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The U.S. government has a legal monopoly on the printing of U.S. currency. For the sake of this question, suppose the government decides to relinquish its monopoly—the Department of Justice will “break up” the federal government’s monopoly on U.S. currency and replace this market structure with one where each state now will issue its own unique currency. Answer the following questions using this setup.
1. With 50 different currency suppliers, that number is large enough such that we may assume this new money market has the potential to be perfectly competitive. Would this money market be, in fact, perfectly competitive or would it take a different form? Does the elasticity of demand for money play a role? If so, what? Briefly argue which type of market structure you believe would emerge: remaining perfectly competitive or becoming some type of oligopoly or monopoly and any role that the elasticity of demand might play.
2. How would the new money market structure you described in part a) affect the value of the U.S. dollar on foreign exchange markets, ceteris paribus? To give your answer structure, begin with the initial change to the money market described in the setup and end with the market structure you argued in part a) of the question.
Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP. Why might the rate at which the Aggregate Supply curve shifts ver..
If a case is reversed and remanded, it:
Describe the Stolpher-Samuelson theory of trade. How does it differ from the factor endowment model? What are its predicted effects on wage-inequality in (a) industrialized countries that are capital-abundant and (b) developing countries that are lab..
Suppose a second firm enters the market. let Q1 be the output of the first firm and Q2 be the output of the second. What is the profits of each firm as functions of Q1 and Q2.
We want to consider elucidate how a change in the U.S. money supply affects interest rates. On all graphs label initial equilibrium point A.
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $12 million in withdrawals from other banks’ ATM machines. On average, noncust..
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Rusal believed the price of aluminum would fall because of the growing accumulation of inventories worldwide.
Considering political disposition as an axis of product differentiation does vertical or horizontal differentiation best categorize it.
She says the tax will generate $100,000 tax revenues per month. What assumption is she making.
Demand for sporting events is uncertain, and depends on the quality of the match, as well as on unpredictable events, like the weather. Elucidate how would you price these two events differently.
The main drawback of the Herfindahl-Hirschman Index (HHI) is that:
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