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Using the utility function:
U (x, y) = x^gamma + y^gamma , 0 < gamma < 1
(a) Find income and substitution effects.
(b) Does the substitution effect increase or decrease when increases?
Illustrate what will the exchange rate have to be to discourage Portuguese imports of British goods? Similarly, what will the exchange rate have to be to discourage British imports of Portuguese goods.
Suppose Bank of Canada (BOC) purchases $100 million worth of government bonds from a chartered bank. Assume BOC imposes 5% legal reserve requirement ratio to the banking system.
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
A United State corporation CTM borrows $1,500,000 at LIBOR + 125bp p.a. on a 6M rollover basis from a London bank. If 6M LIBOR is 4 1/2%
Illustrate what market did Microsoft have a monopoly in the late 1990s. What technological advances threatened that monopoly.
On the other hand, you might also analyze in detail the effects of higher unemployment among a business cycle downturn.
Prepare a chart that lists three strengths and three weaknesses of the Consumer Price Index calculation.
Illustrate what happens if the government is trying to stimulate the economy with their spending, but this leads to a greater output than projected.
In 1981, the United State negotiated an contract with the Japanese. The contract called for Japanese auto companies to limit exports to the United State.
Explain why did Ricardo think that international trade was based on comparative advantage while internal (domestic) trade was based on absolute advantage.
Explain why is it that a firm in a perfectly competitive market can sell as much as it wants without a change in price occurring? As a result, what is the elasticity of demand affecting the firm then.
Elastic with respect to its own cost and whether Good Y is a substitute or a complement with respect to Good X.
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