Consider an economy that produces only three types of goods and services: cars, bottles of wine, and haircuts. In the table below, you can find the price (in dollars) and production (in units) data for 2021 and 2022. Using nominal and real GDP calculations (with 2021 being the base year), choose the
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Let's suppose that Catherine just lost her job and found a new one right away but at a lower wage rate. Based on the neoclassical theory for labor supply, the substitution effect of the lower wage for Catherine will lead her to:
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Which of the following is an example of a field experiment?
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Which of the following effects would be the result of introducing a quota on an imported good below the market-clearing quantity? Consider all markets to be perfectly competitive.
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What is the closest estimate of the combined share of the two countries with the largest GDP in the whole World's GDP?
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Suppose the U.S. one-year interest rate is 3% per year, while a foreign country has a one-year interest rate of 7% per year. Ignoring risk and transaction costs, a U.S. investor should invest in foreign bonds if the expected yearly rate of depreciation of the foreign currency is...
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The data used to measure and make conclusions about economic inequality come from various sources. Mark the correct statement about these sources.
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We often observe that people with health insurance demand more pharmaceutical products than they actually need. This phenomenon is known as:
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Mrs Smith has a nominal income of US60,000 per year, taxed by 40%. Her wealth includes some equipment, which depreciates by US2,500 every year. Mrs Smith decides to spend 70% of her disposable income on consumption and to invest the rest on equipment. Her equipment's value will increase by:
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The government is concerned with the existing trade deficit. In coordination with the Central Bank, it considers measures to alleviate the problem. Which of the following policies would help to achieve this goal?
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During a financial crisis, what potential risks can arise in the banking system?
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Consider a Cournot duopolistic market with a linear demand curve (Q = a – bP), where firms X and Y compete by simultaneously choosing their output level (qx and qy respectively). Firms X and Y have constant marginal costs, CX and CY and zero fixed costs. Which of the following chains of events is in
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Farms A, B and C produce only mangoes (M) and papayas (P). The production possibility frontier of each farm is as follows: Farm A: MA + PA = 100 Farm B: 2MB + 3PB = 300 Farm C: MC + 2PC = 600 What is the maximum number of mangoes that they can produce together if they want to produce at least 300 pa
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If a producer has market power (that is, with her actions she can influence the market price), what can we say about the quantity produced?
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Let's suppose we observe two competitors in the automobile industry, i.e. BMW and Mercedes. All else equal, if Mercedes reduces the price of its cars, we should expect that
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In this diagram, you can see the Gini coefficient for all individuals in the world (one of the lines, let's call it global inequality) and the Gini coefficient for all individuals as if income distribution within countries were perfectly equal (the other line, let's call it between-countries inequal
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In the case of recession described with the letter U:
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A monopolist with a demand function Q = 120 − P and total cost TC = 2q2 faces per-unit tax of $12. By how much the consumer price will increase?
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To achieve the goal of carbon reduction, the government of a certain country has required two domestic companies, A and B, to reduce 100 units of carbon emissions in total, assigning each of them the reduction by 50 units. For A, the marginal cost of reducing emissions is 3qa dollars, while for B, i
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Consider the Rock-Paper-Scissors game with the following payoffs: Choose the correct answer
The sovereign debt crisis in Europe and the fiscal deficit crisis in the United States have triggered global attention on government debt. Why is it necessary to control the government budget deficit reasonably and effectively? Please explain in detail some positive and negative effects of budget de
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Automation and the labour market
Automation is a term used to describe new technologies that allow machines to do the work that people used to do. Technological innovations that replace labour have been an essential part of the capitalist economy since the introduction of the spinning jenny in the eighteenth century. Explain five e
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Human Capital Theory
The Human Capital Theory suggests that individuals invest in education when the present value of the investment is positive, therefore comparing the present value of the associated costs and benefits. Let's suppose that Julia just finished High School. She must choose between three alternative caree
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Competition, Innovation, Inflation
(a) (10 rp) In their 2005 paper1, Philippe Aghion, Nick Bloom, Richard Blundell, Rachel Griffith, and Peter Howitt found the inverted-U empirical relationship between the level of competition and the level of innovation in various industries. That is, not much innovation is seen in very competitive
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Internal Rate of return
In case you forgot the formula: wn + wn-1 + wn-2 +... + w = frac{wn+1 - w}{w - 1} Let P0, P1, P2,..., Pk be a future payment flow. This means that at the time instant 0 we pay P0, at the time instant 1, we pay P1 and so on. If a payment is negative, usuall
