Recycling center
Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans. However, the recycler charges you $.20 per bundle to accept your old newspapers.
Expert
The equilibrium price of aluminum cans is not only higher than that for newspapers, but the price of newspapers is actually negative, meaning that the demand is very low relative to the supply. The demand at a negative price and consumers pay is so low that the equilibrium quantity is to have the papers “purchased.” Nevertheless, confusing idea will probably confuse students and is probably not worth mentioning unless a student raises the issue.
The activities of speculators tend to, in the long run: (w) decrease the volatility of prices. (x) attract legal attention resulting in imprisonment. (y) increase the level and volatility of prices. (z) yield tremendous profits and raise costs to cons
The market system responses the “for whom?” query with: (i) distributing goods on the basis of require. (ii) using central planning to coordinate production decisions. (iii) catering to consumers with adequate resources to demand goods. (i
Society gains from the activities of intermediaries which succeed within: (1) falling uncertainty and transaction costs for last consumers. (2) arbitrating strikes and defending workers’ rights. (3) creating productive jobs for unskilled workers
Enumerate and briefly discuss the main economic functions of government. Which of these functions do you think is the most controversial? Why?
Explain Self-interest of the Market System?
Explain and give an illustration of (a) the fallacy of composition; and (b) the “after this, therefore because of this” fallacy. Why are cause-and-effect relationships difficult to isolate in the social sciences?
Critically evaluate: “In comparing the two equilibrium positions, it note that a larger amount is actually purchased at a higher price. This disprove the law of demand.”
Mutually beneficial exchange is probable whenever relative production costs vary previous to trade, is a manner to state the law of: (1) Positive profits from trade. (2) Comparative benefit. (3) Specialization and Division. (4) Purchasing power parity
Explain how government might manipulate its expenditures and tax revenues to reduce rate of inflation?
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