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Suppose you are a member of the monetary policy committee of a small open economy, dependent on oil imports, which also wants to maintain a currency peg to the dollar. (a) Describe the pressures tha
In this way, the results of this paper further compliment the initial work that has been done on raw panel unit root tests. Panel methods in the spirit of this line of research can also be used to i
When US assets are more attractive to foreign investors, what happens to the demand for dollars vs demand for a foreign currency? Demand for US dollars increases (demand curve shifts) At a Phoenix g
Drug companies are engaging in price discrimination, but this might improve global social welfare if it gives more people access to the drugs. Which of the following statements about this issue is m
When is the opportunity cost of holding money higher?
If the average cost is rising then MC > AC. If the average cost is constant then MC = AC. If the average cost is at its minimum then MC = AC. Can we recover production function from cost functio
What is the Iron Law of Wages? [In other words, what is the early Malthusian theory of wage determination.] What is wrong with it? How did economic theorists handle the problems that the Iron Law r
Plot the marginal product of labor function. If the price of output (P) is $50 and the money wage (W) is $250, what are the profit maximizing levels of employment and output in the economy.
Motor vehicle deaths plummeted 22% in March and 18% in April, while gas sales decreased about 3% and 1% and estimated miles driven fell roughly 4% and 2% for each of those months. What kind of goods
How does the long-run expansion path change when the wage increases while the rental rate of capital stays constant?
n the United States where land is cheap, the ratio of land to labor used in cattle raising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive a
What type of market automatically reaches economic efficiency?
What happens in the diet pill market, if a study demonstrates Conclusively that ephedrine increases the risk of heart attacks? What happens to the market for Cocaine when the DEA Dramatically increase
What are the equilibrium price paid by consumers and the equilibrium quantity of yak butter now? (h) Suppose the government had paid the subsidy to consumers rather than producers.
Suppose the government reports that U.S. GDP was about $13 trillion dollars in the most recent quarter. What is the correct interpretation of this number? A. This number reflects the actual value of
Why does making border tax adjustments according to the destination principle avoid giving a competitive advantage to countries that impose high value-added taxes?
Who seized the opportunity Martin gets the system worked out He is the original inventor On his team Frank Herget on founding team Why was QLFC founded? Herget is more interested in operating servic
Suppose that the price of a can of tuna is $2 each. Emma is willing to pay $4 for the first can, Max is willing to pay $3 for the second can, Charlie is willing to pay $2 for the third can, and Joe
The payment is a one-sided transfer of wealth, while in the cash transation money is part of a balanced transaction in which wealth is not transferred but only changes form.
How do the results of the experiments match with the predicted equilibrium price and quantity from your supply and demand diagrams?
Explain the law of supply. Why does the supply curve slope upward? What are the determinants of supply? What happens to the supply curve when each of these determinants changes?
What are the external costs associated with cellular phone usage in automobiles? The external benefits? What is the difference between private and social costs? What distinguishes public goods from
What determines the distribution of national income between labor and capital in a competitive, profit-maximizing economy with constant returns to scale?
Carefully define the following terms and explain their importance to the study of economics.
Suppose both firms have entered the industry. What is the joint profit-maximizing level of output? How much will each firm produce? How would your answer change if the firms have not yet entered the