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Problem:
Describe whether, the given statements (a-f) are True, False or Uncertain. Briefly justify our answer. Questions (g) - (h) show all your calculations. No marks will be allocated if you do not justify our answer.
(a) The flow of national income into domestic expenditure will be reduced by an increased savings.
(b) The Philips Curve shows the relationship between the rate of inflation and the nominal rate of interest.
(c) According to Purchasing Power Parity Theory, the comparative advantage of the two countries in terms of trade determines the rate of exchange between two countries.
(d) The LM schedule is always downward sloping.
(e) A reduction in the cash reserve ratio of the commercial banks, other things remaining unchanged would increase the value of the credit multiplier.
(f) A country imports only one commodity. After a devaluation of its currency by 10% its import falls from 50 million tonnes to 45 million tonnes. The elasticity of demand for imports is therefore equal to one.
(g) The table shows the price indices and weights for the three commodity groups that are included in the calculation of a country's cost of living index. The cost of living has increased by how much since the base year?
The consumer's utility function is u(x1,x2) = (x1) (x2)^2 (a) Graph his budget constraint for p1 = 3, p2 = 2 and M = 900, and write down the equation for his budget line. (b)
what are the limitation of economies scales
"International bodies such as the aced argue that more unequal income and wealth distribution erode social cohesion and increase the scope for internal conflict."
As it turns out, there is little evidence to support a direct causation between income and children. (If I am poor, then I will decide to have a lot of children? Alternatively: I h
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Since their inception, VAR models have been at the centre of many controversies associated with econometric modelling. The recurring criticism throughout history is due to the mode
Explain the adjustment to the new equilibrium price from an increase in demand.
Gas Guzzler Motors is one of three major auto producers. It is currently producing 6,000 cars a day, and selling them at a price of $10,000 each. Its marketing department tells it
Explain the trade-off between equity and efficiency. Identify how individuals and organizations are likely to change their behavior as a result of government actions.
Price/Feeder Quantity Demanded Quantity Supplied $300 500 1800 270 600 1700 240 700 1600 210 800 1500 180 1000 1400 150 1100 1300 120 1200 1200 90 1300 1100 60 1400 1000 30 1500 90
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