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(a) Social welfare functions embody a normative conception of the relative importance of equity and efficiency'. With the aid of diagrams, illustrate and explain this proposition.
(b) As tools of real-world policy analysis, social welfare functions have been subjected to severe criticism'. Discuss with extensive reference to the literature on theoretical welfare economics, including Arrow's famous Impossibility Theorem.
(a) and (b) carry equal marks.
(a) and (b) should each be 1,000 words in length.
If current output is such that marginal cost exceeds marginal benefit, should more or less resources be allocated to this product?
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
Draw a graph similar to the one in part (a) to show the effect of the open-market operation on output and the price level. Explain in words why the policy has the effect that you have shown in the graph.
Economic theory tells us that (under reasonable assumptions) a rise in the government budget deficit raises interest rates. Show how the debt is monetized if the Fed tries to maintain stable interest rates
If growth in labor supply is a source of economic growth, then we should just open our borders and let everyone immigrate to the U.S. Agree or disagree? When it comes to labor what matters for economic growth?
Public Choice theorists have emphasized that there is a bias toward growth in government due to the "concentration of benefits" and the "diffusion of burdens" (or costs) from government spending. Some people, like Wilhelm Ropke.
While greater access to imports may be beneficial from a microeconomic standpoint (people have greater range of goods to choose from, and available at a lower price) the macroeconomic view of things may be a little different.
How much would each farmer produce in the long run? How many farmers would exist in the industry in the long run and
Within rich economies, there is strong evidence of convergence ________.for regions within a country.with developing economies. leading to military conflict.
A firm that sells e-books – books in digital form downloadable from the Internet – sells all e-books relating to do-it-yourself topics home plumbing, gardening, and so on at the same price.
Why is an oligopolist more likely to be able to earn a profit in the long run compared to a monopolistic competitive firm Describe the Diamond-Water paradox and the solution Explain why price is greater than marginal revenue for a single-price
The goal of studying and recording the unemployment rate is to learn something about the state of the economy. Explain why each of the following makes the unemployment rate a better or worse indicator of how healthy the economy is.
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