During the Great War (World War One). European nations experienced deflation and increased taxation o inflation, increased taxation and rationing o an expansion of the free market system o widespread unemployment
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- xercise 5: Production and income distributionConsider and economy with the following production technology: ,Y = 9K1/3L2/3 wherethe aggregate capital stock is K=100, and aggregate labor is L=100. The price of output is1.a) Write down the maximization problem of the firm.b) Compute the equilibrium wage and capital return.c) Compute total payments to labor and capital. Show Euler’s Theorem holds, i.e. showthat total payments to capital and labor equal the value of output.d) What share of output goes to labor and capital?e) Suppose there is an increase in L, what would be impact on wages and capital returns?Explain.Consider an economy with a coconut producer, a restaurant, and a govern- ment. The coconut producer produces 10 million coconuts, which are sold for $2 each, generating a revenue of $20 million. The coconut producer pays wages of $5 million to its workers, $0.5 million interest on a loan to some consumers, and $ 1.5 million in taxes to the government. The restaurant buys 6 million coconuts, and the remaining 4 million coconuts are directly bought and consumed by consumers. The restaurant uses coconuts to produce meals that generate a revenue of $30 million. The restaurant pays its workers $4 million in wages, and the government $3 million in taxes. Consumers work for the coconuts producer, restaurant and the government, earning a total of $14.5 million in labour income ($9 million in wages from the private sector, and $5.5 million from the government). They also earn $24 million in after-tax profits (dividends) from the producers, in addition to the interest income of $0.5 million…use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?
- -Any government intervention in the market.-Individiuals in free markets pursue their own interest.-If all economic agents are free,the market can allocate the resources efficiently in an automatical way. Is that a command economy or free market economy? a)free market b)commandSuppose that there are two sectors in the economy the first sector employsskilled labor and unskilled labor for production while the second sector employs unskilled labor and land for production. The only mobile factor is unskilled labor and in the short run, skill accumulation is not feasible. All factors are constant in size and there is no unemployment for any factor. -Explain about change in income distribution after trade liberalization ifthe price for the first good increases after opening up to trade while the pricefor the second good stays fixed?Exploration and the discovery of new places led Europeans to colonize these areas. How is this related tothe economic ideas of supply and demand?Europeans took control of the areas that had the raw materials they needed.The population of the colonized areas increased as a result of European contact.A barter system developed between Europeans and the new areas.The Europeans supplied the agricultural products the new areas needed.
- a. If “everyone used to be poor,” then how did some ancient civilizations afford to create massive buildings such as the pyramids of Egypt and the Buddhist statues of Afghanistan? "Everyone used to be poor" is a general statement regarding economic history with some notable exceptions, namely the civilizations that produced these monuments. Ancient civilizations lasted for hundreds of years. The political stability afforded by such longevity outweighed the lack of wealth these civilizations had. Ancient civilizations usually operated under a single ruler, allowing for more efficient allocation of resources than under decentralized power structures such as democracy or competitive markets. Civilizations that controlled many poor people could concentrate their limited wealth and labor resources toward one giant project.Although most economic decisions in today's societies are made through the market, it is not always possible for this mechanism to efficiently allocate all resources. In most countries, the state acts in conjunction with the private sector to satisfy needs. In this context, economic authorities carry out actions aimed at modifying the functioning of the market. Which of the following alternative(s) correspond(s) to these actions?I. Price control.II. Economic policy.III. Public Expenditure.Select one:a. Only I.b. Only II.c. II and III.d. III only.e. I and II.The idea that an action should be undertaken if and only if the benefits exceed the costs is known as the concept of Oeconomic efficiency. O public welfare maximization. marginal comparative advantage. O monetary construction of values.
- 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)?During the Revolutionary War, the American coloniescould not raise enough tax revenue to fully fund thewar effort. To make up the difference, the coloniesdecided to print more money. Printing money tocover expenditures is sometimes referred to as an“inflation tax.” Who do you think is being “taxed”when more money is printed? Why?1, Goods on hand are not subject to taxation. True False 2, The construction industry includes everything from highly-skilled professions such as architects, engineers, and real estate attorneys, to unskilled labor. True False 3, States and municipalities receive much of their revenue through what kind of taxes? developmental international sales intrinsic 4. Which retailer was one of several businesses that capitalized on the expansion of railroads after the Civil War ended in 1865 by developing mail-order catalogues and was once known as the “everything store” prior to Amazon? Sears Target Walmart Harrod’s 5. Amazon is a great example of how a business can expand and grow with the use of what? technology merchandise healthcare red tape 6. What is an example of a product where the demand…
