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1. Suppose that the Bank of Canada raises the interest rate at which the average household can borrow and lend. Assume that the typical household behaves according to Irving Fisher's two-period model, that consumption in both periods is a normal good, and that households are initially borrowers. Illustrate graphically how the increase in the interest rate in period one affects consumption in both periods.
2.a. What is “consumption smoothing”? Explain what key role “consumption smoothing” plays in the life-cycle hypothesis and the permanent-income hypothesis?
b. Assume you are a twenty-five year old who expects to work for 40 years and then enjoy 30 years of retirement. If you behave according to the life-cycle/permanent-income hypothesis, how would your current consumption change if:
1. You win $1,000,000 in the lottery this year.
2. You expect to get a $1,000,000 “signing bonus” when you get a job next year.
How can a small special-interest group win, since the benefits flow only to a small group, under a situation of majority voting?
A dominated strategy is one where - Cooperation in repeated prisoner's dilemma situations seems to be enhanced - Consider the game known as the Prisoner's Dilemma. What's the dilemma?
Distinguish between a change in Supply and a change in the quantity supplied. Refer to both increases and decreases for each. Distinguish between a change in Demand and a change in the quantity demanded. Refer to both increases and decreases for.
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages.
1. a positive statement is one which isderived by induction. derived by deduction. subjective and is based on
Consider a Center for Disease Control print ad designed to encourage people to quit smoking that depicts a person in a wheelchair, along with the statement, "You're a STROKE waiting to happen." What principle of attitude change is at work in this ..
farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.
Collect information regarding the minimum wage. State the purpose of this legal price, assess its impact on the market for labor, and evaluate the extent to which it achieves its purpose.
there are four key types of market structures in the market economy perfect competition monopoly oligopoly and
What effect on the price elasticity of demand for commuter rail is there likely to be from a decrease in the price of gasoline? Explain your answer
Find the value of Qc.
. Assume the annual interest rate at 8% per year and the investments and withdrawals of funds are made at the end of each year. How much money you will need in this account right after your last deposit How much do u have to invest each year to rea..
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