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1. Explain how an economy with a shortterm equilibrium below the longterm equilibrium will adjust to bring the two into alignment.
2. Explain how an economy with a shortterm equilibrium above the longterm equilibrium will adjust to bring the two into alignment.
3. Explain why an increase in government spending has the longterm effect of increasing the price level.
4. Describe the shortrun and longrun effects of a sudden decrease in consumer spending and explain how these effects are created.
5. Describe the shortrun and longrun effects of a law limiting the flexibility of wages and explain how these effects are created.
6. Describe the shortrun and longrun effects of a reduction in wages and explain how these effects are created.
The reservation wage for a worker will be higher when:
What is marginal rate of substitution between flour and rice. What is amount of rice and amount of flour he should be consumed to maximize his utility.
Now suppose one big firm comes and buys out all of the firms in the cartel. This monopoly somehow miraculously is able to perfectly price discriminate. How much will this firm produce? What will be the deadweight loss created by this monopoly?
Suppose c = wL + rK and q = L 1/3K 1/4 and perfect competition in all markets. Find the demand for labor and capital and the supply of q. If p = 8, w = 1 and r = 2, find the quantity supplied and the profits.
Elucidate the consumers opportunity set in a diagram. Explain how does this change alter the market rate of substitution between goods x and y.
In Morocco 60% of women are illiterate. If women Morocco are allowed to pursue educational opportunities then it could boost economic growth. Mention at least two ways through which faster economic growth may occur.
Apply supply and demand analysis to price determination and predict changes in supply and/or demand Analyze the effects of elasticity on consumer and business behavior
What is an innovation economy? How does it differ from a traditional manufacturing economy?
Describe how you would correct for it within the regression equation. What transformation would you apply to the data to account for the trend?
If the Federal Reserve had maintained a constant money supply in the face of this change, what would have happened to the interest rate.
A set of cash flows begins at $200,000 at the end of year 1. It deceases by 10% at the end of year 2 and so on, until n = 10 years. If the MARR = 8%, what is the PW of the flow? Lucky Linda, a very good Avon salesperson, is averaging $100,000 per yea..
Suppose that a certain country has an MPC of 0.9 and a real GDP of $400 billion. If its investment spending decreases by $4 billion, what will be its new level of real GDP?
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