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Suppose that the demand and supply of nurses (N) are given by the following lines:
DEMAND: P = 100 - 2N
SUPPLY: P = 10 + 1N.
What is the equilibrium price of labor?
If the government set a minimum wage of $50, how many workers would
be newly unemployed?
What would total unemployment be?
Imagine you come back to your economics class in the year 2050. How will the textbook describe money and banking? Based on trends you see today, make a prediction for the future of money. Explain why you think this trend will occur and how it will af..
The Australian government administers two programs that affect the market for cigarettes
What is the linear relationship between Fahrenheit and Celsius? Since the relationship is linear, you only need the following two points to calculate the relationship.
Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama. This is an example of foreign______ investment in the United States.
Leaders generally want followers who can bring up issues or concerns in a positive way that leaves room open for change. Can you think of a time you had an opinion that ran contrary to your leader's thoughts? How did you express it? How was it receiv..
For the next three questions, refer to the production possibilities schedules shown below: Country Rubber bands Paper Clips A 40 80 B 10 40 37. In country A the opportunity cost (relative price) of one paper clip is: a. 2 rubber bands. b. 1 rubber ba..
Suppose that there are only two firms (Firm A and Firm B) in the market for decorative lampshades. Let the inverse demand function and the total cost function be given by: P = 50 –Q and TC = 2Q. Derive the reaction function for Firm A. Solve for t..
The first-time sale of stocks and bonds directly to the public is called a(n): primary sale. new issue. follow-on offering. preliminary bid. fresh deal. A rule for profit maximization is:
The federal reserve has power to adjust the nominal federal funds rate of interest. How do they do this? How is this different from quantitative easing? How does affecting the nominal federal funds interest rate address recessionary gaps in the econo..
The impact on this monetary aggregate of extensive monetary aggregate of extensive financial innovation - the changes in the kinds of deposits and services offered by banks- led the central bank to drop M1 as an intermediate target. What impact would..
Illustrate what is the present value assuming a discount rate. Level of consumption or saving will be illustrate what.
Jack receives satisfaction(utility) from eating Lobster(L) and eating meat(M). He has an income of $1,000 and spends 25% of it in lobster and meat. The price of a pound of lobster is $50 and the price of a pound of meat is $10. Find the optimal consu..
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