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1. Assume the economy is in equilibrium in the labor and capital factor markets. Suppose that a technological advance raises total factor productivity. Explain, step-by-step, how the economy adjusts to arrive at a new long-run equilibrium. In your explanation make sure that you address any changes in marginal product, factor prices and factor income share.
2. Why is it important, for an open economy, that investment not be consistently higher than saving? If this occurs how does it relate to national consumption, balance of trade and saving?
3. In theory, differences in output across economies and over time might be the result of differences in either capital input, labor input, or productivity. The evidence points clearly to productivity as a more likely and powerful source of growth differences. Which aspects of the Solow growth model help to explain why the inputs of capital and labor contribute little to growth of output, relative to productivity?
Explain whether or not you believe modern media is an effective check on government action.
Illustrate what would the peso-dollar exchange rate be if purchasing-power parity holds. Explain how can the organization use technology to change this balance for an advantage.
Illustrate what role did the policies of various governments play in influencing the international expansion strategies of both.
Assume that the demand for cigarettes is perfectly inelastic, whereas the elasticity of supply is one. The equilibrium price is $1 a packet and the equilibrium quantity is 1000 packets a week..
Describe elderly individuals who complain about the increasing cost of their medications have no real complaint.
Explain using a diagram how a tax cut in period two affects consumption in both periods. Assume that average consumer does not believe that he/she or anyone in family will ever have to pay higher taxes in future to offset current cuts.
Illustrate what problems would occur if the managers of each division were given incentives to maximize each division's profit separately.
A Post Office is set up in the Constitution but no Central Bank was. Why didn't the founders of the US who wrote the Constitution include a bank? How did this omission hamper US economic growth and, more importantly, US economic stability?
Illustrate what is the average value of a loyal customer (VLC) in a target market segment if the average purchase price is $50 per visit, the frequency of repurchase is 12 times per year.
What is the short-run equilibrium price. What is the short-run equilibrium market quantity.
Explicate the difference between balanced growth strategy and unbalanced growth strategy.
Write an algebraic formula that gives Mr. Midas' demand for money as a function of bond and chequing account interest rates.
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