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1) Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP (hint: this topic is not discussed in your text... you will need to understand this week's lecture notes to answer this).
2) Why might the rate at which the Aggregate Supply curve shifts vertically upward increase when an economy produces beyond full employment. (Hint: think about the effect of very low unemployment rates on the balance of bargaining power between employers and workers)
3) Explain why inflation rates are likely to rise when an economy expands beyond full employment capacity output. Draw an aggregate supply-aggregate demand diagram to illustrate your answer. (Hint: utilize your answers to #1 & #2 to answer this question)
The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve and the Justice Department.
Illustrate what would have been the welfare implications of a ban on oil imports.
A recession? How would your decision change if your firm's plant and equipment needed to be replaced? What if plant and equipment were new?
Elucidate why are shortages or surpluses more likely with preset costs, such as those on tickets, than flexible costs
What should the jackpot be before the expected payoff is worth your $1.00 bet. Assume that the state takes 60% of the jackpot in taxes, that no one else is a winner, and that you are risk -neutral.
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?
Assume there is a 50% chance of the savings account losing half your money. Elucidate how much does the person save now?
What do economists mean when they say markets are mutually interdependent? Give an example to support your explanation
Explain how event causes the bond market to move from initial equilibrium, E1, to final equilibrium, E2. (3) What happens to bond prices and interest rates in going from E1 to E2?
How do fixed costs play a role in your analysis? What is the difference between shutting down and going out of business?
Elucidate the difference between tariffs and quotas. Who is harmed and who benefits by this restriction on trade.
Despite being globally branded, Unilever still tweaked the Dove campaign from country to country. Elucidate why did it do this. What does this tell you about national differences in consumer behavior.
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