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A monopolist is in long-run equilibrium and earning economic profits equal $100 million. The government imposes a lump sum tax of $100 million on the monopolist. (A limp sum tax is a tax the monopolis
The current term-structure of spot interest rates for safe zero-coupon bonds is as follows: Maturity, in years Interest rate(r) 1 8% 2 10% 3 11% 4 12% 5 13% The
If the government announced the economy is headed into an expansionary period of rising real GDP and prices, businesses would most likely respond by: a. lowering wages so that they could afford
Write a 5 page economics research paper about 3-4 economists and entrepreneurs.Thinking about writing about Bill Gate the obvious Oprah another obvious and Steve Jobs. Give biographical information ab
How does the federal government implement its fiscal policies? Given economic conditions today, do you suggest expansionary fiscal policy or contractionary fiscal policy? How would your suggestions
There are two groups of individuals of equal size, each with a utility function given by U(M) = sq. root(M), where M = 100 is the initial wealth level for every individual. Each member of gr
In 2008 output for the country of OZ was 12,000 tons of potatoes and the total labor force 1,100 workers. In 2009 output for the country of OZ was 14,300 tons of potatoes and the total labor force 1,1
A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens to its output? What happens to the price it charges? a. The firm has
_______ is the study of how to increase resources and create conditions that will make better use of resources. A. Resource development B. Economics C. Macroeconomics D. Microecon
label a point f inside the curve. why is this an inefficient point? label a point g outside the curve. why is this point unattainable? why are pointS A THROUGH E ALL EFFICIENT POINTS?
An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that.
The demand function for a cola-type soft drink in general is Q = 20-2P, where Q stands for quantity and P stands for price. At which price would a change in price and quantity result in approxima
The EU is an example of a trading bloc, or _______, that has a common external tariff and no internal tariffs, and that coordinates laws to facilitate trade between member countries. A.
Consider two used-car dealers: Bob’s Better Wheels and Dewey, Cheatum, and Howe Motors. Their prices are basically the same for similar vehicles even as their advertising screams that
The idea that countries should produce and sell goods that they produce most effectively and efficiently, and buy goods that other countries produce most effectively and efficiently, i
The trend toward two-family income has led to A. policies allowing only one family member to work for a company. B. flexible work schedules, pregnancy benefits, and elder-care programs. 
Efficiency can best be defined as A. the amount of output generated in a given amount of time. B. producing items using the least amount of resources. C. using high-tech equi
Suppose the City of Klamath is considering plans to build a dam on the Klamath River. There are currently social benefits to the recreational fishermen who use the river to catch salmon. The dam would
Which banking service provides easy access to money, monthly statements, easier bill payment, and more security than carrying cash?
In some countries, the role of women is not regarded in the same way as a man. How might this effect production in the country and the consequent effect on standard of living? The run up
1. The employees of Abs “R” Us, which includes 12 fitness parlors in and around the metro area, feel they can improve the performance of the company. They decide to pool their&nb
Suppose that the company Mama's Pies adds another store to sell its pastries. Supposed that it costs $400,000 to build the new store and assume that the new store will generate revenues of $450,000.
Before the merger, each of the separate newspapers was losing about 10 million per year. What forecast would you make for the merged firms profits? Explain. b. Before the merger, each newspaper cu
Bubba's Burgers sells hamburgers in a perfectly competitive market at a price of $1.50 each. At the profit-maximizing cost-minimizing level of output, average total cost is $1.90 per hamburger and ave
Your company is considering a price reduction on a product which currently sells for the price of $5.00. You know the price elasticity for the product is roughly equal to -2.3 over the range bei