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In a popular paper published in 1992 by the Quarterly Journal of Economics (QJE), Gregory Mankiw, David Romer and David Weil (MRW) conclude that:
"international differences in income per capita are best understood using an [economic] growth model [where] output is produced from physical capital, human capital, and labor, and is used for investment in physical capital, investment in human capital, and consumption."
(Mankiw et al. 1992 , p. 432)
Using the Eviews/GRETL dataset attached, carefully explain the empirical evidence MRW provide in support in of their thesis. In the light of this econometric analysis, do you share the authors' conclusion above?
the price level and the money supply over the business cycle both in terms of correlation, magnitude and lead vs lag. Give the economic intuition of the results on consumption, investment, productivity, wages and price levels.
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The quantity q of grapefruits demanded at price p is given by q = 30-3p and the supply schedule by q = 6p. The government imposes a quantity tax at some rate t, which it collects from buyers. What is the smallest tax rate that will result in no grape..
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An increaseing governemtn expenditure in increasing GDP when it is financed by rasing taxes or slling government bonds to the general public or else.
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Using evidence from the textbook/films - if you could describe the state of Black America in only one or two words, what would they be and why?
Laws of supply and demand
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Explain why the Kondratiev cycle may no longer apply to the study of the US economy and its business cycles?
question suppose we can divide all the goods produced by an economy into two types consumption goods and capital
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