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Problem 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.
Problem 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
discuss the concept of demand for the products that are being consumed by the different consumers
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QUESTION (a) What are the causes of inflation in an economy? (b) Discuss the policy implications that the central bank will implement if there is excess liquidity in the mar
Nathan is a successful public relations (PR) consultant, thanks to an outgoing personality and sharp intelligence. At 35, he is near the height of his earnings potential, at around
Consider the following information in the international money markets: Spot rate : $0.95:€ Forward rate (one year) :
What is the failure effectiveness of multi-national companies (transnationals) in the promotion of development? TNC FDI failure into hindering development: • TNCs are accus
In your own words, describe the meaning of average cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that
Question 1: a) Explain, with the use of examples, what is meant by the ‘Factor Endowment Theory'. b) According to you, can the ‘Factor Endowment Theory' be a reasonable e
causes of exceptional supply curve
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