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Consider the Classical model. Which of the following situations/shocks would generate higher real wages and less labor?
A. A new bill is passed to decrease minimum nominal wage
B. The opening of new colleges throughout the country attracts more young professionals back to school
C. New technology makes labor more efficient
D. The proliferation of ATMs increases money velocity in the economy.
Monetary Policy and U.S. Trade. Explain why the value of the U.S. dollar would decline if the United States pursued an expansionary monetary policy. When the value of the U.S. dollar declines, what effects does this have on the price of American-made..
Suppose that during the past year, the price of a laptop computer fell from $2,650 to $2,430. During the same time period, consumer sales increased from 495,000 to 664,000 laptops. Calculate the elasticity of demand between these two price–quantity c..
Teresa likes to consume chocolate and yogurt. Her utility function is given by U(x,y) = x^0.5y^0.5 where x and y are the quantities of chocolate and yogurt she consumes. Suppose that her income is $10 and the initial prices for both of the goods is $..
Elucidate why relatively flat as opposite relatively steep worker demand curves are more consistent with the empirical observation.
Suppose the demand function is Qxd = 100 - 5Px + 2Py - M. If Px = $4, Py = $2, and M = $50, what is the cross-price elasticity of good x with respect to the price of good y?
In some country, the rate of inflation is expected to increase from 2 percent to 5 percent and people fear that the increase will be permanent if the central bank does not take action. In both diagram and text, indicate clearly whether you deal with ..
Assume that there are only two goods in the economy: video games and water. The total amount of these goods are given, there is no production. The world is inhabited by two people: Ann and Bob.
What is the “social responsibility of business?” Is it more than just “increasing profits while staying within the rules of the game?” What ethical issues face a firm with market power that are less significant for a firm in a highly competitive indu..
Compared with a drip system, a new type of infusion pump reduces the cost of administrating chemotherapy from $25 per dose to $20 per dose. The complication rate of each system is two percent. Which should you choose? What sort of analysis should you..
“When the firms in a perfectly competitive industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will immediately s..
Explain how a clear and simple Policy Targets Agreement (PTA) might have helped to maintain a low inflation regime with low unemployment in the 1990s while in 2012 a similar regime no longer seems to be achievable under a very different PTA.
Suppose you are studying the recent rise in shale energy. You know the inverse private demand function for shale energy is P = 100 - Qd. The private supply of shale energy is P = Qs. However, shale energy can potentially lead to pollution. The margin..
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