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The Burnaby Machine Company makes small parts under contract for manufacturers in the Vancouver area.
Explain the pros and cons of this view. What other market failures were identified in the book where government intervention might have been called for?
Which motives seem to best fit some of your favorite Web sites that give away free information?
Distinguish between altruism, fairness, and reciprocity. Suggest experiments related to the Ultimatum Game that could sort out.
What did Odysseus's having himself tied to the mast indicate about the level of his rationality? Provide three other examples of commitment devices used.
What difference does it make for policy which theory is right? How could the theories be tested apart using experiments?
What sort of cognitive limitation might this be? Would you expect market forces to prevent firms from exploiting consumers in this or other ways?
What are the relative merits of each approach? Would you expect the relative merits to change as knowledge advances?
What is the welfare cost of this rent-seeking activity? Do the bribes represent a welfare cost from rent seeking?
Do these macroeconomic factors affect any of your decisions regarding the price of your product or the quantity of the product you are choosing to produce?
Which property of public goods does this pool have? Which does it not have? Would building the pool be an efficient use of resources?
She decides to sell the option at that time for $1.25 per share. How much has she made (or lost) on the hedging decision?
Why would a majority vote to undertake the project? What would be the net benefits to each person under such a scheme? Would total net benefits be positive?
Show graphically why someone paid an annual salary might be likely to shirk if monitoring is incomplete at the firm.
Show how the Coase theorem would apply to transactions between predators and companies manufacturing roadrunner-catching equipment.
Define Fiscal policy. What are the two components of fiscal policy?
What would happen to the equilibrium if the desk workers' valuation for shoes was less than the market price in part a?
Suppose price of oil in the spot market drops to $60.25. What will be the balance of your margin account?
Research the labor market for any state to determine how correctional officers' wages are calculated.
How do international sanctions, tariffs, quotas, and trade restrictions affect international trade and costs of production?
Senator Rick Santorum (R-PA) has suggested de-funding the National Weather Service, arguing that households receive weather information from media outlets
Define arbitrage and the law of one price. What role do they play in a market-based system? What do we call the 'one price' of an asset?
Fully describe the method by which the Federal Reserve uses the banking system to create new money.
With regard to market efficiency, what is meant by the term "anomaly"? Give three examples of market anomalies.
Describe the different types of audits and the relationship of auditing, attestation, and assurance services.