Macroeconomics questions

May 11th, 2015
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What are the two basic assumptions that economists make about individuals and firms? What is the role and significance of prices in the market economy? What’s so great about a market economy anyway?

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MacroeconomicsChapter 1: The Power of MarketsWhat are the two basic assumptions that economists make about individuals and firms?What is the role and significance of prices in the market economy?Whats so great about a market economy anyway?Chapter 2: Incentives MatterExplain how each of the following relates to efficient outcomes in a market economy: Adverse selection, perverse incentives, principal agent problem, and the prisoners dilemma.Chapter 3: Government and the EconomyIn your own words, explain what an externality is.Besides addressing externalities, what

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