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Question 1: The economic implications of externalities (5 marks to parts a and b)
a) Briefly explain what an externality is in economic terms using an example to illustrate your answer.
b) Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
Question 2: Public goods
(a) Define and describe the two main characteristics that define a public good.
(b) Using these characteristics construct a matrix of four types of good (from pure private goods to pure public goods) and list three examples of such goods under each type.
Discuss why is it difficult to estimate who is and who is not in the labor force? What consequence does this have, if any, for the labor market indicator?
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
Hypothetically, if Apple and Samsung decided to collude, instead of suing and counter-suing each other, what would the equilibrium prices and quantities be? Assuming each firm keeps the profit from its own market, what are these profits?
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
What is the marginal cost associated with two units of production and the law of diminishing marginal productivity
The output effect of an increase in the wage comes about because higher wages:
Demand estimation and forecasting and income elasticity of demand
Using a separate supply and demand diagram for each part, illustrate the effect of value of the yen in terms of dollars of each of the following;
Assume that the Federal Reserve sells government securities from its existing holdings to financial sector and non bank public. Trace by the expected consequences of this secondary market action on banking system
To prevent gasoline values from having devastating effects on economy it has been proposed that all gasoline values in U.S. be fixed at the average value for the past 2-years.
Airline fares are bigger in summer than in winter. Some railroads charge lower fares during week than on weekends. Electric firms charge customers lower rates the more electricity they use.
how demand and supply determines prices in "contemporary art market" and the effects on speculation
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