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Purpose
To assess your ability to discuss topics, terms and concepts in Economics for Managers.
Action Items
Reflect on the following questions:
In class we saw that when Deferred Acceptance is used, the proposing side has a weakly dominant strategy of being truthful. Use this result to show that serial dictatorship has the same properties.
Define "Full Employment" and "Price Stability". Define, measure, and discuss why inflation is a problem. Define and measure unemployment.
Suppose that Congress imposes a tariff on imported autos to protect the U.S. auto industry from foreign competition. Assume that the United States is a price taker in the world auto market. The following graph shows the U.S. auto market, the world pr..
The mean hourly wage for employees in goods-producing industries is currently $24.57. Suppose we take a sample of employees from the manufacturing industry to see if the mean hourly wage differs from the reported mean of $24.57 for goods-producing in..
Why should the government intervene in situations of market failure? Should the government intervene if a market is fully efficient, why? What additional rationals are present if there is inadequacy in the market?
Why is a nation's real interest rate more important for international investors than the nominal interest rate? Explain the relationship between a country's interest rate and its exchange rate.
What about longer term dynamics of the global economy? What might be those benefits or losses
Ilustrate what is the marginal product of capital and labor. Does the answer depend on how much labor and capital are used.
When using a supply and demand model to illustarte how land rents are set, economists typically draw the supply curve as a vertical line because
One critic of the North American Free Trade Agreement argued that "it can't be in our interest to sign this deal; Mexico gains too much from it." What does the theory of the gains from trade have to say about that criticism?
The government introduces a law which imposes a cost of $5 on landlords (shifting the supply curve up by $5) and a benefit of $10 to the consumers (shifting the demand curve up by $10). How is the rent going to change? Are the parties going to be bet..
Illustrate output quota q1 would the typical firm have to be limited. Explain how much would it like to produce.
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