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In the trade scenario in problem 1, due to over?shing, Norway becomes unable to catch the quantity of ?sh that it could in previous years. This change causes both a reduction in the potential quantity of ?sh that can be produced in Norway and an increase in the relative world price for ?sh, Pf /Pa.
a. Show how the over?shing problem can result in a decline in welfare for Norway.
b. Also show how it is possible that the over?shing problem could result in an increase in welfare for Norway.
If every $1,000 increase in the real price of homes adds 5 cents to annual consumer spending, by how much did consumtion decline when homes fell by $ 2 trillion?
Assume the rural wage is $1 per day. Urban modern sector employment can be obtained.
The concept of present value gives equivalent in dollars available immediately to a payment that is made at some point in future.
Suppose the Federal Reserve Bank decides at its next FOMC meeting to raise the federal funds rate from around 0% to .25%. With the aid of a diagram, carefully explain how they will go about implementing this policy.
Illustrate what does the term "Recession" mean and how do we know when one occurs. How does government intervene to move the economy out of a recession.
Exports and imports total in the billions of dollars for each country. Explain what this tells you about our society.
a explain in words how and why the income sensitivity of the demand for real balances affect the slope of the lm curve.
You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions that will help the mayor understand the structures of many of the businesses i..
Demand for flower bouquets in a suburban town is described by: QD = 50 – 5 P + 2 Y, where Q is quantity, P is price per unit, and Y is an index of consumer income. Similarly, supply is described by QS = 10 P – 5.
New federal housing information demonstrate that the country's most overheated local housing markets make up such a large share of total United States market that a sharp fall in their value could stall or slow economic growth.
You are planning to build a new home with approximately 2000-2500 gross square feet of living space on one floor. In addition, you are planning an attached two-car garage (with storage space) of approximately 450 gross square feet.
A firm in a perfectly competitive market has the following total cost function: STC = 20 + 6Q - 1.12Q 2 + 0.09Q3, where Q is the firm's output (in 000s). Market price is $7.
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