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What are the causes of market failure in competitive markets? Using Microsoft Excel or PowerPoint, construct a graphical example of market failure.
Describe the long-run impact on interest rate and real money supply in the US. What happens to the expected exchange rate?
Find three salary-probability of dismissal combinations that would yield shirking costs of $60,000 for the average worker over his (her) work life expectancy.
What would the firm have to pay to impose shirking costs of $60,000 on the average worker during his (her) work life expectancy? Show your work.
Find the level of effort that maximizes the agent's expected utility if the agent is paid a fixed payment, a, plus a share b of output.
Explain how firms make decisions when they behave collusively and non-collusively. Your explanation must be supported by a game theory matrix.
Compute the price elasticity of demand between these two points. Would you expect total revenues to rise or fall? Explain.
How would you prefer to get to work? Will you change your preferred mode of transportation if your wage rate rises to $20 per hour?
How does the degree of specialization affect productivity? In what ways, if any, might mobility of labor be affected by introduction of a National Curriculum.
The more specialized a factor of production the higher its productivity. How would you assess whether Britain was overpopulated or underpopulated?
Please listen to following episode of Economics Detective podcast, where the host Garrett M. Petersen interviews Professor Nuno Palma about this subject..
For what reasons might some of the less prosperous regions of the UK find that they have even fewer 15-19 year old's than other areas during the 1990s?
Why are banks able to lend a portion of any funds deposited with them? Why are banks unable to lend sums in excess of the amount deposited with them?
What is the size of the bank deposit multiplier? What is the maximum increase in total deposits following an initial deposit of .C1000?
1. Distinguish between the terms of trade and the balance of trade. Why does the balance of payments always balance?
What is the added worker effect? What is the discouraged worker effect? Which effect dominates in the United States?
How does a worker choose his or her retirement age? Why did Malthus err in predicting that families would have more children as incomes increased?
Under current law, most Social Security recipients do not have to pay federal. What would be the impact of the proposed tax on the optimal retirement age?
What effect will this announcement have on the person's retirement age preference if his retirement benefits were fully adjusted for inflation?
Apart from estimates of per capita income, how else might we compare living standard of people in different countries?
Why does a rise in the price level imply a fall in the value of money? How accurately does the RPI measure the change in your own income?
Discuss the proposition that governments should neither be praised for all successes. Do demand management policies ignore the supply side of the economy?
Who are the key actors in the labor market? What motives do economists typically assign to workers and firms?
Discuss how the present value of a future income payment is calculated. Derive the stopping rule for investments in education.
Discuss how differences in discount rates or in ability across workers lead? Under what conditions can the rate of return to schooling be estimated?