Choose a human-made, renewable resource which is subject to the Tragedy of the Commons. Has the problem been solved? If so, how? If not, why not?
In: Economics
With the Phase 1 deal being signed, will the U.S. and China continue to work in a positive direction? Why or why not?
In: Economics
Question 7
In Santa Monica, California, it was reported that a “finder’s fee”—an up-front payment of up to $5,000—was being required of prospective tenants seeking to rent special apartments. What is this an example of?
the black market
a price floor
price gouging
a government price ceiling
Question 8
Mesa Petroleum Company built a small park in front of its corporate office. This is an example of __________.
imposing external costs on its shareholders
providing a pure public good
providing external benefits to the community
assuming city responsibilities
Question 9
What is the most frequently cited example of an externality?
service charges
public protest
pollution
sales taxes
Question 10
A negative externality exists when __________.
all costs are taken into account in the demand curve
all costs are taken into account in the supply curve
the market demand curve is not the true demand curve
the marginal social costs are not taken into account in the supply cur
In: Economics
In: Economics
Consider the following data on real GDP per capita in:
Year |
Per Capita Real GDP |
1950 |
14 339 |
1960 |
17 351 |
1970 |
23 790 |
1980 |
30 732 |
1990 |
35 868 |
2000 |
43 288 |
2010 |
46 406 |
2011 |
47 554 |
2012 |
47 741 |
2013 |
48 066 |
2014 |
48 780 |
a) Calculate the percentage growth rates in real GDP per capita in each of the years 2011 through 2014, from the previous year.
b) Now, instead of calculating the annual percentage growth rates in the years 2011 through 2014 directly, use as an approximation
100×logyt-logyt-1
where yt is real per capita GDP in year t. How close does this approximation come to the actual growth rates you calculated in part (a)?
In: Economics
Explain what ‘consumer surplus” and “producer surplus” are , and why they are important concepts
In: Economics
Let us assume a 2x2x2 model (country H & F, good A & B, factors L & K).
The two countries are identical except L < L* and K > K*
More over good A is labor intensive and good B is capital intensive
(a) Now suppose the relative demand for good A (Rd) is NOT identical in H and F. Rather at each relative world price of good A, the H country’s relative demand for good A (Rd) is way smaller than that of country F. In this case show the autarky prices using a graph with world relative supply and relative demands and show the direction of trade.
In: Economics
how context is important in project management?
In: Economics
3. If the government were to reduce income taxes, how would the reduction affect output and the price level in the short run? In the long run? Describe how the aggregate supply and aggregate demand curves would be affected?
In: Economics
Comment on the government’s budget. How did it change after the increase in government purchase?
In: Economics
TRUE OR FALSE
a. When potential real GDP is equal to actual real GDP, there is no
unemployment.
b. A significant increase in wages will shift aggregate supply
curve to the right in the short run.
c. When the government decided to reduce their spending, then the
aggregate supply curve will decrease or shift to the left in the
short run.
d. If the central Bank wants to expand aggregate demand, it can
increase the money supply, which would increase the interest
rate.
e. To find spending multiplier, we have to calculate one divided by
marginal propensity to consume.
Explain why true and why false!
In: Economics
How did “free market fundamentalism” contribute to the US/global financial crisis of 2008? How do the makers of the film The Inside Job criticise public and private actors in this crisis? What role did the US state play (or refused to play) in this crisis? Why? Can you draw parallels between this crisis and the 1997-98 East Asian crisis?
In: Economics
In: Economics
In: Economics
In the movie Forest Gump, Consider the barriers to entry facing potential competitors in Forrest’s monopoly market ( his shrimp boat). The more contestable a market, the closer it will be to a perfectly competitive market, whereas the less contestable a market, the closer it will be to a monopoly.
In: Economics