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What really is the Philips Curve as explained in this chapter 28 and why is it important to Economics?
Although today the short-run trade-off between unemployment and inflation plays a role in the Fed's monetary policy decisions, this trade-off was not widely recognized until the late 1950s. In 1957, New Zealand economist A. W. Phillips plotted data on the unemployment rate and the inflation rate in Great Britain and drew a curve showing their average relationship. Since that time, a graph showing the short-run relationship between the unemployment rate and the inflation rate has been called a Phillips curve. (Phillips actually measured inflation by the percentage change in wages rather than by the percentage change in prices. Because wages and prices usually move together, this difference is not important to our discussion.)
Consumer spends all of her income? (Y) on two goods Z and B. The price of good (PB?) is ?$8. The Marginal Rate of Transformation MRT is equal to −2. That is 2 units of good B can be traded for 1 unit of good Z. This consumer is able to buy 22 units o..
Price elasticity of demand is just a number. Economists may not necessarily be interested in the size of this number, but whether its absolute value is greater than, less than or equal to one. Comment on this statement. Explain whether commodities th..
Is online retail business the type of setting in which similarity is more beneficial than differentiation?
As long as he eats less than 15 donuts, an additional donut increases his utility. If he eats more than 15 donuts, then additional donuts make him worse off.
Which of the following statements correctly reflects the developments in the U.S. automobile industry following an interest rate decrease by the Federal Reserve?
Consider again the case analyzed in class with two sectors exhibiting constant returns to scale technology (sector A is capital intensive and sector T is labor intensive). Suppose there is a neutral technological change in sector T only (no technolog..
The Washington Consensus, corporate personhood, the IMF, World Bank and etc. have created a global economic and political framework. Specifically using the book, “Bad Samaritans”, discuss the current socio-political and economic world order within th..
Suppose that the Fed sets the interest rate and adjusts the money supply accordingly (i.e., horizontal LM curve) and the economy is in recession.
Why is the private market for public goods typically characterized by under provision. Under what situations will we expect the private market to overcome this problem?
Explain the difference between operating decisions and planning decisions. Explain the following costs and observe carefully the difference between each one.
Consider an annual coupon bond with a face value of ?$100?, 7 years to? maturity, and a price of ?$95. The coupon rate on the bond is 4?%.
How to graphically find an optimal solution once you have graphed an objective function, and all of the constraints?
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