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(a) Explain to what extent the neoclassical growth theory (e.g. Solow Swan model) that emphasize capital accumulation and total factor productivity can explain the East Asian growth ‘miracles' with particular references to the growth experiences of Korea and Singapore. Illustrate your answer with the aid of an appropriate model diagram(s).
(b) Explain using a model of exchange rate determination how speculative attacks occur and trigger a currency crisis and then illustrate using the interest parity condition why high interest rates were required to defend the value of local currency in the Asian financial crisis.
In 2008, the government initiated an $8,000 tax credit for first-time homebuyers in an effort to stimulate the housing market. This means that all first-time homebuyers in 2008 were eligible to take an $8,000 deduction from their taxable income for t..
Economic growth rates vary greatly from country to country. Look at the experiences of the United States, Japan, Ethiopia, and China over the last twenty years. Find the average growth rate for each country over that period. What are some of the diff..
What experiences effectively ended the loyalty and commitment-based contract that employees had developed with employers?
Taylor gets smart and realizes that she is the only pie shop around. Calculate the marginal revenue she gets for each additional slice as the change in total revenue (price times sales). Graph this and give the new quantity of sales and the new price..
q. budget constraint suppose that there exists two goods in the economy soybeans s and textiles t and their prices are
Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.
Assume that the marketplace for sweaters is perfectly competitive. The future value of a deposit in a savings account will be larger
Consider the following demand and supply equations for cell-phones in the domestic country: Supply: Qs = − 60 2 + 3 2 P Demand: Qd = 300 2 − 3 2 P where the price is measure in $/cell-phone and the quantity is measure in thousands of cell-phones. 1. ..
For each of the following utility functions, calculate the MRS. For each utility function, plot a representative indifference curve for a utility level equal to 2. Not every point on your indifference curve needs to be accurate.
Illustrate what will be the new equilibrium price, if the government puts a 15 cent per tax on the candy.
The government modifies the consumption tax somewhat so that the first $20k of consumption in each period is tax free. Now graph the budget constraint.
Assume , at its present rate of output, a perfectly competitive firm's marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should.
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