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QUESTION 1
(a) In what specific ways does Becker's model of the allocation of time differ from the simple work-leisure choice model?
(b) Compare and contrast the functioning of the income and substitution effects of the two models
QUESTION 2
(a) The monopoly union model assumes that union sets wage rate while the firm sets the level of union employment, based on this wage rate. Using appropriate equations and diagram, explain carefully the functioning of the monopoly union model
(b) Comment on the direct and indirect test of the Efficient Contract model
Why not cancel all third world debt? Two arguments are advanced in opposition to debt cancellation. • Developed countries finance the World Bank which can use its funds to
Describe the characteristics of Monopolistic Competition
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What are Rostowís policy implications? • LDCs (Less Developed Countries) require aid. The development procedure can stall at the Take Off stage for be short of savings. 15
(a) Suppose that the British Pound is quoted at $1.4419-36 and the Swiss Franc is quoted at $0.6250-67. What is the direct quote for the British Pound in Zurich? Note that a direct
Ask question different between Marginalism & incrementalism #Minimum 100 words accepted#
Discuss, using examples the economic consequences of a sudden monopolization of an industry that had been previously been competitive
Why is the growth rate and significant for development? The rate of economic development is the percentage increase within real GDP over twelve months. • The higher rate of
Explain for each of the sub-variables the positive or negative implications the environmental factor could have on the cereal category in economis aspects
1500 word essay
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