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1. What can government do to encourage the development of new technology?
2. What are the two key characteristics of public goods?
3. Name two public goods, and explain why they are public goods.
4. How can the free rider problem be overcome?
The law of demand implies that when the price of a good rises, people buy less of it. This makes the demand curve slope monotonically downwards. A textbook exception is the so-called Giffen good that by definition behaves in the opposite way.
Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls t..
Using your own words, in no more than 10 short clear sentences; describe each of the following financial instruments, including the kind of claim (debt or equity), maturity (money market or capital market), risk, and liquidity characteristics, and an..
The market consists of Allen and Bernard. Allen has the labor supply curve described in the following function: What is Allen’s reservation wage? What is Bernard’s reservation wage? What is the market labor supply curve? Draw the market labor supply ..
Examine the following variables that could affect the price of oil: Tax credits were offered for expenditures on home insulation. Choose any two of the above variables, and describe how your selections would affect oil prices based on the supply and ..
The New York Times (Nov. 30, 1993) reported that "the inability of OPEC to agree last week to cut production has sent the oil market into turmoil...[leading to] the lowest price for domestic crude oil since June 1990." Why were the members of OPEC tr..
One approach that government can use limit the right to pollute would be by issuing pollution permits. Without a pollution permit, compan's aren't allowed to emit pollutants into air,
Could you reduce the cost of producing 1,800 pots per day by adding a pottery machine to your production process and reducing the amount of labor. Explain why or why not.
Consider an economy that begins with output equal to its natural level. Suppose the economy experiences a negative shock to the banking system. (a) Use the AD-AS and IS-LM models to show the effects of the shock on the AD, AS, IS, and LM curves.
Using an appropriate diagram, impact of the monopolist on the society's welfare
For each event given below, respond to the following points using the determinants of demand and supply: Determine whether demand or supply changes or if the event instead causes a change in quantity demanded or quantity supplied. State whether the c..
Forecasters predictions of inflation are notoriously inaccurate, so their expectations of inflation cannot be rational.
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