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The AD/AS model is useful in predicting the effects of various shocks and policy changes on an economy. The model is based on goods and services being exchanged in well-functioning markets. In general, however, markets are not always perfect. Consider how the model would change as a result of market imperfections. (Hint: Can the AS/LRAS shift when there are governmental controls?)
A. How would the AD/AS model change if input prices, such as wages and raw material prices, were set by the government rather than in markets?
B. If the government sets input prices, what long-run effect would this have?
Calculate the equilibrium interest rate by setting the demand for central bank money equal to the supply of central bank money.
Analyze this statement in terms of your assessment of Marx as economist also as a philosopher.
Indicate whether each of the following statements is true or false. Explain why. a. When the law of diminishing returns takes effect, a firm’s average product will start to decrease
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Explain why do you suppose that employees pay for general training and the employer pay for specific training with respect to the basic competitive model.
Consider two bonds, bond A and bond B. Bond A has a face value of $1000, matures in one year and sells for $950. Bond B has a face value $1000, matures in one year, pays 6 percent per year and sells for $940. All work must be shown a. Explain how the..
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Firm A emits 200 tons of pollution and firm B emits 150 tons of pollution. Assume that the government issues 300 tradable permits (with one permit allowing for one ton of pollution). Each firm receives 150 tradable permits. Would the annual pollution..
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Jim’s utility function is U(x, y) = xy. Jerry’s utility function is U(x, y) = 1, 000xy + 2, 000. Tammy’s utility function is U(x, y) = xy(1 − xy). Oral’s utility function is U(x, y) = −1/(10+ 2xy). Who has the same preferences as Jim? Who has the sam..
Money acts as a unit of account, medium of exchange, or a store of value. Describe each of these different functions.
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