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Floating vs. Fixed Exchange Rates - Do you think the world will move toward an international monetary system or fixed exchange rates in the future?
In the past, the value of currency was determined on the basis of the value of gold. Over a period of time, the temptation to return to a gold standard has been raised and debated. A fixed rate of exchange has the risks associated with the exchange rates and fiscal policies. In contrast, floating rates introduce new opportunities to countries.
Tasks:
Both floating and fixed exchange rate systems have benefits. Summarize briefly the advantages and disadvantages of each system.
Do you think the world will move toward an international monetary system or fixed exchange rates in the future? Provide reasons to support your answer.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
Show the new utility maximizing bundle of gasoline and all other goods. What is the slope of the new budget line? What is the consumer's new MRS of all other goods for gasoline?
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
Identify and describe the five sources of growth? Mention and explain four categories (types) of policies designed to promote growth.
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.
Explain how the central bank in a modern economy operates; in particular, how it tries to control the monetary base (H), and thus the quantity of money (M) via open-market operations.
Cindy gains utility from consumption and leisure. The most leisure she can consume in a week is 168 hours.
Draw a current budget constraint for an assumed single mother (net of child care costs) who loves leisure. Draw the new constraint. Discuss the likely effects on labor force participation and hours of work.
Answer whether the following statements are true or false, explaining your answer in each case.
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
You are the manager of a firm that manufacturers front and rear windshields for the automobile industry. Due to economies of scale in the industry
The airline has an average of 40 passengers paying an average of $200 for this flight. Do you think the airline should be flying between the two cities? Evaluate from a short-run and long-run perspective.
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