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Provide a detailed answer that makes direct reference to the course readings. Fully explain the economic concepts being discussed in each question. Provide real-world examples when asked. Make sure you fully explain your examples. Make sure you fully answer all parts of each question.
Marxian economics is often best understood as a criticism of the capitalist system. How would the Marxian economists explain the causes and consequences of the financial crisis of 2007-2008? Would Marxists argue that the policy decisions made in response to the financial crisis were ones that addressed the causes of instability, or would they argue that the policy decisions exacerbated these causes? Explain.
Joe notices that prices have gone up for the custom bikes he sells - but fails to notice that the price of everything else is rising too because of general inflation. This is described by the _______________ model, which explains how output _________..
1. US imposed 10 percent tariff on aluminum from Canada. Is this measure legal or not? Why?
Discuss the distinguishing features of the Northern Providers and the Southern Providers of Official development aid and explain how the emergence of the Southern Providers has influenced the development financing process in developing countries.
Paula has set aside $60 monthly budget to attend plays and watch movies. She likes plays exactly three time as much as she likes movies. Draw her indifference curves. If the price of movies decreases to 4 dollars how many movies will she see?
Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per mont..
Assuming that prices are set competitively (i.e. set equal to MC of producing services), show in a supply-demand graph how we could measure the “efficiency loss” (or deadweight loss) associated with health care over-consumption.
According to a customer, a Harley-Davidson motorcycle can make one feel like "the toughest, macho guy on the block." Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a(n) ________.
Compute Opulenzas current account. Is CA a deficit or a surplus. Explain intuition for C4 deficit/ surplus in terms of savings in Opulenza, financial flows and its domestic/external wealth position.
What is the effective tax rate on James and John if the corporate and personal income tax systems are not integrated (no dividend tax credits)?
How can changes over time of the average height of the people in a country help to indicate the standard of living in a country? What are the three main sources of health insurance in the United States? Suppose a large firm allows its employees to ch..
Purely competitive wheat farmer can sell any wheat he grows for $20 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. Use the table below to answer the following questions. Ho..
Suppose an oil embargo results in a 20% reduction in the supply of gasoline in the U.S., and the price elasticity of demand for gasoline in the U.S. is .75.
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