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What are the distinguishing characteristics of “public goods”? Give two examples of a public good. Why are public goods difficult for markets to allocate efficiently?
What is shirking? If the managers of a firm are attempting to maximize its profits, will they have an incentive to limit shirking? How might they go about doing so?
What must an entrepreneur do in order to introduce a new innovative product? What determines whether the new product will be a success or failure?
Is annual money income a good measure of economic status? Is a family with an $80,000 annual income able to purchase twice the quantity of goods and services as a family with $40,000 of annual income?
Tariffs not only reduce the volume of imports, they also reduce the volume of exports
How did the policies for manufacturers of automobiles evolve? For example, what influences do the following organizations have on business owners, and what is their history?
Does each firm have a dominant strategy? If so, explain and what that strategy is and what is the Nash equilibrium? Explain where the Nash equilibrium occurs in the payoff matrix.
Calculate the expected value of the "lottery", in which Maria participates and calculate the utility of the expected value of the lottery.
What effect does the Internet have on the efficiency of markets? Explain. How is the Internet likely to influence productivity and the growth of output in the years immediately ahead?
The share of airline tickets bought over the Internet has grown rapidly, whereas the percentage of groceries purchased online remains minuscule. What factors likely explain this difference?
It is often alleged that Japanese producers receive subsidies from their government permitting them to sell their products at a low price in the U.S. market.
How do tariffs and quotas differ? Can you think of any reason why foreign producers might prefer a quota rather than a tariff? Explain your answer.
Tariffs and import quotas promote economic inefficiency and reduce the real income of a nation. Economic analysis suggests that nations can gain by eliminating trade restrictions
Trade restrictions limiting the sale of cheap foreign goods in the United States are necessary to protect the prosperity of Americans
Why do American households and businesses buy things from foreigners? What are the characteristics of the items we buy from foreigners? What are the characteristics of the things we sell to foreigners
In a market economy, investors have a strong incentive to undertake profitable investments. What makes an investment profitable? Do profitable investments create wealth? Why or why not? Do all investm
A lender made the following statement to a borrower: “You are borrowing $1,000, which is to be repaid in twelve monthly installments of $100 each. Your total interest charge is $200
Consider two occupations (A and B) that employ people with the same skills and abilities. When employed, workers in the two occupations work the same number of hours per day.
Other things being constant, how will the following influence the hourly earnings of employees? Explain your answer. a. The employee must work the midnight to 8: 00 A.M. shift.
Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall
The earnings of engineers, doctors, and lawyers are high because lots of education is necessary to practice in these fields
Why are real wages in the United States higher than in other countries? Is the labor force itself responsible for the higher wages of American workers? Explain.
The demand for resources is a derived demand.” What is meant by that statement? Why is the employment of a resource inversely related to its price?
Barriers to entry are crucial to the existence of long-run profits, but they cannot guarantee the existence of profits
What determines the variety of styles, designs, and sizes of different products? Why do you think there are only a few different varieties of toothpicks but lots of different types of napkins on the m