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1) Does the goal of full employment imply zero unemployment? If not, what types of unemployment would you expect to be present if the economy is at full employment?2) Why is price stability an economic goal? What are the problems associated with rapid inflation? Why is economic growth important? What are the two causes?3) What is the debate regarding discretionary vs. non-discretionary policy?4) What is the distinction between GNP and GDP?5) What is the distinction between stock and flow variables? How does this relate to net investment, depreciation, and changes in the capital stock.?6) Discuss the two approaches to calculating GNP.7) How is National Income derived from GNP?8) What were the two main tenets of mercantilism? How was classical economics an attack on mercantilist theory?9) Discuss the aggregate production function and the marginal productivity of labor?10) Explain the rationale behind the MR=MC rule. How can the employment profit maximizing conditions be derived algebraically from this equation?11) How can the demand curve for labor be derived from the profit maximizing employment conditions?12) Discuss labor market equilibrium and output determination using graphs?13) Show how the aggregate supply curve is constructed based on labor demand and supply as functions of the nominal wage?14) Discuss the Quantity Theory of Money and the Cambridge Approach. How do changes in the money supply affect the economy? Describe the process.15) Show graphically and discuss the construction of the aggregate demand curve.16) Discuss the classical theory of interest. How ar the supply and demand curves in the supply of funds market determined?17) Show how changes in autonomous investment or government spending would be offset in the classical model.
Research in developing countries indicate that the incidence of child labor actually rose in some countries as incomes (and wages) of poor families increased. This is difficult to understand since many people assume that as incomes rose, the inci..
Describe how this change affects output both immediately and over time. Is the steady state effect on output larger or smaller than the immediate effect?
Identify and enumerate the factors affecting the supply, demand, and price for the company's products and examine whether the demand for the company's products is relatively price elastic or relatively price inelastic and explain why.
What topic or topics of interest have you found at the Markkula Center and can you apply one, two or all three moral theories to the cases?
What are the macroeconomic consequences of a budget deficit when the economy is operating at full employment? Be sure to discuss the effects in the short run and long run.
The scientific method is more difficult for economists than, say, chemists, because: a-controlled laboratory conditions are more problematic in economics. b-it is difficult to hold other factors that may affect the variables being studied constant in..
S hould the Australian Commonwealth government and the various Australian state and territory local government grants commissions use matching grants or non-matching grants or both grant mechanisms to fund local government programs?
Discuss the implication to Economic Efficiency of an economy operating at point and what would it take for the economy to operate at point Z?
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity,price) points of (50, $10) and (54, $8).
What circumstances would the industry short run labour demand curve have the same elasticity as that of a representative firm in this industry? which of the four laws of derived demand are important here? explain your reasoning.
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