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1. Is there too much rural-to-urban migration in LDCs? Why or why not?
2. In virtually every country, the share of the workforce in agriculture drops sharply as per-capita incomes rise. Why? Is the exodus of people from farms inevitable?
3. How does the migration of labor out of rural areas affect rural development? Why is it hard to answer this question?
4. What is a CGE model, and why are CGE models more commonly used than two-sector models for policy analysis?
You hear that during the last recession in the early 1990s consumer incomes fell by 10% and the purchase of computers fell by 17%. From this you determine that: since the income elasticity of computers is positive, computers are a normal good
In what two ways is the market structure known as perfect competition said to be “efficient” so that we use it as a benchmark against which to measure the results of the other market structures?
What is the difference between a horizontal merger and a vertical merger? Which type of merger is more likely to increase the market power of a newly merged firm?
You’re a commodity trader and you’ve just heard a report that the winter wheat harvest will be 2 billion bushels, a 40 percent jump, rather than an expected 30 percent jump. What would you expect would happen to wheat prices?
The graph below can be used to analyze how a market for tradeable pollution allowances might work. Your task is to fill in the table that follows the graph and identify the features indicated by the boxes and call-outs. The incremental cost of reduci..
Use your knowledge about price-searching firms and two-part pricing to advise the company below. A company has a bar and is trying to decide on the cover charge (if any) and price for each drink. It has done a modest regression study in which it aske..
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
Explain why a system of marketable pollution permits leads to less costly pollution abatement and a higher concentration of polluted areas than a command-and-control system.
Martin lives for two periods, earning $50,000 in income in period 1, which he consumes or saves for period 2. The interest rate on his saving is 10% per year. Interest income is taxed at rate τ = 30%. Draw Martin’s intertemporal budget constraints wi..
Suppose there are two goods, labeled x, y. A consumer has a budget of w = 220. Suppose the following two consumption bundles: (x = 4, y = 10), (x = 6, y = 4) all cost the consumer 220. (a) What’s the price ratio between the two goods? Namely what’s p..
Now suppose the economists allow for crowding out. Illustrate what would their new estimate of the MPC be larger or smaller than their initial one.
When the average product is decreasing, then marginal product
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