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Final Exam.docx
Part A) What is ‘Classical Dichotomy'? What is the neutrality of money? Are the two related? If so,how are they related? What are the major economic and political conclusions of ‘Classical Dichotomy'?
Part B) Do Classical Dichotomy and Neutrality of money exist in the Keynesian model? (Use the AD-AS or IS-LM models for the purpose of analysis). How do the economic and political conclusions of the Keynesian model differ from those of the classical model on account of this? Explain your answer in detail.
[Hint: Explain the major changes in assumptions about the labour and money markets that lead to the lack of existence of the classical dichotomy and money neutrality in the Keynesian model and how they relate to economic and political conclusions of the Keynesian model]
Car production is a constant cost industry (i.e., supply curves are perfectly elastic). Japan can produce cars for $12,000 each; the United States can produce them for $16,000; and Mexico can produce them at a cost of $20,000 each. In the questions b..
If Alisha Maintenance manufacturing then how would Alisha's management improve its cost function to better understand their past maintenance costs and predict future maintenance costs.
In China, rural property is owned collectively by the village while being managed under long-term contracts by individual farmers. Why might this be a problem in terms of optimal land management, use and allocation?
What is the MRS at any point if x is a neutral good? Explain why. If the good on the y axis was a neutral good and the other good was a regular good.
What does signaling theory say about the value of education? In other words, according to signaling, why are educated workers paid more?
"It is Adam Smith's greatest contribution that he recognized in the social world of economics what Isaac Newton had recognized in the physical world of the heavens: a self-regulating natural order." Paul Samuelson a. What was that "self-regulating..
Select 2 of the costing methods, and discuss why they will support developing a realistic budget. Provide an example of computations for a few of the activities for the 2 selected methods.
Explanation and illustration of supply and demand theory, supported by academic references and an application of the theory to the issue of land-fill availability/volumes of waste.
A long-run supply curve is flatter than a short-run supply curve because firms can enter and exit a market more easily in the long run than in the short run is it true or false.
Imagine that you were the president of a merging county that is trying to reduce the number of its imports. Explain one (1) protectionist policy that you would utilize to help domestic industry over all.
Write an equation in slope intercept form for Econoland's PPF and an equation in slope intercept form for Free Enterprise's PPF. What is Econoland's opportunity cost of producing one additional airplane? What is Free Enterprise's opportunity cost of ..
Two small open economies, Fixed and Flex, can be described by the Mundell-Fleming model.
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