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What are the limits to U.S. long-term economic growth? Is there anything that our government can do to address these limits, or would it be a bad idea to try?
Construct a table that describes the various characteristics of each market structure.
discuss three types of threats to the validity of experiment that are actually conducted and reasons that it is often not feasible to conduct random experiment.
Calculate the amount of savings per person and steady state investment per person for each capital-labour ratio given in the table if savings rate is 10%.
How much additional income would the consumer need to reach the prior level of utility at the new prices?
Analyse these proposals and examine the scope for using market based instruments drawing upon relevant theories.
Find in the literature or on the internet two sources (for each product or/and service) which provide estimates of the elasticity of demand.
Why does the monetary approach imply that higher expected inflation causes a currency to depreciate?
What does the monetary theory of exchange rates imply for a Relatively rapid growth in a country's money supply?
What form of trade financing is an exporter likely to seek first, and how would the choice depend on the export deal?
Why might country risk depend on the diversity of exports as well as on the value of exports versus debt-service payments?
Why might a producer want to own resources located in another country, rather than buy them in the open market?
How does private ownership influence the incentive of individuals to (a) take care of things, (b) conserve resources for the future.
What is the objective of the entrepreneur when it comes to the use of his or her resources? What is the major function of the middleman?
Can you explain why the wages of painters have risen substantially even though their productivity has changed so little?
Self-interest is a powerful motivator. Does this necessarily imply that people are selfish and greedy? Do self-interest and selfishness mean the same thing"?
According to the basic principles of economics, how will the birthrate be affected by policies that reduce the taxes imposed on those with children?
Draw the demand and supply curves of the egg market in Victoria, explaining whether demand for eggs is elastic or inelastic.
Patent protection essentially gives software developers a monopoly; therefore, the practice of granting patents to developers should end.
Define marginal product, marginal revenue, value of marginal product (VMP), the marginal revenue product (MRP) of a resource.
Explain the relationship between the price of a resource and the quantity demanded of that resource with reference to supply, demand, and derived demand.
Contrast the pricing and output decisions of firms in pure competition, monopolistic competition, oligopoly and monopoly.
Describe government policy alternatives that are intended to reduce the problems stemming from high barriers to entry.
Discuss why oligopolist have a strong incentive to collude and to cheat on collusive agreements and discuss obstacle to collusion among oligopolistic companies.
Describe how a profit-maximizing monopolist sets prices and determines output and discuss price and output under oligopoly, with and without collusion.