Tài liệu Ten Principles of Economics - Part 59 pptx

... has a fifty-fifty chance of hiring the compe-tent one. By contrast, if the firm offers any lower wage, it is sure to hire the incom-petent worker.In many situations in life, in-formation ... 601was profitable for the firm. Henry Ford himself called the $5-a-day wage “one of the finest cost-cutting moves we ever made.”Historical accounts of this episode are also consistent with ... variety of interesting problems for eco-nomic theory. Some of theseproblems were highlighted inour description of the theory of efficiency wages. These prob-lems, however, go beyond thestudy of...

Tài liệu Ten Principles of Economics - Part 7 pptx

... sum of all theindividual demands for a particular good or service.Catherine’s DemandPrice of Ice-CreamConePrice of Ice-CreamConeNicholas’s Demand0 1 2 3 4 5 6 7 8 9 10 11 12Quantity of Ice-Cream ... relationshipbetween the price of a good and thequantity demandedPrice of Ice-CreamCone02.502.001.501.000.501 2 3 4 5 6 7 8 9 10 11Quantity of Ice-Cream Cones$3.0012Figure 4-1 CATHERINE’SDEMANDCURVE.This ... of Ice-Cream Cones$3.001.502.002.501.000.500123456789101112Quantity of Ice-Cream Cones$3.001.502.002.501.000.50؉demand curvea graph of the relationship betweenthe price of a...

Tài liệu Ten Principles of Economics - Part 57 pptx

... on labor-force participation.The labor-force participation rate measures the percentage of the total adult pop-ulation of the United States that is in the labor force:Labor-force participation ... million, the labor-force participationrate wasLabor-force participation rate ϭ (137.7/205.2) ϫ 100 ϭ 67.1 percent.Hence, in 1998, two-thirds of the U.S. adult population were participating in ... the labor market, and 4.5 percent of those labor-market participants were with-out work.Table 2 6-1 shows the statistics on unemployment and labor-force participationfor various groups within...

Tài liệu Ten Principles of Economics - Part 24 pptx

... started toTHE DESIGN OF THE TAX SYSTEM243246 PART FOUR THE ECONOMICS OF THE PUBLIC SECTORTHE FEDERAL GOVERNMENTThe U.S. federal government collects about two-thirds of the taxes in our economy.It ... $6,639 100%SOURCE: Economic Report of the President, 1999, table B-80.248 PART FOUR THE ECONOMICS OF THE PUBLIC SECTORMedicare, the next category in Table 1 2-4 , is the government’s health plan ... capability of American producersrelative to that of foreign firms. Is this argumentconsistent with your classification of basic researchin part (a)? (Hint: Can excludability apply to somepotential...

Tài liệu Ten Principles of Economics - Part 65 pptx

... as theireconomies be-came more inte-grated, it wouldbe better toavoid this incon-venience.There are,however, costs of choosing acommon cur-rency. If the na-tions of Europehave only ... have.FYIThe Euro672 PART ELEVEN THE MACROECONOMICS OF OPEN ECONOMIESwould drive up the U.S. price of coffee and drive down the Japanese price. Con-versely, if a dollar could buy more coffee in Japan ... pound and then sell it in Boston for $5 a pound, mak-ing a profit of $1 per pound from the difference in price. The process of taking ad-vantage of differences in prices in different markets is...

Tài liệu Ten Principles of Economics - Part 73 pptx

... policy canpotentially also influence thequantity of goods and ser-vices supplied.For instance, consider the effects of tax changes onaggregate supply. One of the Ten Principles of Economics ... investment. This crowding-out effect partially offsets the impact of gov-ernment purchases on aggregate demand, as illustrated in panel (b) of Figure 3 2-5 .The initial impact of the increase in government ... rate tends to reducethe quantity of goods andservices demanded, particularlyfor investment goods. Thiscrowding out of investmentpartially offsets the impact of the fiscal expansion onaggregate...

Tài liệu Ten Principles of Economics - Part 38 pptx

... have two external effects:382 PART FIVE FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRYand average-total-cost curves. Panel (a) of Figure 1 7-3 shows that the quantity of output at this point is ... the social value of advertising is difficult andoften generates heated argument among economists. Let’s consider both sides of the debate.The Critique of Advertising Critics of advertising argue ... quality. Instead, it might show a group of happy peo-ple at a party on a beach on a beautiful sunny day. In their hands are cans of thesoft drink. The goal of the commercial is to convey a subconscious...

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