent that there is vola..
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. In offering such training programs, is a company violating the optimality rule?
Assume that a consumer can buy only two goods, A and B, and has an income of $100. The price of A is $10 and the price of B is $20. Illustrate what is the slope of the budget line if A is measured horizontally and B is measured vertically.
Facts: Nissan took its “Hardbody” truck line and used it as the basis for designing and building its “Pathfinder” sport utility vehicle. The Pathfinder incorporated the Hardbody’s frame side rails, front cab, and front suspension. The tariff schedul..
Euro zone as a monetary union, takes the most extreme form of a fixed exchange rate. Explain the cost associate with the monetary union and why may it be a bad idea for Europe?
As a musician, Mary plans to use JC Music Co.’s service for recording drum sound in her songs. She can use either drum machines or drummers, and they can substitute three drummers with one drum machine. The cost of hiring a drummer is $8 per hour and..
Suppose the Fed purchases $1,000 worth of Treasury bonds. Suppose also that the required reserve ratio is 10%. How much money will be created in the banking system?
What effect, if any, would consumers pulling money out of their checking accounts and putting it into home safes have on investment, interest rates, and GDP?
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