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Consider an economy in which consumers have identical preference and income. The income is determined randomly and exogenously in each period. Consumers prefer smooth consumption over time. Production does not involve capital so that there is no investment. The government balances its budget each period by collecting a lump-sum tax to finance an exogenous amount of government purchases. Suppose this is a close economy. Will consumption be less volatile than income in the competitive equilibrium? Explain. Suppose this is a small open economy facing exogenously given price and interest rate in the international market. Will consumption be less volatile than income in the competitive equilibrium? Explain.
Are retail gasoline prices essentially equilibrium prices? Why or why not? In most markets, are prices typically at the equilibrium? Why or why not? What might keep prices from moving to the equilibrium?
What is the argument against attempting to balance the Federal Government budget rapidly at the present time via either deep cuts in Federal Government spending or sharp increases in federal income tax rates?
Assume that you test the Linder hypothesis by comparing Germany's absolute difference in per capita income from each of its trading.
"Governments should play active roles in managing short-run instability in the economy caused by unemployment and inflation problems." Do you agree with the above statement
What is the formula for finding the economic profit?
it is estimated that a particular economy has a multiplier of 2. the marginal propensity to import of the economy is
The Law of Supply movement along the curve due to the price effect occurs because people can buy only so much of a product.
Is the demand for electricity much price elastic when measured over a short period of time or a long period time. Explain.
If all the assumptions of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development. Illustrate what condition would encourage research and development in..
Draw a decision tree in the Excel Worksheet named "Model" using the 4 health states as determined in the Eur Heart Journal trial (4). Calculate the drug costs for each health state for each arm - use the "Costs" worksheet (4)
You are creating a list of Customers (from the Customer table in Workshop 02) and you wish for that list to be in reverse alphabetical order of LastName, and alphabetical order of FirstName such at Jones, Ben will appear in the list before Jones, ..
What should the role of the government in terms of the Internet taxation and Internet content? Based on which of the roles of government? The Internet Taxation issue is that if you buy products from online sellers than you may not pay sales taxes,..
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