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The Economist magazine uses the price of a Big Mac to determine whether a currency is under-valued or overvalues. In July 2012, the price of a Big Mac was $4.33 in New York, 15.65 yuan in Beijing, and 6.50 Swiss francs in Geneva. The exchange rates were 6.37 yuan per U.S. dollar and 0.98 Swiss francs per U.S. dollar and 0.98 Swiss francs per U.S. dollar.
Was the yuan undervalued or overvalued relative to purchasing power parity?
Was the Swiss franc undervalued or overvalued relative to purchasing power parity?
Do you think the price of a Big Mac in different countries provides a valid test of purchasing power parity?
Money acts as a unit of account, medium of exchange, or a store of value. Describe each of these different functions.
For the following question, assume Food is graphed on the vertical axis and Clothing is graphed on the horizontal axis. Suppose Ann's marginal rate of substitution between Food and Clothing is -3. Also, Bill's marginal rate of substitution between Fo..
How would the effects of international trade on the domestic orange market change in the world price of oranges were above the domestic equilibrium? Draw a graph to help explain your answer.
Write the numerical formula for the LM curve? What is the equilibrium level of r?
Your paper should be written using a word-processing program, likely Microsoft Word otherwise a Word-compatible program.
Given below are data on real GDP and potential GDP for the United States for the years 2003–2013, in billions of 2009 dollars. For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or..
Based on the lags associated with fiscal and monetary policy, which one of the two tends to be more quickly implemented? Justify your answer in one paragraph.
Several years ago, James Todd Smith (a/k/a LL Cool J) performed at the United Center. General admission tickets were priced at $32. Concert promoters say that price elasticity of demand for general admission concert tickets was -1.6(i.e. E(P)= -1.6).
Consider the election game with nine possible regions at which vendors may locate. Suppose that rather than the players moving simultaneously and independently, they move sequentially. First candidate 1 selects a location.
Why does an individual's demand curve normally slope down. Why does a market demand curve normally slope down. Why does a firm's supply curve normally slope up. Why does a market supply curve normally slope up.
It is well known by now that industrial production (consumer products and services) usually entails pollution of some sort and often hazardous production practices; yet this production continues.
Confronted with an adverse supply shock, an economy with rigid wages and prices would suffer
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