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How much additional income would the consumer need to reach the prior level of utility at the new prices?
Analyse these proposals and examine the scope for using market based instruments drawing upon relevant theories.
Discuss the advantages and disadvantages of free international trade. Discuss the economic policies that you can implement to improve the economy.
Find in the literature or on the internet two sources (for each product or/and service) which provide estimates of the elasticity of demand.
Why do we observe deficits or surpluses under flexible rates? Does this tell us something of the management of the rates?
How can government objectives such as the maintenance of full employment hinder the functioning of the gold standard?
Assume the following gold prices have been declared by the central banks. Calculate all possible exchange rates between the currencies.
What happens to the exchange rate, and how does this compare in magnitude to the change in US GDP?
Why does the monetary approach imply that higher expected inflation causes a currency to depreciate?
What does the monetary theory of exchange rates imply for a Relatively rapid growth in a country's money supply?
What form of trade financing is an exporter likely to seek first, and how would the choice depend on the export deal?
Why might country risk depend on the diversity of exports as well as on the value of exports versus debt-service payments?
Why might a producer want to own resources located in another country, rather than buy them in the open market?
How does private ownership influence the incentive of individuals to (a) take care of things, (b) conserve resources for the future.
What is the objective of the entrepreneur when it comes to the use of his or her resources? What is the major function of the middleman?
Can you explain why the wages of painters have risen substantially even though their productivity has changed so little?
Self-interest is a powerful motivator. Does this necessarily imply that people are selfish and greedy? Do self-interest and selfishness mean the same thing"?
According to the basic principles of economics, how will the birthrate be affected by policies that reduce the taxes imposed on those with children?
Draw the demand and supply curves of the egg market in Victoria, explaining whether demand for eggs is elastic or inelastic.
Patent protection essentially gives software developers a monopoly; therefore, the practice of granting patents to developers should end.
Define marginal product, marginal revenue, value of marginal product (VMP), the marginal revenue product (MRP) of a resource.
Explain the relationship between the price of a resource and the quantity demanded of that resource with reference to supply, demand, and derived demand.
Contrast the pricing and output decisions of firms in pure competition, monopolistic competition, oligopoly and monopoly.
Describe government policy alternatives that are intended to reduce the problems stemming from high barriers to entry.
Discuss why oligopolist have a strong incentive to collude and to cheat on collusive agreements and discuss obstacle to collusion among oligopolistic companies.