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Many economists have attempted to create a set of social accounts that would come closer to measuring the economic well-being of the society than does GDP. What modifications of the current approach would you recommend to them?
Give examples of goods or services you buy in which your preferences are well described by “love of variety” and some examples where your preferences are well described by “ideal varieties” Contrast the assumptions about firms within an industry: the..
A nation is enjoying a good economy with high and rising real GDP, expectations for continued growth and profitability, increasing personal incomes and low unemployment (expansionary business cycle). Outline the effects on supply and demand for loana..
Explain why the price elasticity of demand is negative. What would the price elasticity of demand be for a “prestige good”, one for which quantity purchased increases as price increases? How do you reconcile these two statements?
Suppose the total demand from all current consumers for a given good is estimated by econometricians to be p = 60 - 2q (this is called "inverse" demand function, since it's written as if prices are functions of quantity demanded). Now suppose that..
Which of the following statements are true about transfer payments with regard to computing GDP? Check all that apply.
Based on Ruhmís paper on recessions and health, what are the age group where mortality has the strongest percentage response to an increase in the unemployment rate? What are Ruhmís conclusions about potential mechanisms that could explain the negati..
Which of the following is not a valid generalization concerning the relationship between price and costs for a purely competitive seller in the short run?
How would you determine the market structure of the video game industry (i.e., perfect competition, monopolistic competition, oligopoly or monopoly? Your discussion should focus on the key characteristics of market structure and how you might measure..
Suppose an investor’s risk aversion coefficient is 3 and his utility function is U(r) = 1/2 E(r) − 1/2 A · V ar(r). Suppose there is a risk-free asset whose return is given by ¯r = 0.04. Suppose there is a single risky asset P that has an expected re..
q.in 2020 ahmed decides to invest in a wind turbine that would produce and sell electricity to the local electric
Consider the election game with nine possible regions at which vendors may locate. Suppose that rather than the players moving simultaneously and independently, they move sequentially. First candidate 1 selects a location.
When wages increase, will the typical person work more or less? Explain your answer using microeconomic theory. (Note: The substitution and income effects for leisure demand are an important part of this topic).
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