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Using a Production Possibility Curve' explain the concept of Scarcity and Opportunity Cost. Discuss the circular flow model in detail. Illustrate your answer by drawing schematic representations.
In some industries, the labor productivity of union workers exceeds the labor productivity of nonunion workers. Which of the following explanations might help clarify the higher productivity of unio
Also, and this is very strange, the highest bidder and the next highest bidder have to pay their bids. For example, if Bob bids $ 5, Alice bids $ 6, and Bob then passes, Alice gets the $ 20 and pays
Why does an individual's demand curve normally slope down? Why does a market demand curve normally slope down? Why does a firm's supply curve normally slope up? Why does a market supply curve normally
What is the relationship between the total product curve and the total variable cost curve?
Explain also by using graphs the welfare off policy measures on cosumer and producer surplus and net gain or loss to society.
Discuss an example of a regulatory measure which was supposed to serve public interest, but in reality serves private interest?
Describe how each of the four factors of production contribute to the production of good and services?
Explain the difference between nominal and real variables, and give two examples of each. According to the principle of monetary neutrality, which variables are affected by changes in the quantity o
What role did policies of various government play in influencing the international expansion strategies of both McDonal's and Walmart? please elaborate
How does self-interest help achieve society's economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at the h
How do a sole proprietorship and a corporation differ?
Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availabil
Give a basic explanation of how the multiplier concept is computed, including MPC. Assume that the average American's marginal propensity to consume (MPC) is ½, and American producers' MPC is a
Describe the circular flow of income with applicable diagrams in the following-Spendthrift economy, frugal economy, governed economy, open economy and closed economy.
This month Jones Inc. reduced the price it sells its brand of widgets from $2.10 to $2, and SmithCo saw a reduction in the quantity of widgets is sold, down to 900 units. What is the cross elasticit
What is the opportunity cost of increasing the production of manufacturing goods from 20 million to 34 million?
As an industry moves from being a monopoly to a monopolistically competitive one (due to the entry of new competitors as the monopoly's patents expire, for example), what happens to the elasticity
Numerous American political scientist have observed that the U.S Constitution is an invitation to struggle among the three branches of government. An example of such a stuggle is/are?
Explain and discuss the view that, at the beginning of the 21st century in the US, key macro-finance ratios were such that a decade of negligible real returns to stocks was in prospect. Are the key
Assume a machine which has a useful life of only one year costs $2000. Assume, also, that net of such operating costs as power, taxes, and so forth, the additional revenue from the output of this ma
Assume the government cuts its purchases by $120 billion. As a result, the budget deficit is reduced by $40 billion, private domestic saving decreases by $10 billion, disposable personal income decr
What is the difference between movements along IS and LM curves and shifts of the entire curves? What motivates those shifts? Any example from real life? Any recent events that shifted IS and/or LM
What is the difference between contractionary and expansionary monetary policy? What are the pros and cons of using expansionary and contractionary monetary policy tools under the following scenario
Investments are undertaken to earn a rate of return. Describe the return to an investment in a college education. How would you go about measuring the return, how would you decide if it is good enou