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Discuss ways the Fed's objective function can be used with an economic model to evaluate alternative monetary policies.
Discuss ways that economists could use the Phillip's curve to create better economic policy than we currently have. Explain
Elucidate what you can do, if the best technology was used to produce the components of the system to achieve the .99 reliability.
Is limitless growth really possible. What forces do you think will be most important in slowing or halting economic growth.
Elucidate what are some measures of total ouput on the horizontal axis of the AS/AD model. Which measure do you think represents the most accurate picture of the output of an economy.
Assume that there are two countries, Argentina and Brazil, each producing wheat and wine from capital labor. Suppose that Argentina has abundant capital and scarce labor when compared to Brazil; that wheat is capital intensive relative to wine.
Illustrate what the government should do about it, how would each economist explain unemployment and what policies would each advocate.
Consider a hypothetical country with a labor force of 100, of which ten persons are unemployed and 90 are employed. Then, imagine that two of the ten unemployed got jobs, i.e., became employed. How might it be possible for the unemployment rate to..
Suppose OPEC breaks apart and oil prices fall substantially. Initially, which curve shifts in the aggregate supply/aggregate demand modell In what direction does it shift? What happens to the price level and real ouput (GDP).
Money must have material backing to have value. Justify your response. Take a stand on whether or not it would be easier for the Federal Reserve to expand the supply of money in a period of prosperity versus in a period of recession.
Illustrate the economy's adjustment to its long run equilibrium only, as the formerly dislocated (and now retrained) labour force is finding employment in new industries.
Suppose that the supply and demand for oil. Starting from a point where supply and demand are in equilibrium, describe with use of a diagram how a global recession is likely to affect equilibrium value and quantity of oil bought & sold.
All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second lowest bidder. Show that bidding c is a weakly domin..
Use the firm's isoquant-isocost diagram and the firm's marginal cost curve to explain and illustrate the output and substitution effects of a decrease in the price of labor.
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