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A small industrialized country initially has no trading links with a large, but closed, cen- trally-planned economy that shares a border. Wages per hour for skilled and unskilled work- ers are $25 and $12, respectively, in the industrialized economy. The centrally-planned economy suddenly undergoes a peaceful revolution and the border with its industrial neigh- bor is completely opened to trade. In the former centrally-planned economy, skilled workers get paid $5 an hour and unskilled workers get paid $2 an hour. Productivity in the former centrally-planned economy is one-?fth that of the industrial country in all sectors and for all workers. What would factor price equalization imply happens to wages in the industrial country?
1. consider the model of corruption explored by shleifer and vishnirsquos where there is one government-produced good
What would be the effect on the real income distribution within the economy if there were a substantial tariff levied on manufactured goods?
Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given t..
What do you expect to happen in the long run?
please distinguish between the different categories of price elasticity of demand. i want to know how do you show the
Suppose the government reduces taxes by $20 billion, that there is no crowding out, and that the marginal propensity to consume is 3/4. a) What is the initial effect of the tax reduction on aggregate demand
Why is the money multiplier in the United States smaller than the inverse of the required reserve ratio and explain why depositing cash into a checking account does not change the money supply.
1.We haven't talked much about the discount rate. Why don't you tell us what this is, and who pays it? Is it frequently used?2.Let's say the gov't didn't start the housing initiative, and so didn't pressure banks to make loans to people who wouldn't ..
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What is logrolling? Under what conditions is logrolling likely to emerge? How can logrolling prevent the attainment of efficiency?
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
The United States cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette firms will make fixed yearly payments to government based on their historic mark..
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