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You are an economic advisor in a developing country with a fixed exchange rate. While your country has an open capital account, your financial markets remain imperfectly integrated with those of the rest of the world. The central bank in your country targets the stock of domestic credit. One day, an IMF team arrives and convinces the Finance Minister that your country's fiscal deficit is excessive. The Finance Minister persuades the parliament to pass a tax increase to reduce the deficit. Explain what effect you would expect this measure to have on:
a. The aggregate price level and level of real GDP.
b. The level of employment and the real wage.
c. The level of exports, of imports, and of net exports.
Illustrate what will happen to the wages of IT professionals when there is a glut of workers. In terms of supply and demand, what can individual IT professionals do to increase their wages.
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How would you describe the macroeconomic "worldview" of David Ricardo, Karl Marx, and John Stuart Mill?
When the Bank of Canada sells the government bonds to a commercial bank, the commercial bank experiences a decline in reserves and in increase in bonds. Total assets are unchanged; this is just a portfolio switch between bonds and cash.
Jeff Boynton,Consider the following graph:Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm. Discuss the differences you observe in above between the monopoly and perfectly competitive firm.
Draw the budget constraint. Put textbooks on the x-axis label your x and y intercepts. What is the slope of the budget constraint
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Focusing on how Gross Domestic Product (GDP) is measured through its various components, explain in detail how each of these phases of the 'mining boom' impacts on GDP
Define the term equilibrium as used in economics. What does it mean?
How can the missing elements in your target developing country be addressed? Suggest modifications in the original model and compensatory actions that can be taken to address the missing elements.
What are some of the realistic alternatives to OIL for a home heating and hot water; for electricity; and for fuel and lubricants for cars?
Suppose a liquidity trap exists. Graphically illustrate and explain the effects of an increase in government spending using the IS-LM model.
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