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If the balance of payments of Alaska were prepared, what do you think it would look like? How about the balance of payments of New York City? What do you think the net investment position of these loc
Even if inflation did increase the value of exports, would the balance of trade and the exchange rate necessarily improve from inflation that is higher than in other countries?
Distinguish between commonly used trade-restricting devices, including tariffs, quotas, voluntary export restraints, and exchange-rate controls and explain their impact on the domestic economy.
State the conditions under which a nation can gain from international trade in the context of both comparative and absolute advantage, and describe the benefits of international trade.
Define marginal product, marginal revenue, value of marginal product (VMP), the marginal revenue product (MRP) of a resource and explain the relation between MRD and demand for that 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 with reference to quantity produced, price, marginal revenue, marginal cost, d
Discuss why oligopolists have a strong incentive to collude and to cheat on collusive agreements and discuss the obstacles to collusion among oligopolistic companies.
Describe how a profit-maximizing monopolist sets prices and determines output and discuss price and output under oligopoly, with and without collusion.
Explain the impact of time on the elasticity of market supply and discuss the role of profits and losses in a purely competitive market.
Contrast the role of constant-cost, increasing-cost, and decreasing-cost industries in determining the shape of a long-run market supply curve.
Explain the decision by price takers to continue to operate, temporarily shut down, or go out of business, when faced with price below average total cost.
Discuss the conditions that characterize pure competition (a price taker market) and explain how and why price takers maximize profits at the quantity for which marginal cost, price, and marginal reve
Explicit costs and implicit costs,economic profit and accounting profit, and
Discuss the characteristics of consumer indifference curves, the role of the consumption-opportunity constraint, and the budget constraint in indifference curve analysis.
Define and identify opportunity costs, fixed costs, variable costs, marginal costs, average costs, and sunk costs, and differentiate between economic costs and accounting costs.
Calculate and interpret price and income elasticity of demand, and explain why the price elasticity of demand tends to increase in the long run.
Define economies and diseconomies of scale, explain how each is possible, and relate each to shapes of long-run average total cost curves.
Compare and contrast the impact of anticipated or unanticipated monetary policy on the inflation rate, real output, employment and interest rates.
Describe the role of a country"s central bank and the tools that a central bank can use to control the money supply, and explain how a central bank can use monetary tools to implement monetary policy.
Explain the relationship among the required reserve ratio, the potential deposit expansion multiplier, and deposit expansion multiplier.
Discuss the impact of expansionary and restrictive fiscal policies based on the basic Keynesian model, the crowding-out model, the new classical model, and supply-side model.
Define inflation, discuss its causes, distinguish between anticipated and unanticipated inflation, and discuss the harmful effects of both on economic activity.
A 10-year, 10 percent annual coupon $1,000 bond trades at a yield to maturity of 8 percent. The bond has duration of 6.994 years. What is the modified duration of this bond?
Rank the bonds in terms of convexity, and express the convexity relationship between zeros and coupon bonds in terms of maturity and duration equivalencies.