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What are the two main characteristics of a pure public good (for example, national defense)? How is this different from private goods?
What is the income elasticity? Interpret the elasticity in a mathematic and economic context -- what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
imply a lower standard of living in every of the three nations compared to the situation where they are united into a single new country.
Select an article in a newspaper or magazine that discusses a government policy on goods or services.
You don't actually have to draw them to answer this question. Just explain in words. OK, you might want to draw them first then explain them.
Suppose that in Question 1, the government rather than using a tariff, decides to limit the quantity of imports to 4. All the quota licenses are given to the nephew of the minister of finance (no rent seeking). Show on a new graph the outcome of t..
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item..
What divergences arise in equilibrium output and efficient output when spillover benefits and costs are present? Provide some 'real-life' occurrences.
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or demand for lavo. Identify and explain two factors that would increase or decrease the supply of labor.
a) Should the Federal Reserve Board focus exclusively on the problem of inflation b) What other goals are appropriate for Federal Reserve policy c) What is the appropriate goal for the inflation rate d) How effective is Federal Reserve monetary polic..
Explain an organization's staffing practices and selection tools in response to two of following trends:
Suppose Sam's Savings Bank has the following balance sheet with all amounts in millions of dollars): Assets Liabilities + Capitol Cash 5 Transactions deposits 267 Deposits at Fed Res 10 Time Deposits 569 Gov Bonds 20 Subordinate Debt 38 Gov Bond A..
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