Suppose a shipwrecked crew ends up on an isolated island. After spending 3 years on it, they succeed in creating a market to exchange food and fabric. At that time, another shipwrecked crew arrives and joins the existing community. They agreed to share the fabric they have saved instead of leaving i
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During the last century, most sectors of the economy have had a tremendous growth in productivity — agriculture is a great example of one. However, some sectors were not so lucky — Beethoven's Ninth takes about 70 minutes to perform, whether today or at its 1824 premiere. Which of the assertions bel
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Mr. Poor works for a very low wage. He lives far away from his workplace, and he would definitely prefer to use his car to go to work whenever he could. But, he cannot afford to spend 6a day on this, so he takes the bus 5 times a week, roundtrip, spending 2 per day. The total amount Mr. Poor can spe
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Mr. Krabs, a stingy businessman who always seizes the most out of every opportunity available to make a profit, has recently noticed the increased popularity of his most loyal and passionate employee, SpongeBob SquarePants. Sea creatures are lining up in order to taste the Krabby Patty cooked by Mr.
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You and your best friend were planning to go on a trip a month ago. You have booked a hotel room in Marseille for 800, without cancellation option. Immediately, your friend found a tickets' offer for370 each and suggested you book them, too. Ignoring him, you waited and finally booked two tickets fo
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Government is an important institution to support economic growth under:
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Germano and John are in Antarctica having a heated argument on environmental protection policies (EPP). John says that those kinds of policies always hurt the growth and productivity of a country, while Germano argues the opposite, that EPP always increase the growth and productivity of an economy.
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Behavioral Economics acknowledges that humanity does not consist of 'Homo Economicus' individuals, who act and make decisions under careful calculation and harm/benefit analysis, but of humans, after all, suffering from irrationalities and imprudence. Thus, they deal with numerous types of biases th
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One of the main goals of legal systems is to disincentivize people from committing crimes. Even though lawmakers are far from being perfectly rational, the legal systems that have stood the test of time can be understood through the lens of economic analysis. However, it's not always easy to perform
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The Riau Province has a production function of Y = AKa(LH)1 - a. What is the nature of this function? [Assume 0 < 1 < a, where Y: real GDP, A: technology, K: amount of capital, L: amount of labour, H: human capital]
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Jancsi is a student trying to choose his college major. Initially, he considers only two options: architecture and business. Since Jancsi likes to think visually, he invents a way to represent his preferences in a graph like the one below, representing each major by a point and his preferences as ar
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You have been accepted into a great university to study economics. You earned a scholarship for the tuition fees, but you have to relocate, so you need 10.000 euro. Your loving uncle offers to pay this amount and you promise to return everything in four years. Four years later you have made it to sa
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Six friends want to play football but they do not have a ball. They meet a seventh guy they didn't know before, who owns a ball and wants to play too. They have to play in teams with equal numbers of players. Anyone is free to leave at any moment before they accept the procedure, and ball ownership
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Monopoly is a well-known board game. At the beginning, all players have equal amounts of money. As they play, they earn, lose and exchange money and property. After an hour, the Gini coefficient of players' possessions:
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Developia has experienced a high GDP growth. Consequently, the tax revenue collected by the government over this period:
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Mr. Gold is the CEO of a company that makes silver rings. This company operates under perfect competition and its factors of production are homogeneous. When deciding how many jewelers he should hire, he decides to look at the marginal revenue of the product of labor, which is as shown in the follow
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Majapahit and Sriwijaya are two neighboring countries that are always competing with each other. In the race for economic growth, each government appears to pursue a different set of strategies. Majapahit is reported to have increased the government spending and lowered the tax rates for low-income
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When the topic "Game Theory" is mentioned, the first thing that comes to mind is an nxm (usually 2x2) Matrix (Normal Form). However, that is not the only way to represent a game. There are other forms, such as extensive form, which consists of a tree: its nodes representing the players and payoffs i
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The Handbook of Environmental Economics defines market-based environmental policy instruments as "regulations that encourage behavior through market signals rather than through explicit directives regarding pollution control levels or methods". Which of the following policies is NOT a market-based e
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During World War II, the US Military found out that among the aircrafts that had returned from missions, many bullet holes were found in areas such as wings, tailwings and centerbody. Based on this data, where should the military put the armor to increase the aircraft survivability?
