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What are the Two General Theorems of Welfare Economics? What implications do they have for the “welfare state”? What are the ‘first best’ assumptions necessary for these theorems to hold? How realistic are these assumptions?
Microeconomics, Economics
Question: In September 1999, Senator Edward Kennedy released a report saying the minimum wage should be raised to $15.28 per hour. The reason for such a big increase, according to Kennedy, was that no one should have to ...
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Question: A largely studied portion of The Republic deals with Plato's cave allegory. The story goes something like this: You, as a person, find yourself within a cave, chained to the ground, facing a stone wall. You can ...
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Question: What amount of money is equivalent to receiving $13,000 five years from today, if the interest rate is 9% per year compounded semiannually? The response must be typed, single spaced, must be in times new roman ...
Question: Despite the existence of research data that might inform policy about development, politicians rarely discuss such data in their speeches. Why do you think that is the case? 140 characters are required to post ...
Question: Perform hypothesis tests for the following: Per consumer reports, less than 60% of cars are kept by the orginal owners for more than 5 years. GM, Ford and Chysler conducted a simple random sample and found that ...
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