How can inflation affect the distribution of income? Please briefly explain.

“Reaching full employment, where everyone who is available for work should be able
to find a job, is one of the main economic policy targets for the government.” Please
discuss.

Why did the Venezuelan government seize the whole steel and cement sectors? What about oil? What did Sachs suggest to Hugo Chavez and how would Powell and Lawson respond to that statement?

1:          Establishing private property rights.

Provide what could be considered the major argument for and against the following statements.

Answer as per Canadian Standards.

10 marks   

1. Please explain how collusion makes firms in a market beter off. If there are strong incentives to collude, briefly explain why every industry or market doesn’t become a cartel?

during COVID-19 crisis, did the Australian government embark on a expansionary or confectionary fiscal policy? in the time of uncertainty, if the government was to use the has policy, explain how this will help to restore the economy. alternatively, if the government was to use government expenditure, explain how this will help to restore the economy.

Are GDP and GNP really relevant as economic indicators? Why? What is the
difference between GDP and GNP? Please explain whether the difference is important
for the Turkish economy.

1. For each of the following scenarios, GRAPH how the supply and demand curve change. Indicate whether equilibrium price and quantity increase, decrease, or change ambiguously. (5 points)a. Market: Hot chocolate. Winter approaches and the weather grows colder. At the same time, hot chocolate producers have created a more efficient technology to harvest cocoa beans.b. Market: Swimming suits. The factory that produces swimming suits was flooded by Hurricane Cristóbal. Meanwhile, beaches open across the country.c. Market: Jumpsuits. Duchess Meghan Markle is seen wearing a jumpsuit to every event she attends. Meanwhile, factories in southeast Asia have doubled their labor force to produce dress clothes.d. Market: Airline tickets. The threat of Covid-19 has been found to be particularly high on airplanes. At the same time, steel, an input for airline production, has dropped significantly in price.e. Market: Turkeys. Thanksgiving is approaching. At the same time, the Surgeon General states that poultry consumption can reduce metabolism and cause excessive weight gain.

1. The ease with which an investment can be converted into cash is called:

2. The goals of monetary policy as controlled by the Federal Reserve are continue economic growth, full employment and:

3. Rather than invest in the stock of just one or two companies, you purchase a variety of different types of investments in order to minimize risk. This is known as:

4. Robert has been saving his money and decides he wants to invest it. Which of the following is considered the most speculative?

Discuss the different ways business is conducted in Australia. In your answer, highlight key advantages and disadvantages of each business form.

The great 18th century economist and philosopher Adam Smith once wrote: "Nothing is more useful than water: but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it."

In the late 19th century some economists posited that this apparent anomaly could be explained by the law of diminishing marginal utility. Does this serve as a genuine scientific explanation of the anomaly?

Imagine the following hypothetical situation. Two firms, Super Chic Farm and Fortune Poultry, have become the only suppliers of fresh chicken meat in Singapore. Both firms are seeking to increase their profits and are considering entering into illicit price collusion by agreeing to charge artificially high prices. Such a practice is illegal and risks heavy fines. Analyse the interaction between the two firms using game theory. Present a payoff matrix to model the situation and analyse it for Nash equilibrium. Which is the best outcome for each firm? Which is the best outcome for society as a whole? What can be done by the firms or government to make society’s best outcome more likely?

Employers often select applicants based on whether they hold an academic degree. In most countries, universities need to be granted charters from government to be able to award academic degrees to their students. In return, universities must abide by comprehensive and detailed government regulations upholding appropriate standards for teaching, examination and lecturers. Use the theories of market failure and government intervention to explain the reasons for government intervention into the market for higher education. Critically discuss potential problems with these interventions.

Right now many economies in the world are experiencing a downturn due to the Corona Virus.

a) What kind of fiscal policy can governments use to address the decline?

b) What actions will be taken by the government in implementing the fiscal policy that you described in part a?

c) What will be the effect on Aggregate Demand (if any) as a result of the actions taken in part b?

d) What will be the effect on Aggregate Supply (if any) as a result of the actions taken in part b?