The city of Vaccineville has a lot of residents. During the coronavirus pandemic, the city authorities are not imposing a lockdown but are urging all residents to get vaccinated. A vaccine is available in the city and can be administered to any resident who wants to get it. The likelihood for a pers
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Pay as You Earn
Different college graduates earn different salaries, even after graduating from the same institution. Some are less successful or lucky (and thus have lower salaries); others don't pursue maximization of their earnings, leaning towards socially-oriented not-for-profit jobs. Even if student loans are
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Pandemic Possibility Frontier
Last year, IEO contestants were asked to solve a problem about an optimal lockdown. Unfortunately, in 2021 this topic is no less relevant. So suppose society is facing a severe viral pandemic and contemplates introducing a lockdown. How strong should the lockdown be? The answer to this question appa
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Dynamic Equilibrium
Oil (good A) and Gas (good B) are substitutes in consumption; the demand and supply functions are given by: (a) (5 rp) Find equilibrium prices PA and PB if K=210.
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Effective Lower Bound
By the assumption made by many standard textbooks and models, zero is the lower bound of an interest rate, limiting the central bank's capacity to stimulate the economy through monetary policy loosening. This assumption has been disputed recently, as central banks of several countries have set inter
Which of the following best describes the Lucas Critique?
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Choose the correct statement about externalities:
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Which of the following scholars is most famous for using eld experiments in their research?
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NiceCream, Inc. is a monopolist at the market of ice creams in town N. It enjoys the monopoly profit with the demand function given by D = 100 − P and constant marginal cost MC < 100. Another rm with the same technology is going to enter the market, in this case, the firms will compete by choosing t
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Globalization during the late 19th century involved the exchange of agricultural and manufactured goods between land-abundant/labor-scarce countries and labor-abundant/land-scarce countries. Based on this information, which of the following statements is correct?
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Choose the correct statement regarding economic growth:
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Which of the following is true regarding involuntary unemployment?
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Two players are negotiating where to place some object on the Cartesian plane. They choose the coordinates (x, y) in the following way: Player A sets the coordinate on the X-axis, Player B sets the coordinate on the Y-axis. Player A wants the object to be as close as possible to the point (2, 4); Pl
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When investors buy a share to cover their short positions, which results in a rapid increase in this share price, this is called...
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Investor J is convinced that there is a price bubble on the market and that it will burst in the future after the price rises a little more. If he acts in accordance with this belief, which of the following is true?
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Which of the following letters is not used to describe the type of recession (and recovery)?
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In this diagram, you can see the contribution of different components of the aggregate demand to the U.S. GDP change during the global financial crisis (in annual percentage points). The bars represent government spending, net exports, private consumption, residential and non-residential investment.
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Rational Joao Pedro spends all his money on two goods, X and Y, and always knows for sure his optimal bundle. When the prices of both goods are 3, he chooses the bundle (4, 4). Choose the correct statement (other things being equal):
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Economist N calculates income inequality based on the Gini coefficient and the incomes of all individuals in the society. Economist M calculates income inequality based on the Gini coefficient and the incomes of all families in the society (simply adds up all family members' incomes before construct
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The market for widgets in country A is perfectly competitive; D = 100 − 20P is the demand function, the supply function is given by S = 20P − 20. The world price for widgets is 2. Choose the correct statement:
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Which of the following statements best describes the Efficient Market Hypothesis?
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Which of the following is typically not a role of a central bank?
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Choose the correct statement for a perfectly competitive market with supply and demand curves looking as usual:
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Think about the Lorenz curve constructed by lining up all the individuals in the world from lowest to highest income, irrespective of the country people live in. What is the closest estimate of the Gini coefficient of this curve?
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If the Central Bank of country K is trying to speed up the recovery of the country's economy using monetary policy, which of the following is correct, other things equal?
