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Economists have identified two kinds of macroeconomic expectations.
a. Define them.
b. What are the implications for macroeconomic policy of these two forms of expectations?
2. Write down the government budget constraint and explain how it can be used to understand the relationship between fiscal and monetary policies.
from this, equilibrium leads to 1100-5P = -100+P ⇒ P = 200 and Q = 100 Suppose the world price is still 120. Assume that the government now imposes an import quota of 300 units. Under the new quota,
Suppose that government imposes same rate of unit tax (tax on consumer) to both labor. Show the changes in both markets.
Analyze the current status on foreign exchange rate, producer price index including descriptions of current status and graphs with APA guidelines.
What are the characteristics of a monopolistically competitive industry? Provide an example of a monopolistically competitive industry.
In this chapter, we saw that financial market integration is necessary for countries to smooth consumption through borrowing and lending. Consider two economies: those of the Czech Republic and France. For each of the following shocks, explain how..
For whom should economic activity be undertaken? Discuss how the workings of markets provide some answers to these questions.
Projected government revenues from blood sucking income andconsumption taxes, not to mention pick-your-pocket duties andexcise tases is $243 billion for 2008-2009 fiscal year.
Does this resistance stem from an inherent irrationality on their part, or might it be attributable to some other factors often overlooked by traditional economic analysis? Explain your answer
A perfectly competitive market is in long-run equilibrium. At present there are 100 identical firms each producing 5,000 units of output. The prevailing market price is $20. Assume that each firm faces increasing marginal cost.
What if their motivations are more complex, and include concern for the wellbeing of others and/or taking pride in their professionalism and in a job well done?
Compute the additional amount of profit made by the domestic producer as a result of the tariff.
Compute the profit-maximizing price and quantity, and illustrate with a complete graph.
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