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Starting from long-run equilibrium, graphically illustrate and explain what happens to the equilibrium price level, equilibrium level of real GDP and the unemployment rate in response to an increase in technology. Is it reasonable to conclude that the economy is at the natural rate of unemployment?
Starting from long-run equilibrium, graphically illustrate and explain what happens to the equilibrium price level, equilibrium level of real GDP and the unemployment rate if labor productivity rises and there is an increase in business expectations. How would you describe this outcome? Is it reasonable to conclude that the economy is at the natural rate of unemployment?
Starting from long-run equilibrium, graphically illustrate and explain what happens to the equilibrium price level, equilibrium level of real GDP and the unemployment rate if consumer expectation rises and there is an increase in wages. How would you describe this outcome? Is it reasonable to conclude that the economy is at the natural rate of unemployment?
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
Explain Thorstein Veblen's theory of consumption. Is economic behavior, and consumption in particular, driven by utilitarian impulses or socio-cultural factors? What is the point of conspicuous consumption and conspicuous leisure?
Compute elasticities of demand and explain briefly for each the relevance of this information in decision-making by the firm. The data has been generated in each case from recent market experience or from test markets.
Suppose you have a budget of $52 to spend of pretzels and beer. Your utility function is U = 15p + 18b – 0.5p2 – 0.5b2. The price of a small bag of pretzels is $2, and the price of a pint of beer is $4. Does the utility function indicate a relationsh..
How can an event such as the terrorist attacks of September 2001 affect consumer and business confidence and the economy?
In the long run, if the Bank of Canada decreases the rate at which it increases the money supply, what will happen to inflation and unemployment?
Consider a world with two countries, H and F. H is the importer of a homogeneous good produced by perfectly competitive firms and F is the exporter (so both countries are “large”). Draw 3 graphs, one for H and one for F and one for the world market, ..
The Chaplin Company issued bonds several years ago with a 6.5% coupon rate and semi-annual coupon payments. If the bonds have 12 years to maturity and Charlie requires a 4.75% rate of return for this type of investment, what is the value of the bonds..
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
Modeling what is a Market. In modern usage, a commodity is anything of use that is available for purchase and sale in standardized form. Participants: Who trades with whom
As of 2006, the United States is running a large trade deficit--that is, imports exceed exports by a wide margin and the United States is consuming more than it is producing. The U.S.'s ability to consume more than it produces rests on foreigners' wi..
If a two linear demand curve run through a common point than at any given quantity the curve that is flatter is more elastic? Whether buyers or sellers bear the majority of the tax burden depends on who initially imposed the tax?
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