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Question 1:
Critically analyse the costs of inflation. Which of these items is likely to have encouraged many governments in their adoption of inflation as public enemy number one?
(a) Distinguish between static and dynamic gains from trade.
(b) Explain clearly, with the help of diagrams, the welfare effects of an import tariff assuming
(i) the economy is small (ii) the economy is large
Question 2:
(a) Critically analyse the main types of unemployment
(b) ‘There is no relationship between inflation and unemployment either in the short run or in the long run' Discuss
You operate your own small building company and have decided to bid on a government contract to build a pedestrian walkway in a national park during the coming winter. The walkway
A recent article estimated that the elasticity of the rate of gonorrhea with respect to the price of beer is about 0.8. If this estimate is correct, are unprotected sex and beer su
Give a brief description of the transmission mechanism 1. When the central bank target rate increases, other interest rates in the economy will increase (and the money supply
Consider a market for fish whose market demand and market supply for fish is specified as Qd = 300 - 2.5 P and Qs = - 20 + 1.5 P respectively. The equilibrium price and quantity is
Describe elasticity? Differentiate demand elasticity and supply elasticity? What is arc elasticity? Please describe graphically with proper mathematical representation?
Imagine Adam Smith living in today's economic climate. Describe what current economic issues about which he might be most concerned with and state why?
take one set ( lk& output) to prove
what is gdp
Concept of Preference, Utility Function: Concept of Preference, Utility Function and Indifference Curve Consumer preference ('R') specified by the above axioms can be represe
In 2001, Puerto Rico enacted a law that requires specific labels on cement sold in Puerto Rico and imposes fines for any violations of these requirements. The law prohibits the sal
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