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How does the long-run expansion path change when the wage increases while the rental rate of capital stays constant?
n the United States where land is cheap, the ratio of land to labor used in cattle raising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive a
What type of market automatically reaches economic efficiency?
What happens in the diet pill market, if a study demonstrates Conclusively that ephedrine increases the risk of heart attacks? What happens to the market for Cocaine when the DEA Dramatically increase
What are the equilibrium price paid by consumers and the equilibrium quantity of yak butter now? (h) Suppose the government had paid the subsidy to consumers rather than producers.
Suppose the government reports that U.S. GDP was about $13 trillion dollars in the most recent quarter. What is the correct interpretation of this number? A. This number reflects the actual value of
Why does making border tax adjustments according to the destination principle avoid giving a competitive advantage to countries that impose high value-added taxes?
Who seized the opportunity Martin gets the system worked out He is the original inventor On his team Frank Herget on founding team Why was QLFC founded? Herget is more interested in operating servic
Suppose that the price of a can of tuna is $2 each. Emma is willing to pay $4 for the first can, Max is willing to pay $3 for the second can, Charlie is willing to pay $2 for the third can, and Joe
The payment is a one-sided transfer of wealth, while in the cash transation money is part of a balanced transaction in which wealth is not transferred but only changes form.
How do the results of the experiments match with the predicted equilibrium price and quantity from your supply and demand diagrams?
Explain the law of supply. Why does the supply curve slope upward? What are the determinants of supply? What happens to the supply curve when each of these determinants changes?
What are the external costs associated with cellular phone usage in automobiles? The external benefits? What is the difference between private and social costs? What distinguishes public goods from
What determines the distribution of national income between labor and capital in a competitive, profit-maximizing economy with constant returns to scale?
Carefully define the following terms and explain their importance to the study of economics.
Suppose both firms have entered the industry. What is the joint profit-maximizing level of output? How much will each firm produce? How would your answer change if the firms have not yet entered the
Suppose that the average household in a state consumes 800 gallons of gasoline per year. A 20-cent gasoline tax is introduced, coupled with a $160 annual tax rebate per household. Will the househol
Why can there be multiple steady states for a given ? What is the maximum decit compatible with a steady state? E = ( Do you think that this is a reasonable specication? E Obtain an equation in , E
Suppose that 1,000 people in a market each have the same monthly demand curve for bottled water, given by the equation QD = 100 - 25P, where P is the price for a 12-ounce bottle in dollars.
Distinguish between the resource market and the product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the
What are coral reefs Status of coral reefs Threats to coral reefs Uses of coral reefs What is a Coral Reef? Fleshy sac topped with ring of tentacles around central mouth opening What is a Coral Reef
Explain how the S-curve reflects the typical nature of complementarities? Explain how the government can help the economy avoid a coordination failure.
What is Arthur"s putative threat value (what he What believes he can secure on his own without Betty"s cooperation)? Cooperation)? 2. What is Betty"s putative threat value (what she What believes s
If the average worker produces $70,000 of GDP, by how much will GDP increase if there are 140 million labor force participants and the unemployment rate drops from 5.2 to 4.5 percent?
The condition under which a real depreciation leads to an increase in net exports. B.2. When account is taken of its effect on expectations, the decrease in government spending need not lead to a de