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Questions:
1) (a) Analyse both the conventional and unconventional tools used by central banks.
(b) In a 2012 study the International Monetary Fund (IMF) reported that the fiscal multiplier for the periphery of the Eurozone was roughly equal to 0.5. One year later, IMF recognised its mistake reporting that the fiscal multiplier was approximately equal to 1.7.
Discuss the above statement explaining what the fiscal multiplier is.
2) (a) Discuss the different types of unemployment.
(b) According to The Office for National Statistics UK, unemployment is reduced with optimistic prospects for 2014.
Which type of unemployment is responsible for this reduction in the unemployment rate? Explain your answer.
(c) Imagine yourself as Chief Economists of World Bank at their London headquarters. One morning you are informed that the OPEC countries made and agreement according to which they are going to reduce the produced quantity and to increase the price.
What impact such agreement would you expect to have on the UK economy? In your analysis use a diagram.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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