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- 1.To promote economic efficieny , government should. a) keep all prices as low as possible b) keep all prices high so that people will save more money. c) all the market to set low prices for abundant goofs and high prices for scarce goods. d) never interfere with the firms price setting powers. 2. The difference between zero accounting profit and zero economic profit is that. a) an economic profit of zero indicates a fair return because it includes the opportunity cost of a firms capital. b) an economic profit zero indicates unacceptable rate of return because it does not include the opportunity cost of a firms capital. c) an economic profit of zero indicates more than a fair return because it includes opportunity cost and explicit cost. d) an accounting profit of zero indicates a fair rate of return because it includes the opportunity cost of a firms capital. 3.If a corporation is sued and losses the lawsuit, it's liability to pay. a) is imposed on all stockholders, personally b) is…What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?Would usury laws help or hinder resolution of a shortage in financial markets?
- Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare wilt line same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education? Figure 2.4 Productive and Allocative EfficiencyMacroeconomics is an aggregate of what happens at the Microeconomics level. Would it be possible for what happens at the macro level to differ from how economic agents would react to some stimulus at the micro level? Hint: Think about the behavior of crowds.What are diminishing marginal returns?
- 12- Capitalist economies have these features, except __________. a. State control of the factors of production b. Profit motive c. Consumer's freedom d. Private ownership of resourcesB. Contrary to part A, other economists believe that the world’s supply of oil never will run out. Separately answering as parts ((i) and (ii), explain two different reasons why most economists believe that a lack of petroleum never will cause the global oil industry to come to an end.Two functions are given for supply and demandP=2QS^2+QS+7P=-QD^2-3QD+45 Can give us a fair competitionYou can use GeoGebra to solve this problem graphically, but as always you must describe each step and each idea a) Calculate consumer's surplus b) Calculate producer's surplus Draw good diagrams of the solutions to both a and b,
- Fill in the Blank Question Suppose that when the price of apples is 25 cents each, there are to formers who each supply 600 apples per day, and 2 famers who each suppy 1,000 apples per day. Thus, when the price of apples is 25 cents, the market supply of apples it per doy. Need help? Review these concept resources. [I. Read About the Concept Rate your confidence to submit your answer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Assume that your company produces two goods: laptops and tablets. Assume aslo that your company has limited resources( including time) to devote to producing these items. Now assume that the laptop team does something to improve the efficiency of making laptops, while the tabley holds to old methods. Given the change you can a) only increase your production of laptops b) only increase your production of tablets c) increase production of both items d) not increase your production in either tablets or laptops.UST 40,000 (Commerce 5,000; Medicine 15%; AB 20%; Law 5% and others)Average price per computer device Php25,000Average price per Apple device Php30,000In UST, students from Commerce, Law, and AB purchased at least one (1) computer device in December 2020.Given that students replace their computer devices once every 2 years on average, what is the projected market size (units/revenues) for computer devices for these colleges until the end of2025?What is the concentration of sales/revenue of computer devices among the colleges (CDI)?