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There are four factors of production (aka inputs) in the production process: land, labor, capital and entrepreneurship. Land, labor and capital was explained. Discuss why entrepreneurship was left out of the picture.
Business Economics, Economics
What is the Central Limit Theorem? Why does it make the use of the common inferential tools possible even if the raw data is not distributed normally?
A recent survey found that 18% of all people 16 years of age and older do volunteer work. Suppose a random sample of 250 people 16 years of age and older is taken. What is the probability that more than 21% of the people ...
Global poverty is an international issue. Other countries are inclined to look to the U.S. with its great wealth to take an active role in assisting poor nations. People here spend money trying to counter baldness while ...
Give an example of a binary relation which is not transitive, and then give an example of a binary relation which is reflexive and transitive but not connected.
Suppose that the government gives a $10 per unit subsidy to sellers of Humbugs. The pre-subsidy price of Humbugs was $50. There are no additional social benefits to encouraging the consumption of Humbugs. If, at the orig ...
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Test the following hypotheses of the difference in population means by using the following data (α = .10) H0: µ1- µ2=0, Ha: µ1- µ2 Sample 1 : X=51.3 σ2=52 n=31; Sample 2: X=53.2 σ2=60 n=32 Use the critical value method t ...
What are the main things to remember about elasticity, supply and demand, tax incidence, government controls on the market, and economic theories?
A sample of 1,000 U.S. households is taken and the average amount of newspaper garbage or recycling is found to be 27.8 pounds. Assuming the standard deviation of newspaper for garbage or recycling is 2 pounds. Estimate, ...
How does a high-tech industry differ from most other industries? Provide two examples.
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p
Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As
Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int
Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As