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What is the difference between devaluation and depreciation of the exchange rate? How can deflation help the balance of payments deficit?
What does the capital account show? What is ‘hot money’? What has caused Britain’s balance of payments current account deficit?
What are the underlying reasons for changes in exchange rates in the long run? What criteria were needed for EMU to proceed?
How does the ERM operate? What is the advantage of freely floating exchange rates? What is ‘dirty floating’?
How can multinational companies benefit national economies? What is the main determinant of the value of an exchange rate? What are managed exchange rates?
What is a VERA? What does the WTO attempt to do? Why have some companies become multinational in structure?
What are the terms of trade? What factors inhibit international trade? Give three arguments for trade protection policies.
What is the difference between absolute advantage and comparative advantage? Why are exchange rates important?
What is least cost combination when we have a unit of land 2, unit of labour 6 and capital 4. A unit of land cost 1000, labour cost 1100 and capital cost 1200.
Ceasar's Wife. Are regulators immune from decision-making foibles? What are behavioral decision-making heuristics and biases?
Discuss the advantages and disadvantages of different methods for measuring nonmarket value. Which method, or combination of methods, would you use and why?
How could the Bank of England try to reduce the demand for credit? Suggest three causes of changes in the financial system in the 1980s.
What are the main functions of money in an economy? Name one narrow measure of money. What do broad measures of money include?
What is the RPI? What does the TPI show? Why are weights used in the calculation of the RPI?
How did Keynesians attempt to reduce unemployment? In ‘new' macroeconomic models, what effect will increase in aggregate supply have on prices and unemployment?
Suggest four effects of inflation. List three important types of unemployment. Specify three costs of unemployment.
What could be the underlying causes of demand-pull inflation? In cost-push inflation, cost rises are ‘exogenous'. What does that mean?
What does the accelerator theory show? What does the multiplier show? What is the formula for calculating the multiplier, K?
Name two withdrawals from the circular flow. What is an injection into the circular flow? When, in theory, is an economy in equilibrium?
What is the main weakness of the Monopolies and Mergers Commission/Competition Commission? What do the regulatory watchdogs supervise?
What is marginal cost pricing? What were three reasons for privatization? How do merit goods differ from public goods?
What is the main type of competition in an oligopoly? What does ‘price discrimination' mean? What is the aim of price discrimination?
Suggest three entry barriers in a monopoly. Can a firm in monopolistic competition make abnormal profits? Describe the demand curve in a competitive oligopoly.
In the short run, why might a firm in perfect competition continue production even though it is making a loss? In which market is the firm a price maker?
Why does an individual firm face a totally elastic demand at price in perfect competition? What happens to abnormal profits in long run in perfect competition?