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If imports are $100 million less than exports, government spending is $500 million, consumer expenditures are $1 billion and investment spending is $500 million, then GDP is
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Answer is $2.1 billion.......................................................
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Market and Government Failures
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-1 ...
Market and Government Failures
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-150 words in lengthPoliticians have a strong incentive to follow a strategy that will enhance their chances of getting elected and re-elected. Political competition more or less forces them to focus on how their actions influence their support among voters and political contributors.What is market failure, and what kinds of things can lead to market failure? What is government failure? Can government failure lead to market failure? Review concepts like shortsightedness and rent seeking. What are the effects of government intervention in markets with some of the price regulations like price floors and price ceilings we discussed in chapter 4? Please provide original work. No plagiarizing.Below is lecture for assignment:Microeconomics – Week #3 LectureMarket Failure and Government FailureWhat do we expect out of a market system? What do we expect out of government? Can markets achieve efficiency and equity at all times and for all people? What role does government play when and if markets move away from full efficiency and equity?These are some of the key questions empirically we ask and attempt to answer in economics. In most situations, the more competitive markets are, the more efficient and equitable they will be.Efficiency losses in an economy can manifest when underproduction or overproduction occurs. We can assert that economic efficiency is represented by marginal cost and marginal benefit being in equilibrium.At a point on the marginal benefit curve above the equilibrium point, that is where underproduction would occur since marginal benefits outweigh marginal costs. On the other hand, if price is above equilibrium on the marginal cost curve, overproduction occurs.Because there are efficiency losses, collusion, and less than perfectly competitive markets, market failure occurs.Underproduction produces benefit losses, while overproduction produces too much and costs in the opposite way. Market power of firms in which a lack of competition gives firms the ability of manipulating supply and output to achieve a desired revenue price can lead to deadweight losses and negative externalities (costs to non-consenting individuals, firms, or countries).While public goods, which consist of non-rival and non-excludable goods available to all in the public, can lead to inequity due to the free-rider effect of some individuals, firms, or countries exploiting the use of those goods for which they did not contribute the resources making the goods possible.As a result of market failure, the government's role tends to expand. Inherent to the role of government is protection of individuals in society. That protection not only takes the form of military, police, fire, and other entities who roles are to protect society from physical harm, but protection by government is also overseeing markets to ensure market competition is highest, collusion is lowest, and equity and fairness occur through the market exchange process.Government failure can ultimately occur if actions taken by government actually lead to misallocation of scarce resources or less market efficiency and equity.Market failure occurs when markets don't achieve complete efficiency and equity. What leads to a higher government failure rate?Because the size of the federal government in particular has grown in size consistently since the Great Depression of the 1930s, the benefits sought after by individuals and firms from government has risen too. There are differences in government systems and market systems, but there are many similarities too. Just as market power and collusive actions in markets lead to market failure, so too do those kinds of actions lead to government failure.When we compare and contrast markets and government systems, what are some of the differences and similarities?Competitive behavior is present in both market and public sectorsScarcity imposes the aggregate consumption-payment link in both sectorsPrivate-sector action is based on voluntary choice; public sector is based on majority ruleWhen collective decisions are made legislatively, voters must choose among candidates who represent a bundle of positions on issuesIncome and power are distributed differently in the two sectors Self-interest is present in both government and market systemsGwartney, J., Stroup, R., Sobel, R., & Macpherson, D. (2018). 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Pareto inefficiency (one person is made worse off when one person is made better off) transpires thereafter, encouraging more government intervention in markets and economies. When government actions and/or policies lead to more market failure, then government failure ensues.
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1) Suppose Biwei works for one hour and produces a combination of apples and bananas. What is
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ECON 437 Binghamton University International Monetary Economics Problems
1) Suppose Biwei works for one hour and produces a combination of apples and bananas. What is
the opportunity cost of one apple in term of bananas? Draw this PPF in a graph.
2) Suppose Biwei only works for one hour and produces a combination of apples and cherries. What
is the opportunity cost of one apple in term of cherries? Draw this PPF in a graph.
3) Suppose Biwei would like to consume a combination of (5a, 10b, 2c), what is the amount of time
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5) Suppose the price of an apple Pa=$10, with a combination of (5a, 10b, 2c) produced, given the
opportunity cost of an apple in terms of bananas or cherries calculated in (1) and (2), what would
be the price of a banana and the price of a cherry? What is the total market value of this bundle?
