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Explain David Ricardo's theory of rent and Thomas Robert Malthus' theory of population. Why did their contemporaries call them the "dismal scientists?" Why were their predictions not correct in their time?
Some of the largest import tariffs are on shoes. Strangely, the cheaper the shoes, the higher the tariff. The highest US tariff. 67%, is on a pair of $3 canvas sneakers, while the tarriff on $12 sneakers is 37% and that on $300 Italian leather import..
He wage elasticity of labor supply for men aged 18-25 is measured to be 0.3. Within this group, the average weekly wage of the high-school graduates is 2/3 the amount of college graduates. If male college graduates offer 45 hours of work per week, wh..
Jimmy and Ronnie are shipwrecked on a deserted isle. Jimmy has with him 20 bags of peanuts and 4 bags of jellybeans. Ronnie has 5 bags of peanuts and 16 bags of jellybeans. Draw the Edgeworth box including their endowment point. Put Peanuts on x-axis..
A $10,000 par value bond with coupons at 8%, convertible semi annually, is being sold three years and four months before the bond matures. The bond is redeemable at $C, and purchase will yield 6% convertible semi annually to the buyer. The price of t..
What is the efficient production for this firm?
Suppose the demand for loanable funds was stable but the supply fluctuated from year to year. Elucidate what might cause these fluctuations in supply.
The law of diminishing returns says that at some point, as the firm's output increases, marginal product begins to fall and can eventually became negative. Why does this happen? Price discrimination allows a firm to charge different price to differen..
You own a tract of trees and are deciding whether to harvest them now or next year. If you harvest them now, you can invest the proceeds and get a return of 5% on your investment. What should you do?? a. ?Let the trees grow as long as their dollar wo..
The relationship between the less- developed- countries and the developed countries in the evolution of international trade has always been a bit strained. Discuss this relationship, including policies adopted and /or advocated by each group to "help..
Discuss why the “Friedman effect” regarding the effect of changes in Fed policy on interest rates in the short-run versus the long-run, should apply only to interest rates on short-term securities. How should an increase in the growth rate of the mon..
The short-run aggregate supply (SAS) curve slopes upward because households spend more as their incomes increase. The long-run aggregate supply curve can never shift. Either a decrease in the nominal money supply by the Federal Reserve, all else held..
Donald is a civil engineer with an annual salary of $98,000. He has dividends and interest of $7500 for the year. Total exemptions and deductions are $10,500. Calculate federal income taxes as a person filing single.
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