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What is the Fisher equation? Why does it imply that changes in the supply of money will not affect the level of aggregate economic activity?
What did classical theorists believe that fluctuations in investment would not have multiplier effects on aggregate economic activity?
What was the Soviet automatic system of management and planning (ASUP)? How did it try to overcome the technical inefficiencies of Libermanism?
What were the fundamental deficiencies of Libcrman's simulated Marshallian adjust-ment mechanism?
How did the Liberman experiment attempt to overcome the shortcomings of input-output planning?
Input-output analysis was the touchstone of Soviet economic planning. What is it? What are its strengths and weaknesses?
How is the duality theorem related to the fundamental question of whether a general economic equilibrium exists in principle?
How can competition be made more equitable by adjusting the starting conditions of the utility-seeking game?
Why do they believe that price gouging and restricted market entry call the comparative merit of private competition into question?
Why did Smith believe that the invisible hand was not a Utopian conception? Hint: think about competition. Elaborate.
Perfect competition usually excludes government, but does not have to. What assump-tions are required to exclude government?
Does power-seeking explain why individuals and nations desire security services which are superfluous under perfect global competition?
Utility-maximizing, competitive free-enterprise systems are believed to provide higher social welfare. In what sense can this be considered a liberal paradox?
Samuel Huntington asserts that power-seeking is dominant force in international affairs. Why power and Parcto efficient utility-seeking are mutually exclusive.
What are the two archetypical economic systems? Why does the duality theorem which stipulates that perfect market and perfect planned outcomes are the same.
Why is this insight fundamental to understanding the diversity of economic systems?
How do multi-person economics complicate the attainment of second best ideals? Could this be important in designing effective economic policy?
How does compulsion differ from monopolistic economic collusion? Hint: consider scope of individual choice when confronted with te threat of violence compared.
Why do economists find it convenient to restrict the term economics to work activi. and how does this relate to the problem of computing GDP?
Can leisure involve economic optimization? Should you choose assortment of lei: activities within your budget of money and time that maximizes your well-being?
How do the terms of the implicit social contract underlying the law of supply and demand equilibration affect the merit of economic outcomes?
What is the Walrasian excess demand price adjustment mechanism? In which markets does it best apply?
How does this joint dependency enhance market efficiency, compared with relying on direct binary negotiation?
If the law of demand boils down to the assertion that people can and will ascertain. What does this suggest about their corresponding supply programs?
Why is utility maximized by choosing the product assortment where the budget constraint is tangent to one's highest indifference curve?