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1. What is the meaning of market equilibrium? Explain why everyone is not satisfied with a particular equilibrium point?
2. Discuss a benefit and a cost of raising the minimum wage to $10/hr. from its present $7.25/hr.
3. It is said the nation's legal system is a public good. Does the legal system have the key characteristics of a public good? Explain.
4. A product has a negative income elasticity. What does that measure tell us about the product?
5. Define the Law of Diminishing Marginal Utility. What is the significance of this law?
6. Which three costs are primarily used in economic decision making?
If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and development of oil properties? Does it matter if these price increases are demand or supply induced?
Which of the following is not characteristic of monopolistic competition?
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
The initial cost of a pickup truck is $12,975 and will have a salvage value of $3,622 after five years. Maintenance is estimated to be a uniform gradient amount of $134 per year, with zero dollars for first year maintenance.
Explain the exports effect of this change in the exchange rate.
consider two consumers a and b. a and b both want perfect consumption smoothing c cf and both have no current wealth.
A printer's wage rate is $20, and the price of a printing press is $5,000. The last printer added 20 books to total output, while the last press added 1,000 books to total output.
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms
a state two economic principles of taxation. b which principle best justifies the excise tax on gasoline when the tax
At its current short-run level of production, a firm's average variable costs equal $15 per unit, and its average fixed costs equal $25 per unit. It's total costs at this production level equal $800.
In 2014, a firm and its workers negotiate and agree upon a nominal hourly wage of $30.52 for 2015. The price level in 2014 is 100 and they expect the inflation rate to be 8% in 2015. What is the real wage that the firm expects to pay and the employee..
suppose that there is a cultural shift in america emphasizing the importance of saving money as opposed to current
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