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Assume that the economy starts in steady state. According to the Solow growth model, how would each of the following affect consumption per worker in the long run, Explain?
a. The destruction of a portion of the nation's capital stock in a war.
b. A temporary rise I the saving rate.
c. An increase in government regulations whose net effect is to lower the marginal productivity of capital.
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
If you can borrow (and lend) money at an interest rate of 8 percent, will the investment be a profitable undertaking? Is the project profitable at an interest rate of 12 per cent? Provide numerical calculations in support of your answers.
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
Suppose two nations are considering specializing in either calculators or personal computers. If solely producing calculators, country A can produce 300 and country B can produce 400.
Discuss the use of Gross Domestic Policy (GDP) to measure the business cycle. Discuss the roles of government bodies which determine national fiscal policies.
Suppose that the economy is short of its full-employment (potential) level of GDP, assumed to be $14,000 billion, by $500 billion.
A firm has offices in London and New York. Fractional units of labor can be employed in each location (as part-timers can be hired) and the headquarters could be in either city.
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
What is your economic cost of buying a ticket? What is your economic cost of attending the game (once you already bought the ticket)?
Define and describe the difference between the absolute advantage and the comparative advantage.
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
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