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Examine the impact on a small country following an outward flow of immigrants that decreases its labor force. Assume that land is specific to agriculture and capital is specific to manufacturing, while labor is free to move between the two sectors. Assume that there is no international trade, and that the prices of the manufactured and agricultural goods do not change.
Determine whether each statement is true or false, then briefly explain why.
1. The workers who do not immigrate are better off.
2. The output of the agricultural good increases.
3. The marginal product of labor increases for the manufacturing industry.
Assume that foreign inflation is 3 percent and domestic is 2 percent. How much higher/lower than the surrounding world’s nominal rate must the central bank mark their domestic nominal interest rate so that the real exchange rate will be unaffected?
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Assume you believe that income is a good proxy for ability to pay. Wha..
Suppose that consumption expenditures, investment expenditures, and government purchases are 75 billion, 25 billion and 20 billion, respectively. How large should the GDP be so that the net export is zero?
Illustrate how many would you expect to be sold under each pair of price and income demand elasticity estimates.
If you had $ 4000 now and invested it at 6% simple interest, how much would it be worth 12 years from now? How much would it be worth if you receive 5% compound interest instead of 6% simple interest?
Consider a finite set of prizes X and probabilities P on them. Suppose that an expected utility maximizer's preferences > on P have an expected utility show with utility function on prizes u : X->R.
Identify an economic issue that both parties address and compare and contrast their views on that issue. Generally speaking, how much of the disagreement is based on normative economics compared to positive economics?
Explain what a market is by giving a definition of the term “market” in expressions like “the market for wheat,” “the U.S. market for anaesthesiologists,” and “the market for the common stock of company X.
Robert has a passion for making ice cream. Assume that ice cream parlors have a monopolistic competition market structure. Between the local Amy\'s, Cold Stone Creamery, Marble Slab, Ben & Jerry\'s and Baskin Robbins, he has an uphill battle to break..
Suppose a furniture manufacturer is producing in the short run (with its existing plant and equipment). The manufacturer has observed the following levels of production corresponding to different numbers of workers
Assume that Crusoe's and Friday's utility functions are described in Problem 1. Assume now, though, that initially Crusoe has six oranges and Friday two. Assume that for every two oranges taken away from Crusoe, Friday gets only one, an orange being ..
Illustrate what kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies, giving specific examples, would help move the economy back to potential output.
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