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As the skill level (and therefore earnings rate) of, say, an architect, computer specialist, or chemist increases, what happens to his or her opportunity cost of doing other things? How is the time sp
During the last three decades entrepreneurs like Michael Dell, Sam Walton, and Ted Turner earned billions of dollars. Do you think the average American is better or worse off as the result of the econ
Consider the choices of two groups of women ages 30 to 50. All the women in one group have a college education. All the women in the other group have less than a high school education
What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces?
If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private owner
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? Is the middleman an entrepreneur?
If Jones trades a used car to Smith for $5,000, nothing new is created. Thus, there is no way the transaction can improve the welfare of people.” Is this statement true
Economics is about trade-offs. If more scarce resources are used to produce one thing, fewer will be available to produce others.” Evaluate this statement
Examined the statistics for our basketball team"s wins last year and found that, when the third team played more, the winning margin increased. If the coach played the third team more, we would win by
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"?
In recent years, both the personal exemption and child tax credit have been increased in the United States. According to the basic principles of economics, how will the birthrate be affected by polici
The government should provide such goods as health care, education, and highways because it can provide them for free.” Is this statement true or false
A change in the meeting time of the introductory one’s decision to go swimming economics course from 11:00 A.M. to 7:30 A.M. on one’s decision to attend the lectures
Distinguish between commonly used trade-restricting devices, including tariffs, quotas, voluntary export restraints, and exchange-rate controls and explain their impact on the domestic economy.
State the conditions under which a nation can gain from international trade in the context of both comparative and absolute advantage, and describe the benefits of international trade.
Define marginal product, marginal revenue, value of marginal product (VMP), the marginal revenue product (MRP) of a resource and explain the relation between MRD and demand for that 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.
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter
For each of the following, draw a diagram that illustrates the likely effect on the market for eggs. Indicate in each case the impact on equilibrium price and equilibrium quantity.
A group has chartered a bus to Atlanta. The driver costs $200, the bus costs $500, and parking in Atlanta will be $90. You have already paid $700 to reserve the bus and a driver
What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?
Workers are compensated by firms with “benefits” in addition to wages and salaries. The most prominent benefit offered by many firms is health insurance
Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency. how might the government help to eliminate this inefficiency.
Glen spends at least 40 hours a week at his place of business. If he closed the company, he could work for his competitor earning $50,000 a year. He also owns the building the company operates in and
If the ABC company owns the exclusive rights to mine land in Afghanistan for Lapis Lazuli, a rare stone used in jewelry which is found only in Afghanistan, the company benefits from a barrier to entry