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1) Does the goal of full employment imply zero unemployment? If not, what types of unemployment would you expect to be present if the economy is at full employment?2) Why is price stability an economic goal? What are the problems associated with rapid inflation? Why is economic growth important? What are the two causes?3) What is the debate regarding discretionary vs. non-discretionary policy?4) What is the distinction between GNP and GDP?5) What is the distinction between stock and flow variables? How does this relate to net investment, depreciation, and changes in the capital stock.?6) Discuss the two approaches to calculating GNP.7) How is National Income derived from GNP?8) What were the two main tenets of mercantilism? How was classical economics an attack on mercantilist theory?9) Discuss the aggregate production function and the marginal productivity of labor?10) Explain the rationale behind the MR=MC rule. How can the employment profit maximizing conditions be derived algebraically from this equation?11) How can the demand curve for labor be derived from the profit maximizing employment conditions?12) Discuss labor market equilibrium and output determination using graphs?13) Show how the aggregate supply curve is constructed based on labor demand and supply as functions of the nominal wage?14) Discuss the Quantity Theory of Money and the Cambridge Approach. How do changes in the money supply affect the economy? Describe the process.15) Show graphically and discuss the construction of the aggregate demand curve.16) Discuss the classical theory of interest. How ar the supply and demand curves in the supply of funds market determined?17) Show how changes in autonomous investment or government spending would be offset in the classical model.
Two suspects are arrested and charged with a crime. The police lack sufficient evidence to convict the suspects, unless at least one confesses. The police hold the suspects in separate cells and explain the consequences that will follow from the a..
How might you determine whether compact discs and restaurant meals are in competition with each other and interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior;
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $12,000 per person, while it was about $48,000 per person in the United States
You have learned that a subsidy is preferable to a tariff if the objective is to generate a given amount of employment in an individual industry. Explain this point in language understandable to someone untrained in economics.If you were an import..
When a household buys a new house, does that represent consumption, saving, or investment? What factors may influence a household when deciding between buying stocks, bonds, or a house?
Describe the process by which the competitive market establishes a price at which all firms are just earning normal profits.
How does industry-level price elasticity of demand shape the opportunities for making a profit in an industry? How does firm-level price elasticity of demand do it?
Why would suppliers be willing to accept prices that cover variable costs, but do not cover total costs? How does the answer depend on whether the decision is a short-run or long-run decision?
Relatively little pollution is emitted initially in the production process, but as the factory is used more intensively, pollution per unit of output increases and Explain how the introduction of this policy will affect the production decision of f..
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
At a management luncheon, two managers were overeat arguing about the following statement "A manager must never hire another worker if new person diminishing returns". Is this statement correct? If so, why? If not, discuss why not?
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