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"Keynes argued that wage stickiness was probably a good thing, that wage and price ?exibility could easily be destructive of real economic stability. His reasoning went like this. In a monetary economy, the nominal interest rate cannot be negative. Hence the real interest rate must be at least equal to the rate of de?ation.
If wages and prices were to fall freely after a contractionary shock, the real interest rate would become very large at just the wrong time, with adverse effects on investment. The induced secondary contraction would only worsen the situation." (Solow, 1980). Discuss the validity of these arguments. Do they apply also to the modern classical model?
The questions explore the lemons problem with a third quality level, intermediate, whose repair costs are $500. Hence a buyer values this quality at $2,700 and a seller at $2,200.24.14 If each quality level is just as prevalent in the population, sho..
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Describe as completely as you can what an economist means by demand and discuss (this implies that you are able to discuss why the factor causes the shift and describe the direction of the shift
since 1995 the world trade organization wto has adjudicated trade disputes that arise between or among nations. now
Identify a market which you feel is perfectly competitive. The firms in this structure are considered price takers, are the firms in the market you chose all selling their product at the same price? Why or why not?
From 2007 to 2011 the U.S. monetary base increased by 200 percent, but M1 and M2 increased by 40 percent and 25 percent respectively. What caused this explosion in the monetary base? Why didn’t M1 and M2 increase by the same percentage as the monetar..
How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?
If the price level is above the equilibrium price level, how does the aggregate quantity of goods and services demanded compare to the aggregate quantity of goods and services supplied at the price level? Is this a condition of equilibrium? If no..
Suppose Humphrey starts out with four pounds of food and seven gallons of water, while Lauren starts out with eight pounds of food and five gallons of water. Draw an Edge worth box that shows all possible allocations of these goods, and plot the endo..
What is the difference between limit pricing and contestable markets and In what way does OPEC resemble a cartel? How successful is it - Examine the U.S. passenger airline industry using the Five Forces.
Suppose in the example above that the benefits of clear-cutting and not replanting outweighed the costs. What would have to be true for that decision to be economically sustainable - What are the potential problems with market allocation for noise ..
Give three reasons why gold has been such a popular form of money
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