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Adverse selection and insurance markets (short essay). Explain what is meant by adverse selection in this context and discuss potential private and government responses to it.
The price elasticity of demand is a measure of how much more (or less) a consumer buys when the price of a product changes. This measurement is critical for managers to understand before deciding to change prices. Name two goods where your cross-pric..
Use your own words to explain the idea of equilibrium in the income-expenditure model. As part of your answer explain what happens when aggregate expenditure either exceeds or falls short of output in the current period and what impact this has on pr..
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought.
Here's a story economists tell one another: A Nobel Price-winning economist flew to New York City for a conference. He got into a cab, and started talking with the cab driver. The cab driver said, "Oh, you're an economist? Let me tell you, this econo..
What are the effects on the price level and real GDP of a major union wage settlement that significantly increases wages or a sudden increase in price of an important raw material, such as oil. Is this a supply shock, a demand shock, or both? Can you..
In Britain price competition among book- shops has been suppressed for over 100 years by the Net Book Agreement (of 1900), which was aimed at preventing price wars. However, in October 1991 Waterstone and Company began cutting book prices at its 85 B..
Why, in a model with no production but two periods does an increase in current taxes (without a concurrent change in government spending) not a?ect consumption? How would the model likely change in terms of consumption and interest rates?
Explain the main differences between the three main nominal anchor choices presented in Chapter 3: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy.
It has been said that if government wishes to tax certain goods, it should tax goods that have inelastic rather than elastic demand. What is the rationale for this?
Assume the MPC is 0.90. If the government increases spending by $400 billion and increases taxes by $400 billion simultaneously, then aggregate demand will: Aggregate demand shifts to the left when: A rightward shift in the aggregate supply curve sho..
A total of $50,000 was available for investing in a project to reduce insider theft in an appliance warehouse. Two alternatives identified as Y and Z were under consideration. what is the size of the investment required in Y and (b) what is the rate ..
All of the following are directly affected by changes in the real interest rate EXCEPT ____.
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