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Consider a world of two countries; Highland (H) and Lowland (L). Each country has an average output of 9 and desires to smooth consumption. All income takes the form of capital income and is fully consumed each period. There are two states of the world: Pestilence (P) and Flood (F). Each happens with 50% probability. Pestilence affects Highland and lowers the output there to 8, leaving Lowland unaffected with an output of 10. Flood affects Lowland and lowers the output there to 8, leaving Highland unaffected with an output of 10. Devise a table with two rows corresponding to each state (rows marked P and F). In three columns, show income to three portfolios: the portfolio of 100% claims to H output, the portfolio of 100% claims to L output, and the portfolio of 50% claims to H output + 50% claims to L output. Does diversification eliminate consumption risk?
Suzy knows that she has maximized her utility, as she is on her budget constraint.
Explain briefly what the covered interest parity (CIP) and uncovered interest parity (UIP) arbitrage conditions are and how they operate as equilibrium conditions for the spot and futures foreign exchange (FX) markets.
Assume government imposed a minimum wage above what otherwise would be the equilibrium wage rate for this segment.
The Congressional Budget Office (CBO) on August 25, 2009 estimated that the accumulated deficit from 2010-19 will approximate $7.137 trillion.
Assume Bank A, which faces a reserve requirement of 10%, receives a $1000 deposit from a consumer.
The Bretton Woods system and institutions setup after World War II and the U.S. dollar as a reserve currency
Currently, the island of Guam does not have a minimum wage need but uses the United States minimum wage as a reference. Give a theoretical justification for why imposition of a $5.15 minimum wage.
Two company face a demand equation given by: P=200,000-6(q1+q2) where q1 and q2 are the outputs of the two firms. The total cost equations for the two company's are given by:
Has the time come for government to abolish rent controls and minimum wage? What do you think? Do both rent controls & minimum wage laws achieve their intended purposes?
Determine the GDP price index
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
Whenever a beer company rise its advertising budget 18 percent, the demand for its beer increased 28 percent. What is the advertising elasticity for the company's product.
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