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in banana and cherry remains the same, what is the new opportunity cost of an apple in terms of
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Most Popular Content
Market and Government Failures
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-1 ...
Market and Government Failures
Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 75-150 words in lengthPoliticians have a strong incentive to follow a strategy that will enhance their chances of getting elected and re-elected. Political competition more or less forces them to focus on how their actions influence their support among voters and political contributors.What is market failure, and what kinds of things can lead to market failure? What is government failure? Can government failure lead to market failure? Review concepts like shortsightedness and rent seeking. What are the effects of government intervention in markets with some of the price regulations like price floors and price ceilings we discussed in chapter 4? Please provide original work. No plagiarizing.Below is lecture for assignment:Microeconomics – Week #3 LectureMarket Failure and Government FailureWhat do we expect out of a market system? What do we expect out of government? Can markets achieve efficiency and equity at all times and for all people? What role does government play when and if markets move away from full efficiency and equity?These are some of the key questions empirically we ask and attempt to answer in economics. In most situations, the more competitive markets are, the more efficient and equitable they will be.Efficiency losses in an economy can manifest when underproduction or overproduction occurs. We can assert that economic efficiency is represented by marginal cost and marginal benefit being in equilibrium.At a point on the marginal benefit curve above the equilibrium point, that is where underproduction would occur since marginal benefits outweigh marginal costs. 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Inherent to the role of government is protection of individuals in society. That protection not only takes the form of military, police, fire, and other entities who roles are to protect society from physical harm, but protection by government is also overseeing markets to ensure market competition is highest, collusion is lowest, and equity and fairness occur through the market exchange process.Government failure can ultimately occur if actions taken by government actually lead to misallocation of scarce resources or less market efficiency and equity.Market failure occurs when markets don't achieve complete efficiency and equity. What leads to a higher government failure rate?Because the size of the federal government in particular has grown in size consistently since the Great Depression of the 1930s, the benefits sought after by individuals and firms from government has risen too. There are differences in government systems and market systems, but there are many similarities too. Just as market power and collusive actions in markets lead to market failure, so too do those kinds of actions lead to government failure.When we compare and contrast markets and government systems, what are some of the differences and similarities?Competitive behavior is present in both market and public sectorsScarcity imposes the aggregate consumption-payment link in both sectorsPrivate-sector action is based on voluntary choice; public sector is based on majority ruleWhen collective decisions are made legislatively, voters must choose among candidates who represent a bundle of positions on issuesIncome and power are distributed differently in the two sectors Self-interest is present in both government and market systemsGwartney, J., Stroup, R., Sobel, R., & Macpherson, D. (2018). Microeconomics:Private and public choice.(16th ed.).Mason, OH:South-Western, Cengage Learning.As we discussed in earlier lecture points, markets can improve in efficiency and equity when competition increases and gets closer to perfectly competitive, when collusion is reduced and/or eliminated, and when markets are in equilibrium between demand and supply (aggregate demand and aggregate supply).Similarly, government systems can improve in efficiency and equity when voters' interests are fully considered, spending and costs are allocated prudently, and when economic and political harmony occurs.Thus, as competition decreases in markets, market efficiency and equity fall; market failure increases. When the size of government expands and the processes within government systems fail voters and create more marginal costs than benefits, government failure increases. Market capitalism is compromised ultimately when government failure rises due to the following:Special interestInterest groupsUninformed votersLogrollingShortsightedness effectRent seekingWidespread use of taxation, spending, and regulationPublic officials spending other people’s moneyGwartney, J., Stroup, R., Sobel, R., & Macpherson, D. (2018). Microeconomics: Private and public choice.(16th ed.).Mason, OH:South-Western, Cengage Learning.In summary, markets seek equilibrium and will achieve greater efficiency and equity when competition increases and markets are close to or at perfectly competitive. However, it is rare perfectly competitive market competition occurs. Market failure does transpire when firms exercise market-power pricing and output, underproduction or overproduction is carried out, negative externalities are present, and when public goods lead to free-rider effects. 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Dot Com
In the 1990s, the dot com bubble meant that entities focused on hits. However, this does not mean that these businesses di ...
