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1.1. Assume a perfectly competitive market for apples. Now assume that there are negative externalities of production because apply farming results in pesticide run-off which harms neighbours who live downstream. Draw a demand-supply diagram which represents this situation. 1.2. What would be the Pigovian Tax solution to this problem? 1.3. What would be the Coase Theorem solution to this problem?
Question 2 2.1. Using average and marginal cost curves and average and marginal revenue curves show a firm in a perfectly competitive market in short run making and maximising its profit. (Draw a diagram and explain it.) 2.2. Using average and marginal cost curves show a firm in a monopolistically competitive market making a loss whilst simultaneously behaving rationally in the short run. (Draw a diagram and explain it.) 2.3. Explain the Prisoner's Dilemma. (You can use a pay-off matrix if you wish.)
Question 3 3.1. Define "natural" unemployment. 3.2. What formula is used to calculate real GDP? Assuming nominal GDP is $100 billion and the Implicit Price Deflator (i.e. price index) is 110, calculate real GDP. 3.3. What factors impinging on a population's wellbeing are not captured by GDP per capita?
Question 4 4.1. Explain the relationship between the real interest rate and gross private investment. 4.2. According to the Aggregate-Demand-Inflation model, why is there an inverse relationship between the inflation rate and equilibrium real GDP? 4.3. What are the economic costs of inflation? Why is it likely that they have fallen in Australia since in the mid-1990s?
Question 5 5.1. How can the RBA "cool down" the economy if it were "overheating"? 5.2. Why is it economically (as opposed to politically) more difficult for the government to generate a budget surplus in a recession than in an economic boom? 5.3. Draw the Keynesian income-expenditure model of the economy showing the equilibrium level of real GDP above the full employment level of output. How could the government use fiscal policy to return the unemployment rate back to its "natural" level? Show this diagrammatically
Other things being equal, what will happen to automaker's profits if they are able to sell more vehicles using battery packs and thereby scale up battery production? Why do you suppose that some automakers support the payment of government subsidies ..
What solutions would you propose for De Beers in terms of growing and amid government nterventiosn?
To add to Bill's sense of frustration, Mr. Abdullah seemed more interested in engaging in meaningless small talk than in dealing with the substantive issues concerning their business. How might you help Bill deal with his frustration?
"Fiscal Policy" Please respond to the following: Decide what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if customer confidence is lower than the previous month.
What other reforms might be necessary if a lower access price is used? Why might lowering the price of access below that of the ECPR be a good idea?
It has been argued that the United States' economy is shifting from a manufacturing base to a "knowledge economy". What is a knowledge economy?
From 2000 to 2002, the sharp decline in capital spending was almost completely matched by the sharp decline in government saving.
Provide a formula before you explicitly calculate value - find the GDP deflator, or the Implicit Price Deflator for 2001. Provide a formula before you explicitly calculate this value.
How is ones writing and the way they speak to others have a significant impact on how they are viewed as professional or competent in the workplace?
You can choose a business or industry in which you are employed or a family member is employed or just an industry in which you are interested. Which type of market does this business or industry compete in?
What assumptions did you make? What is the total effect on the deposits in the banking system - Inflation does not reduce the purchasing power of most workers
On-the-job experience typically enhances a person's productivity in that particular job. If the person's salary increases to reflect increased experience but the additional experience has no relevance for other jobs
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