For each part below, write a short essay (around 8 sentences) to provide arguments for and/or against the claim presented in that part: (a) (10 points) ”Governments should not try to regulate or interfere with free markets as any such behaviour is bound to cause inefficiency.” (b) (10 points) ”Price mechanism is an effective tool that can be used to achieve efficient provision of public goods.”

Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u.s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?

Greater concern for innovation and quality has shifted the job trend to using more broadly defined jobs. t/f

You are thinking of making your mansion more energy efficient by replacing some of the light bulbs with compact fluorescent bulbs, and insulating part or all of your exterior walls. each compact fluorescent light bulb costs $4 and saves you an average of $2 per year in energy costs, and each square foot of wall insulation costs $1 and saves you an average of $0.20 per year in energy costs.† your mansion has 150 light fittings and 3000 sq ft of uninsulated exterior wall. to impress your friends, you would like to spend as much as possible, but save no more than $750 per year in energy costs (you are proud of your large utility bills). how many compact fluorescent light bulbs and how many square feet of insulation should you purchase? how much will you save in energy costs per year? (if an answer does not exist, enter dne.)