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1. Illustrate the full income budget constraint on an individual who has T0 units of discretionary time, Y0 units of unearned income and a wage rate of W0.
2. In the same diagram, illustrate the utility maximizing choice of leisure and goods/income. Indicate the number of hours that this individual works.
3. Now suppose that some kind of time-saving device (such as improved transit or the introduction of microwave ovens) increases the amount of discretionary time to T1>T0. Illustrate the new budget constraint in your diagram.
4. How does this increase in discretionary time affect the quantity of labour supplied to the market? Explain and illustrate in your diagram.
In the long run, if the Bank of Canada decreases the rate at which it increases the money supply, what will happen to inflation and unemployment?
Can you see any practical problems that might arise in following such a policy? How do your previous answers change in the special case where money demand does not depend on the expected rate of inflation?
Why/how does inflation impact the growth rate of the economy in the medium run.
Describe what is meant by globalization. How might we measure globalization to see if it is changing over time?
What role did Red cloud play in the factional splits that occurred in the late 1860s and 1870s.
Pick one company and analyze that company. Identify one concept from all of the following 1. Basic economic relations 2.Statistical analysis (history/competition)
A natural monopoly has an incentive to pad its cost of production under which type of regulation?
Some, like Santander, have quietly expanded into or business lines; its consumer-credit division is Europe's biggest car financier. What is next.
How will the effect on price of an outward shift in demand for labor differ from the effect on price of an equivalent shift in the demand for land.
illustrate the effect of capital formation by comparing the product posibility curves,at the present time and ten years in the future for two economies,one with a high and the other with a lowrate of capital formation.
In the year 2000, the US had a Budget Balance of $236 billion dollars. The cyclical component of the budget totaled $94 billion. What must the structural balance be (in billions of dollars)?
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. sells a product differentiated from that of its competitors. has marginal revenue less than price
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