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Before the Civil War, the South graded with the North and with England. It sold cotton and bought manufactured goods and food. During the war, one of Lincoln's first actions was to blockade the port
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What is the most effective way of decreasing the quanti
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What will happen to the amount of crime
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, How will a successful campaign that decreases the supply
1. Why is it necessary to understand the concept of present value to analyze the schooling decision 2. Provide an intuitive explanation of the concept of present value.
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product. c. Find the number of labor (L) that the firm should hire to maximize total product of la
If this country wants to reduce its inflation rate, state which of the following monetary regimes is least likely to succeed: exchange rate target, money supply target, nominal interest rate policy.
A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and
Analyze how the market will respond in each example (from the perspective of both the supplier and the consumer. Recommend examples in each of the three examples as to how consumer's demand may be sat
Explain how the price of a product is determined. Analyze how a bartender would know that the price of an exotic drink was too low or too high. Provide adequate conceptual justifications.
Analyze what is driving the increase on "donations" for certain body products. Explain the rationale for this trend.Provide an example of a time when you had to deal with opportunity costs. Describe t
At times, people will suggest that the Fed should try and achieve an inflation rate of zero percent. If we assume that velocity is constant, does this goal of zero inflation require that the rate of
In other words, would the classical economist feel that contractionary monetary policy has the same impact on the economy as the Monetary Transmission Mechanism discussed in the previous question
1. Explain Mill's description of the stationary state and how it differs from Smith and Ricardo's descriptions. 2. In what ways did the Utopian Socialists seem to influence the PE thought of John Stua
How does industry-level price elasticity of demand shape the opportunities for making profit in an industry How does the firm-level price elasticity of demand shape the opportunities for making prof
Although the company does not have the resources needed to supervise the workers, a full time inspector verifies the quality of each unit produced before a worker is paid for his or her output.
how do you explain the fact that in some countries there is widespread political support for government policies that expropriate resources from some groups for the purpose of handing them o
Consider two countries, A and B, that have identical physical endowments of a key natural resource. In country A, any profits that are made from extracting that resources are subject to confiscation
On the evening of the vote, local union officials voiced serious objections to this statute. Outline the basis of the argument most likely used by union officials.
Professional football teams sometimes charter airplanes to take them to their away games. Would you feel safer on a United Air Lines plane that had been chartered by the Washington Redskins than on
Many economists would argue that private companies are likely to be more efficient than the government at operating airlines. Yet many economists would also argue that there is a valid reason for go
Many automobile manufacturers routinely advertise the safety of their cars, yet airlines generally do not mention safety in their advertising. Can you suggest an explanation for this difference
Draw a graph similar to the one in part (a) to show the effect of the open-market operation on output and the price level. Explain in words why the policy has the effect that you have shown in the g
In an effort to stop the migration of many of the automobile manufacturing facilities from Detroit area, Detroit's city council is considering passing a statute that would give investment tax credit
ome workers in the economy are paid a flat salary and some are paid by commission. Which of compensation scheme would require more monitoring by supervisors In which case do firms have an incentive