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Assignment:
1. How many recessions have there been in the US economy since 1959? When did the most recent US recession begin (peak) and end (trough) ( this is not a trick question. this question refers to the most recent complete recession)?
2. When was the longest post World War 2 business cycle expansion in the US? (trough to peak, give the trough and peak dates, again this refers to the complete expansion).
3. When was the deepest post World War 2 recession in the US? (peak to trough, give the peak and trough dates)
4. Why do we need seasonally adjusted data to analyze business cycles? Provide examples. Possible reference to The Conference Board Business Cycles Chronology and others.
Provide sources and references where needed.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
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Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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