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1. Discuss the following statement by economist Enrique Martinez-Garcia: "Technological progress is the key to a country's longtermincrease in its material well-being". Do you agree with the statement? According to the (Solow) growth model you have studiedin class, can there be long-term economic growth without technological progress? Why is it so?
2. Suppose in a fictional country families lose faith in the financial system and at each real interest rate they start keeping half oftheir saving hidden in the mattress instead of lending it indirectly to businesses via purchases of new shares in mutual funds.a. With the aid of a diagram illustrating the market for loanable funds, explain what happens to the real interest rate and toinvestment.b. With the aid of an AE/45 degree line diagram, explain what happens to the level of economic activity.
Suppose a firm faces the following demand for its output q: q = 100 – 10p, where p represents the price it receives per unit sold. Assume this firm marginal cost is MC = 4. What is the absolute value of the price elasticity of demand at this firm’s p..
Suppose you are the owner-operator of a gas station in a small town. Over the past 20 years, you and your rival have successfully kept prices at a very high level.
Determine which one of the following methods provides the preferred depreciation schedule: DDB or SOYD. Show the depreciation schedule for the preferred method.
In calculating the GDP, why aren't stock market investments included? a. Stock prices fluctuate daily and a true value is hard to determine. b. Owning stocks does not contribute to our country's well being. c. The investment could actually turn into ..
Suppose that the production of $1 million worth of steel in Mexico requires $100,000 worth of taconite. Mexico's nominal tariff rates for importing these goods are 20 percent for steel and 10 percent for taconite. Given this information, calculate th..
Assume that the Good Tire company needs outside legal help and that the expected marginal benefit of this help is given by MB=$200- 2-L, where L equals hours per week of legal services. In this context, discuss how different assumptions about market ..
How might globalization and advances in information technology affect the trade- offs between technical and agency efficiency?
In my mind it is hard to imagine any competitive advantage that technologies give to business without considering efficiencies. To me, technology is meant to either streamline business processes or automated them altogether. While many argue against ..
"To sum up: politically speaking, it is insufficient to say that power and violence are not the same. Power and violence are opposites; where the one rules absolutely, the other is absent. Violence appears where power is in jeopardy, but left to its ..
Consider the following scenario: The city council has just approved the construction of a water park in your town. You are responsible for studying the impact of the new water park on the local economy and the surrounding community.
She borrowed $5,100 at 4.25% on December 26, 2013, and paid it off February 21, 2015. How much did she pay in interest?
What are the differences between macroeconomics and microeconomics?
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