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Economic Questions
Short answer for each
1. What is meant when we economists say that industrial policy leads to inefficient use of resources?
2. GMO-free soybeans cost about $2 per bushel more than GMO soybeans. How many hours does someone have to work to pay that premium in the U.S. where average wages are about $25 per hour? How many hours does someone have to work to pay the premium in those African countries where average wages are about $.25 per hours? Are attitudes toward GMO-free crops likely to be different in Africa and the United States?
3. If it is so obvious that farm subsidies hurt consumers of food, especially lower income consumers, why do such subsidies continue to be voted in by Congress?
5. How would a change in immigration laws that allowed more legal immigration into the U.S. affect the budget crisis we face with Social Security and Medicare?
6. Has there ever been a problem with the extinction of cats, dogs or cattle? Why not? Why do fish stocks diminish to low levels?
Construct the normal form of this game assuming consumers move simultaneously and choose between two strategies - what is the firm's profit-maximizing price? Explain.
article analysisinstructionsread the article titled christmas egg shortage expected after bird flu outbreak by jared
Why does the magnitude of the crowding-out effect depend on how responsive interest rates are to increased government borrowing and how responsive investment is to changes in interest rates?
Find Louis' optimal consumption bundle of orange juice and pineapple juice each week. Suppose the price of pineapple juice rises to $2 a cup while the price of orange juice remains constant. How much additional income would Louis need to afford hi..
Assuming that all other factors remain unchanged, determine how a firm's breakeven point is affected by each of the following: A. The firm finds it necessary to reduce the price per unit because of increased foreign competition.
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
Draw another graph below the production curve, illustrating the shapes of APL and MPL. Explain how to find the most characteristic points for APL and MPL on the production curve and indicate the relations in the graphs.
Calculate the firm's profit-maximizing output level assuming the current price of widgets is $1 . 75 and calculate the equilibrium price/output solution. Explain your answers and show all work.
variation exists in virtually all parts of our lives. we often see variation in results in what we spend utility costs
1. when the government increases taxes to provide traditional public goods such national security there tends to bea.
why would a country eliminate trade restrictions and encourage free trade? using the european union as an example
LG electronics plans to invest $30 million by 2010 to make this happen with the hope that the cost savings and reduction in risks associated with vertical integration justify the investment.
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