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"Keynes argued that wage stickiness was probably a good thing, that wage and price ?exibility could easily be destructive of real economic stability. His reasoning went like this. In a monetary economy, the nominal interest rate cannot be negative. Hence the real interest rate must be at least equal to the rate of de?ation.
If wages and prices were to fall freely after a contractionary shock, the real interest rate would become very large at just the wrong time, with adverse effects on investment. The induced secondary contraction would only worsen the situation." (Solow, 1980). Discuss the validity of these arguments. Do they apply also to the modern classical model?
1. List and briefly discuss three different measures of market power for a firm or industry. Explain why the United States Justice Department is concerned about issues of market power and why managers must be aware of those issues.
Explain the concept of income consumption curve
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
Ashenfelter proposed a method to estimate the causal effect of education on income based on the Vietnam draft lottery. The table below shows the average education and annual salary of two groups of men: those born on September 7, 1950, and those born..
Wages offered for a particular type of job are the same across the country. The labor market usually yields a range of wages rather than a unique equilibrium. Wages exhibit frequent and prompt changes in response to changes in market conditions.
Suppose that the profit a Honda dealership makes on selling an Accord is random and is given by the following probability distribution:36% of the time the profit is 800, 26% of the time the profit is 1100; 18% of the time the profit is 1500; and othe..
Presume an economy's output depended on capital (K) and labor (L), and was determined by the function F(K,L) = 50(K^0.7)(L^0.3). Presently, there are 200 units of capital and 600 units of labor. Based on partial derivatives, by much would you expect ..
debbie listens only to frank zappa or weird al yankovic. she currently buys 10 zappa and 20 yankovic downloads per
According to the theory of comparative advantage, nations gain from trade because
What is meant by horizontal differentiation? How can one define the properties and purposes of structure?
The government passes a law that allows a substantial subsidy for every acre of land used to grow tobacco. How does this program affect the long-run supply curve for tobacco?
Suppose that the CPI includes two goods, rice and bread which are substitutes. If the year after the base year the price of bread rises relative to the price of rice then
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