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QUESTION 1
(a) In what specific ways does Becker's model of the allocation of time differ from the simple work-leisure choice model?
(b) Compare and contrast the functioning of the income and substitution effects of the two models
QUESTION 2
(a) The monopoly union model assumes that union sets wage rate while the firm sets the level of union employment, based on this wage rate. Using appropriate equations and diagram, explain carefully the functioning of the monopoly union model
(b) Comment on the direct and indirect test of the Efficient Contract model
QUESTION 1 (a) Explain the meaning of asymmetric information, adverse selection and moral hazard and their implications on the role of commercial banks in the financial interme
how many statics numericals in quantitative economics
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Discuss (1) the key characteristics of the Chinese economy during the Mao era, (2) the socio-economic shortcomings that China experienced between 1949 and 1976 and (3) t
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Define the aggregate price level in the macroeconomics. Aggregate Price Level: A nominal measure is a measure which has not been adjusted for modifications into prices
QUESTION (a) Compare and contrast the two major transmission channels that characterizes the credit view. (b) Discuss which asset price channel of transmission of monetary p
What are the requirements of national figure to adjusting? National figures first require adjusting: • For population: Dividing Gross Domestic Product (GDP) by total populat
What is matrix algebra, give some examples and its types
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