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In his article, "How Statistics Lie: Unemployment Can be Good for You", Steven Landsburg is arguing that inflation rate calculated simply as rise in price levels is not very informative.
a) Explain the situation in terms of income and substitution effects.
b) Will your answer differ whether the goods are inferior or normal? Explain.
Suppose you own a house in Mobile, AL. Your house is currently worth $200,000. Suppose there is a 5% chance that a food destroys your house, in which case it will be worth $0. You have $50,000 in your bank account.
How have social policies (identify two or three) impacted you and your life? Which social policies have upset you, and why? Which social policies have made a positive impact on your life or the life of someone you know? How have they made a positive ..
The concept of balance of power is fundamental in international relations. What does it mean? How meaningful can it be at the beginning of the 21st century, given the impact of globalization and modern warfare in which one's opponents may not be atta..
Four percent of the customers of a mortgage company default on their payment. a sample of five customers is selected. what is the probability that exactly two customers in the sample will default on their payments?
Can there be a deficit on Current Account and a deficit on Capital Account at the same time? Explain. Explain why currency depreciation leads to an improvement in a nation's balance of trade. How is the exchange rate determined in a freely floating r..
Is stability in the general level of prices through time important? Why or why not? Should price stability be the goal of monetary policy? Explain your responses.
Suppose there are 100 identical firms in the perfectly competitive cement industry. Suppose the cement industry is a Constant-Cost industry. Find the short-run supply (QS) of the industry. Compute the consumer surplus (CS) and producer surplus (PS). ..
Define asymmetric information. Distinguish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal-agent problem?
Competitive Market Surplus. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: P = $15 ? 0.3QD (Demand) P = $3 + $0.1QS (Supply) where Q is millions of hours of unskilled labor and P is the wage rate pe..
A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer's optimal consumption bundle will change despite them being able to afford their original ..
Grade survival rates estimate:
Explain how natural monopolies cause market failure? How is the deadweight loss associated with this form of market failure measured? What is a typical form of government intervention to correct it? How effective is this type of intervention?
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