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1. Explain the difference between general-equilibrium models and partial-equilibrium models. How are the numbers of endogenous and exogenous variables related to whether a model is a partial-equilibrium or general-equilibrium model?2. Explain the major components of the market for goods and services. What key macroeconomic variables influence spending on those components?3. What are some of the inconsistencies that made economists skeptical of the value of large, structural macroeconomic models? How did the overconfidence of macroeconomists after the long expansion of the 1960s lead to the inflation of the 1970s?
Robo-mower will only cut grass within its programmed area and it will avoid flower beds, rocks, sidewalks, etc., while you sit in the hammock, enjoying the summer! An emergency "cut-off" switch brings it to a full stop in one-quarter of a second.
The range of reserve requirements that the Board of Governors can set for net transaction accounts is a. 3 to 6 percent b. 8 to 14 percent c. 3 to 14 percent d. 0 to 9 percent
Today, the Federal Reserve announced that it is reducing the discount rate by 0.5%. How would you expect this announcement to affect the value of your bond?
Is the main outcome of economics (high standard of living) the only relevant question in the realm of economic analysis? Do you agree? Is quality of life also significant?
Explain how each of the events described above, affected the world market for oil. Specifically, use a supply and demand diagram to explain changes in price and output.
Py =4 and Uo is the maximal level utility when Px =5, Py =4 and I =100. find the the compensated demand curve (or of Hicks) and draw it on the same graph. for what value of Px the two curves will cut? what is the elasticity of compensated demand w..
Does the company behave like a monopoly or more like a competitive firm Has the monopoly been cited for monopoly behavior If so, discuss the behavior and the final outcome of the case. (Hint: Both Microsoft and Wal-Mart have been found guilty of m..
Determine the marginal cost for bottle of wine and what will be the reduction in number of crashes at that intersection achieved by the mayor?
Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?
When the Fed buys government securities in the open market, the money supply ________ because ________. In the quantity theory of money, the assumption that aggregate output is fixed is based on the view that ________.M1 differs from M2 because _____..
The cost of transporting goods and the price of obtaining information has decreased substantially over the past 100 years.
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
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