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In the 1990s, the dot com bubble meant that entities focused on hits. However, this does not mean that these businesses did not focus on profit and ...
Georgia State University Sun Coast Research Study Data Set Questions
PLEASE DO NOT BID IF YOU CANT MANAGE THE ASSIGNMENT, DO NOT WASTE MY TIME AND YOURS!Establish whether assumptions are met ...
Georgia State University Sun Coast Research Study Data Set Questions
PLEASE DO NOT BID IF YOU CANT MANAGE THE ASSIGNMENT, DO NOT WASTE MY TIME AND YOURS!Establish whether assumptions are met to use parametric statistical procedures. Repeat the tasks below for each tab in the Sun Coast research study data set. Utilize the Unit IV Scholarly Activity template .You will utilize the Microsoft Excel ToolPak. The links to the ToolPak are in the Excel ToolPak Links document .Here are some of the items you will cover.Produce a frequency distribution table and histogram.Generate descriptive statistics table, including measures of central tendency (mean, median, and mode), kurtosis, and skewness.Describe the dependent variable measurement scale as nominal, ordinal, interval, or ratio.Analyze, evaluate, and discuss the above descriptive statistics in relation to assumptions required for parametric testing. Confirm whether the assumptions are met or are not met.The title and reference pages do not count toward the page requirement for this assignment. This assignment should be no less than five pages in length, follow APA-style formatting and guidelines, and use references and citations as necessary.
MGT 4471 Central State University Ethnic Diversity and Leadership Discussion
Leadership Diversity Specialist (Job D) Discusses the challenges and opportunities of leaders in an organization as it rel ...
MGT 4471 Central State University Ethnic Diversity and Leadership Discussion
Leadership Diversity Specialist (Job D) Discusses the challenges and opportunities of leaders in an organization as it relates to one of the following:Week 3: Ethnic differences
ECON 437 Binghamton University International Monetary Economics Problems
1) Suppose Biwei works for one hour and produces a combination of apples and bananas. What is
the opportunity cost of one ...
ECON 437 Binghamton University International Monetary Economics Problems
1) Suppose Biwei works for one hour and produces a combination of apples and bananas. What is
the opportunity cost of one apple in term of bananas? Draw this PPF in a graph.
2) Suppose Biwei only works for one hour and produces a combination of apples and cherries. What
is the opportunity cost of one apple in term of cherries? Draw this PPF in a graph.
3) Suppose Biwei would like to consume a combination of (5a, 10b, 2c), what is the amount of time
he must sacrifice for this production bundle?
4) What is the opportunity cost of each good measured in term of time? Fill in the table above
5) Suppose the price of an apple Pa=$10, with a combination of (5a, 10b, 2c) produced, given the
opportunity cost of an apple in terms of bananas or cherries calculated in (1) and (2), what would
be the price of a banana and the price of a cherry? What is the total market value of this bundle?
6) Suppose next year Biwei’s productivity in apple increases to 12 units per hour while productivity
in banana and cherry remains the same, what is the new opportunity cost of an apple in terms of
bananas? And the new opportunity cost of an apple in terms of cherries?give me the answer use Microsoft Words
Purdue Global University International Trade and Multiculturalism Discussion
1. How much does international trade affect you personally? Look at any 10 items around your home that you have purchased ...
Purdue Global University International Trade and Multiculturalism Discussion
1. How much does international trade affect you personally? Look at any 10 items around your home that you have purchased in the last year. Where were they made? How many were made in America, compared to how many were foreign made? What things does America export to other countries? What things does America import from other countries? How does what you have learned about Comparative Advantage affect this trade? 2. Currently there is a lot of talk among politicians about imposing tariffs on foreign made products imported into the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. What is a tariff? Who ultimately pays the tariff? Who gets the proceeds from the tariffs? What is the money used for? Discuss the advantages and disadvantages to all involved parties (American workers, American consumers, foreign workers, and foreign consumers) of tariffs on imports to the U.S. and retaliatory tariffs imposed by foreign countries on U.S. made goods. 3. In considering the foreign trade issue, discuss how the background, education and cultures of the people in the U.S. and the cultures in each trading country affects their understanding of the importance of foreign trade. Discuss the importance of your ability to understand and accept multiple cultural differences in a global context. What recommendations would you suggest to increase American understanding and acceptance of foreign cultures?
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