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1. Which of the following is an obstacle to economic growth?
A) Political instability
B) Government support for private industry
C) Slow population growth
D) Enforcement of private property rights
E) The inability of special interest groups to block changes in economic policy
2. According to the text, as compared to rich countries, most of the poor countries do not fare well because:
A) they have no oil.
B) the people in these countries have limited property rights.
C) access to education in these countries is very limited.
D) high tariffs in these countries prevent international trade.
E) they do not have any natural resources.
Can you think of any reasons why? How would you describe the market structure of the world coffee market: is it competitive or not? Present your arguments.
Now suppose Alex's income increases to $1,500 per year. What is her new optimal consumption of x? What is her new optimal consumption of z?
The inverse demand function for mangos is defined by the equation p = 91 − 5q, where q is the number of crates that are sold. The inverse supply function is defined by p = 3 + 6q. In the past there was no tax on mangos but now a tax of $44 per crate ..
Assume you have $10 to spend on either apples or chocolate. The price of a pound of apples is $3/pound and the price of chocolate is $5/pound. Graph the consumption possibilities curve. What is the opportunity cost of the 1st pound of chocolate? What..
If personal taxes were decreased and input productivity increase simultaneously, the equilibrium: output would rise, fall, price level would necessarily fall, or price level would necessarily rise.
Which of the following is a necessary assumption when using an analysis of variance?
Long-Run Labor Demand and Factor Substitutability. Draw the isoquant that corresponds to that level of production where L on horizontal axis and K on the vertical axis. Is this isoquant convex (bowed toward the origin) ? By looking at your graph, de..
q1. what do you mean by an institution? explain how do institutions influence economic life? also explain how does
Suppose that they are thinking of every specializing completely in the area in which they have a comparative advantage also then trading.
To show the gradual development of inflationary pressures in the postwar U.S. economy, and to show why these pressures posed problems for policymakers and also for Keynesian economics.
What do Card and Krueger find regarding the effects of increasing the minimum wage on employment? What is a possible problem with the study? Tell me an economic story that would explain their results.
A small Indiana town has one resident who uses and enjoys the local bowling alley. The marginal benefit of bowling for that resident is given by MB=50-7Q. The manager at the bowling alley has set the price of a game at $20. What is the total benefit ..
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