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Groundwater refers to water found in “aquifers” below the ground. Many aquifers are large in size and often there will be many landowners with land above a single aquifer. In the state of Texas, landowners with wells to access groundwater are legally allowed to extract and use as much groundwater from below their land as they want. Based on this information, what kind of good is Texas groundwater?
a. Public good
b. Private good
c. Common resource
d. Club good
Illustrate which offers the higher expected return. If you expect the rate of inflation to be 3% over the next year, which is the better investment.
Did the government spending increases and large budget deficits of 2008-2011 strengthen aggregate demand?
What are the equilibrium price and quantity for this monopolist if it charges a single price to everyone? How much profit does the firm make? Show on the graph whether this market is operating efficiently. Calculate the dead weight loss. Calculate th..
Why did rising house prices make US retail banks more willing to provide mortgages for low-income earners with poor credit histories?
Which of the five characteristics listed in the text for human service professionals do you think is most important? Explain why.
Commodore Candies produces a 3-pound box of chocolate that it sells for $6.75 to various retail outlets. Commodore’s output capacity for this product is 10,000 units per month, with a one-shift operation, but it can produce more using overtime labor,..
For each of the situations below analyze what happens to the supply and demand curves, and then decide the impact on the equilibrium price and quantity in the market for lemonade. Suppose this market is initially in equilibrium and then the price of ..
A company produces two main products: electronic control devices and specialty microchips. The average total cost of producing a microchip is $300; the firm then sells the chips to other high-tech manufacturers for $550. Now suppose $200 of the avera..
In what situations will a court impose a strict liability standard instead of a negligence standard? Provide a real-world example of a strict liability case. Is imposing this standard fair? Are strict liability standards fair as a general rule?
1. financial markets make it possible for those who have saved money to earn a reward by providingthe financing
Describe each market structure discussed in the course (perfect competition, monopolistic competition, oligopoly, and monopoly) and discuss two of the market characteristics of each market structure.
The Federal Reserve may increase or decrease money supply depending on the economic condition. What policy instruments does the Fed use for the monetary policy?
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