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Suppose everyone in a neighborhood consumes hotdogs, h and pop, c. The regular prices of one hotdog and one can of pop are p1 = $3 and p2 = $2 respectively. Everyone has m = $60 to spend. The local fast food outlet sometimes o ers the following two promotions. Either (1) you can receive a free can of pop with each hotdog you buy (you can buy more cans if you want at the regular price) or (2) you can enjoy a one-third reduction, from $3 to $2, in the price of hotdogs. (a) Plot the budget set when there is no promotion. Write down the equation of the budget line. (b) On the same graph, plot the consumers' budget sets corresponding to promotions (1) and (2). (c) Draw example indi erence curves to show a person with what preferences would choose promotion (1) over (2). What person would choose promotion (2) over (1) instead? Would anyone prefer to use neither of the two promotions if they are both o ered?
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
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Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
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