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If they decide to specialize in the tasks, who should cut the grass and who should wash cars?
What is the opportunity cost of one hour of leisure for you? What is the opportunity cost of one hour of leisure for your partner?
How many shirts can be produced in this economy when all the workers are sewing? Join these points with a straight line; this is the PPF.
How can the Kolyastani people be certain that the reforms proposed by the government will be maintained after you graduate?
What was the path of the money stock in the U.S. from January 1929 to March 1933? How did household's holdings of currency change over the same period?
Supply the following facts. Most can be found in the Barro textbook. What was the ratio of nominal outstanding public debt to GNP for the U.S. in 1996?
The company's settlement obligations are expected to raise its average total cost per pack by about $.60. What effect will this have on its optimal price?
What is the effect on your average saving rate in the first 4 years? can you see why some economists claim that social security can lower saving?
What was the annual growth rate of population between 1700 and 1800? (Use continuous compounding.)
If these two growth rates remain constant at their 1965-84 levels, in what year will per capita real income be the same in these two countries?
What is the economic interpretation of this situation? Which of our assumptions ruled out that a price equals zero? Why? Does Walras' Law continue to hold?
Consider an economy where velocity V equals 5, output grows at three percent a year. What is the annual inflation rate?
Compute the cyclical component as ln(GDP) ln(Trend). Plot the cyclical component. You will see the business cycles for which we have been looking.
How long do the shortest and the longest cycles last? Do the cycles look similar in terms of severity (amplitude), duration, and general shape?
What does Plosser's model imply for government policy? Specifically, can the government influence the economy, and is government intervention called for?
What will be the effect of this event on per capita income in Kuwait in the next five years?
Compute the growth rate of GDP, productivity and capital per worker for each year in your sample. Also compute the average growth rate for these three variable.
What percentage of average growth per worker is explained by growth in capital, and what percentage by productivity growth?
Why might price collusion occur in oligopolistic industries? Assess the economic desirability of collusive pricing. What are the main obstacles to collusion?
Why do oligopolies exist? List five or six oligopolists whose product you own or regularly purchase. What distinguishes oligopoly from monopolistic competition?
What was Microsoft's market share of Intel-compatible PC operating systems? Of all operating systems, including those of Apple computers?
How was De Beers able to control the world price of diamonds over the past several decades even though it produced only 45 percent of the diamonds?
Explain verbally and graphically how price (rate) regulation may improve the performance of monopolies.
How does monopolistic competition differ from pure competition in its basic characteristics? Explain fully what product differentiation may involve.