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1(a) Why will a person who has transferable (saleable) property rights in a business for which he is making decisions, be more influenced by the longer run effect of his decisions than if he did not have transferable property rights in the business?
(b) Explain the influence that transferable property rights versus non-transferable property rights, has on individual decision making.
2. "Long ago we stated the reason for labor organizations. We said that they were organized out of the necessities of the situation; that a single employee was helpless in dealing with an employer; that he was dependent ordinarily on his daily wage for the maintenance of himself and his family; that if the employer refused to pay him the wages that he thought fair, he was nevertheless unable to leave the employer and resist arbitrary and unfair treatment; that a union was essential to give laborers opportunity to deal on an equality with their employer." This statement was made by Chief Justice Charles Hughes, of the Supreme Court of the United States in the case of United States v. Jones and Laughlin, 1937. Evaluate Chief Justice Hughes' propositions for their meaning.
3. A large lake is stocked with excellent fish, but no one owns the fish or the lake. Only by catching the fish can you acquire ownership of the fish.
(a) What do you think will be the average age of fish caught as compared to the age of fish in a privately owned lake? (b) Which system will induce over fishing in the sense that more resources will be devoted to catching fish than the extra fish caught are worth? Why?
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
Explain International Monetary System
The rising stock market implies an increase in wealth, at least as measured on paper. If we assume that some of this increased wealth gets consumed, then the rising stock market fuels an increase in aggregate demand, and may contribute to an inflatio..
An essay on Market imperfection associated with negative externalities.
Changes in government spending and interest rates
True/False: For each of the following concepts, decide whether it's true or false, and briefly explain why (2-3 sentences). You can also use diagrams if they are helpful. Each correct answer is worth.
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
Evaluate the range of marginal revenues
Explain the economic situation in the UAE based on the article. Summarize the articles with your own words
Suppose a frost kills a large portion of an orange crop, with a resulting higher price of oranges. It has been said that such an increase in price benefits no one since it cannot elicit a supply response; the higher price, it is said, simply "line..
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