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Which one of the following statements is correct?
a. Production will only increase in response to an increase in expenditure (demand) if the price level decreases.
b. Higher oil price’s will result in a leftward shift of the AD,ASSR, ASLR curves
c. When actual prices are higher than expected prices, the ASSR curve will eventually shift to the right
d. Structural unemployment is due to certain number of people who are in the process of changing jobs or careers
Which one of the following statements is correct?
(a) Data from the US has never shown a deviation from the PC relationship of inflation and unemployment
(b) The AD-AS model cannot be adapted for a inflationary context
(c) It is not possible to illustrate an inflationary environment in the AS-AD model using the P-Y plane.
(d) The short-run AS curve is a mirror image of the Phillips curve
Which one of the following statements is correct?
(a) When expected prices A larger Then actual prices, Wages eventually increase
(b) An increase in government expenditure will result in the AD curve shifting to the left.
(c) The AD curve has a positive slope
(d) if expected prices are larger than actual prices, the wages will decrease as price expectations are adjusted.
Assume a simple closed economy without exports and imports. autonomous consumption expenditure is 50 billion. The marginal propensity to consume is 0.6 desired investement is 10 billion and govt pirchase is 20 billion.
Write a mathematical equation expressing Savings as a function os disposable income ?
Define expenditure control measures
Jason is travelling to Europe for vacation and is seated in a first-class airline seat holding his infant daughter in his arms. He values being in first-class instead of coach at $350.
Samantha, a CEO of a major multinational corporation, is sitting in the adjacent seat and is considering offering to pay Jason to move to one of the empty seats in coach.
Samantha values quiet at $300.
N Aaron and Samantha (answer A ou B) reach a mutually agreeable price for Aaron to move to coach.
Fuelwood and charcoal as sources of energy are problematic. Discuss.
How to define economic welfare?
A farmer grows a bushel of wheat and sells it to a miller for $1.00. The miller turns the wheat into flour and then sells the flour to a baker for $3.00. The baker uses the flour to make bread and sells the bread to an engineer for $6.00. The engineer eats the bread. What is the value added by each person? What is GDP?
What is the “European Semester”? What is its purpose?
