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Walras General Equilibrium Model
1. Critically appraise the role of the Auctioneer in Walras' presentation of general equilibrium.
2. Critically appraise Walrasian general equilibrium theory.
3. Distinguish clearly between Walras' Law and Say's Law.
4. Distinguish between partial and general equilibrium.
5. Explain the role of the numéraire in a GE model.
6. Explain and discuss the questions which emerged from Walras's research strategy. (Is GE possible? Is the GE economically meaningful? How is production integrated into the GE? Are individual market equilibrium conditions consistent with the GE? Is the GE stable?)
7. Compare and contrast Marshall and Walras on method.
Explain how would the subsiquent changes in price affect total revenue. What are the major determinants of price elasticity of demand.
Explain why should you, as a future employe, be concerned about the downward trend in labor productivity increases that have been observed since the early 1970s.
What are the needs of big companies presently. Do you think it is paying higher salary so people will be more motivated.
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Recently, a troubled bank borrowed $800 million from the Federal Reserve. Describe the impact this event had on the monetary base.
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
What is real mortgage interest rate in 2001, 2002, 2003 and 2004? What are the values in 2000 dollars of the Nancy's monthly mortgage payments in the year of 2001, 2002, 2003, and 2004?
Illustrate what effect a contractionary fiscal policy have on the price level and real GDP.
Suppose that there is an "inflation scare," that is, suppose market participants increase their expectations of future inflation.
Compute the producer surplus from parts a and b. Are producers better or worse off as a result of international trade? Discuss why.
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
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