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Use your own words to explain the idea of equilibrium in the income-expenditure model. As part of your answer explain what happens when aggregate expenditure either exceeds or falls short of output in the current period and what impact this has on production in the next period.
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
Explain why the assumption of imperfect competition is necessary for endogenous growth models. How might well enforced intellectual property rights actually lead to divergence rather than convergence?
Suppose the formerly competing ?rms in question 3 form an employers' association that hires labour as a monopsonist would. Describe verbally the effect on wage rates and employment. showing the monopsonistic wage rate and employment level as W2an..
How does your consumption of the two goods change? How does your response depend on income and substitution effects? Can you afford the bundle of soda and pizza you consumed before the price changes?
for the following problems assume that under free trade i.e. before any tariffs are imposedthe u.s. has a domestic shoe
1. betty can make either 20 bottles of wine and 0 boxes of chocolates or 0 bottles of wine and 160 boxes of chocolates
A small economy with a floating exchange rate is in reccession with balanced trade. If policymakers wnt ti reach full employment while maintaining blanced trade, what combination of monetary and fiscal policy should they choose
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
Find the Herfindahl index for the industry composed of a) three firms-one with the 70 percent of the market, and the other two with 20 and 10 percent of the market, respectively; b)one firm with a 50 percent share of the market and 10 other equalized..
nearly everyone knows that the japanese save more money than americans do and that they are more community minded as
what will happen to equilibrium of peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, not enough info to answer, or decrease. what will happen to the total revenue os us peanut butter..
Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January 2010.
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