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Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
1. The unequal distribution of income
2. "Breakdowns" in efficiency (i.e. lower real aggregate income than achievable) in the following areas:
a) "Imperfect" competition
b) Externalities
c) Lack of information (both relative and absolute)
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
What is the value of the money multiplier? What is the value of the nomial money supply? What are the nominal values of deposits, currency and reserves?
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
Exchange and markets, Demand supply and market equilibrium
Describe what effect an expansionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Mention the four assumptions for the Monopolistic competition model.
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
Tom earns $15 per hour for up to 40 hours of work each week. he is paid $30 per hour for every hour in excess of 40.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
According to law of comparative advantage , who should produce wheat and who must produce Cd palyer? Evaluate all relevant opportunity cost.
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