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If the crystals are government-owned or -regulated, what price should the government set for them?
How does Dave's entry into this market affect the market price? What happens to the number of shows that existing theaters will produce?
Why does the production possibilities frontier bow outward? Give an example of two goods for which this would be the case.
What is a positive economic statement? What is a normative economic statement? Provide an example of each.
How do economists study the economy? What is a production possibilities frontier? What are the benefits of specialization and trade?
What economic concept is this contest harnessing in order to encourage participants to learn more?
Describe one example of each of the four key principles involved in thinking like an economist.
Ask them or somebody you know around their age to recall where they were living. What has happened to the average standard of living over the last 25 years?
Give a personal example of how pursuing your self-interest has made society better off.
How would you respond if your instructor gave daily quizzes on the course readings? Would this be a positive or a negative incentive?
New regulation disallows the two-part tariff and requires that monopolist charge a per-unit. Compute the effect of this regulation on the consumer's surplus.
Explain the Kuznets's inverted-U hypothesis. Discuss the conceptual merits and limitations of this hypothesis for contemporary developing countries.
Why do customers who visit convenience stores at 3 a.m. have a price elasticity of demand that is more or less elastic than those who visit at 3 p.m.?
College logo T-shirts priced at $15 sell at a rate of 25 per week, but when the bookstore marks. What is the price elasticity of demand for the logo T-shirts?
Define the price elasticity of demand. What are the four determinants of the price elasticity of demand?
What are the fundamentals of a market economy? What determines demand? What determines supply? How do supply and demand shifts affect a market?
Where would you plot unemployment on a production possibilities frontier? Where would you plot full employment on a production possibilities frontier?
What are Joey's and Rachel's opportunity costs of baking bread? Who has the absolute advantage in making bread? Who has a comparative advantage in making bread?
How would this discovery affect the production possibilities frontier between potatoes and carrots?
The shareholder's arguments have been persuasive to a large number of people present at the meeting. What can you say to defend yourself?
Why is the purchase of inventory for resale to customers classified as an operating activity rather than an investing activity?
What are three generally practiced controls for cash, and what is the purpose of each control?
Why do most companies tolerate having a small percentage of uncollectible accounts receivable?
Why don't the additions and deductions from the bank balance on a bank reconciliation require adjustment by the company?
Classify each of the following business activities as an operating, investing, or financing activity.