1. What role do technological advances play in the classical theory of growth? The neoclassical theory? The new theory?
2. Explain why sports league are often willing to give major wage concessions to player’s unions in order to stop the entrance of a rival league into the market.
3. Discuss the operational aspects required to maintain a fixed exchange rate. Provide examples and elaborations.
4. Define economic value. Do both perfectly competitive producers and monopolists create it? If so, why, and if not, why the difference?