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Question 1
Consider an economy where rice is the staple food and the rice market is perfectly competitive. Initially the consumers paid the market equilibrium price for rice.
(a) Using a diagram for the rice market, analyse the market equilibrium, the consumer surplus and the producer surplus. Your diagram needs to have a proper shape of the demand and supply curve that correctly reflects the demand and supply elasticities.
(b) Analyse the possible impacts of the market price of rice on low-income households. What policies could the government implement to rectify the possible negative impacts? You need to suggest at least three different policies, explain how each policy works and discuss the pros and cons of these policies.
Show a T-account for a bank when you make a deposit of $2000 into your checking account. Assume the reserve ratio is 20%. If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $2000 ..
What is the present discounted value of $1210 that is paid in two years if the interest rate is 10%?
An improvement in production technology for a specific good will cause a(n):
Since most of the values in the interval are positive, the unemployment program is statistically significant in lowering the unemployment rate.
Explain the effect of restrictive fiscal policy on the level of output, prices, and interest rates for (i) the Keynesian AS-curve case, (ii) the classical AS-curve case, and (iii) the intermediate case.
John and Diane are the only two people living on a desert island. They have two sources of food, hunting rabbits and fishing
Illustrate what did society gain from having brand name chicken. Illustrate what did society lose.
What are the foreign direct investment (FDI) requirements for the United States?
A marketing firm is interested in eliciting Silvia’s tastes on a set of ten automobiles. In order to do this they ask Silvia, for each pair of alternatives (x,y), whether she finds x at least as good as y. Silvia is interested in both the reliability..
In jury selection, one cannot exclude potential jurors on the basis of race or other discriminatory criteria. One question is if this prohibition against discrimination should extend to potential jurors that have physical or mental disabilities. How ..
Ingrid took a university teaching job as an assistant professor in 1974 at a salary of $10,000. Illustrate what is Ingrid's 2003 salary in 1974 dollars.
If the wage elasticity of labor supply is negative, what can we say about the slope of the labor supply curve and the relative sizes of the income and substitut
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