Macroeconomic Theory 1st Edition Jean-Pascal Benassy - Solutions

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Which of the following would be determined in the product market?a. a manager’s salary.b. the price of equipment used in a bottling plant.c. the price of 80 acres of farmland.d. the price of a new pair of athletic shoes.
The resource market is the place where:a. households sell products and businesses buy products.b. businesses sell resources and households sell products.c. households sell resources and businesses buy resources (or the services of resources).d. businesses sell resources and households buy resources
KEY APPENDIX QUESTION The following table contains data on the relationship between saving and income. Rearrange these data into a meaningful order and graph them on the accompanying grid. What is the slope of the line?The vertical intercept? Interpret the meaning of both the slope and the
KEY APPENDIX QUESTION Indicate how each of the following might affect the data shown in the table and graph in Figure 2of this appendix:a. GSU’s athletic director schedules higher-quality opponents.b. An NBA team locates in the city where GSU plays.c. GSU contracts to have all its home games
Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships you would expect to find between (a) the number of inches of rainfall per month
MORE LABOR RESOURCES—WHAT IS THE EVIDENCE FOR THE UNITED STATES AND JAPAN ? Go to the Bureau of Labor Statistics’ Web site at www.bls.gov/ and select Get Detailed Statistics. Look for Labor Force Statistics from the CPS and click the Most Requested Statistics icon. Find U.S.civilian employment
NORMATIVE ECONOMICS—REPUBLICANS VERSUS DEM- OCRATS Visit both the Republicans’ www.rnc.org/ and the Democrats’ www.democrats.org/ Web sites. Identify an economic issue that both parties address, and compare and contrast their views on that issue. Generally speaking, how much of the
KEY QUESTION Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts):a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based?b. If the economy is at point C , what is the cost of one more
KEY QUESTION Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings on candy bars and bags of peanuts. The price of candy bars is$.75 and the price of peanuts is $1.50.a. Construct a table showing the alternative combinations of the two products that are
What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greatest opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical
Permanent and Temporary Shocks: Expectations Several Steps Ahead We studied in appendix 3.1 how to predict the next realization of a stochastic process, which is the sum of two nonobservable stochastic processes with different autoregressive roots: with: U E + 1-pL 1-C 0 p
Learning and Sunspots We investigate whether a modification of the model that we studied in. section 3.7 can give rise to sunspots, and whether learning can lead to such. sunspots. We replace equation (57) giving the dynamics of x, by: 0 < a
y=m-p+bE-1 (Pt+1 - P) + E AD Y = y +E (P-P) AS with: P-E-1Pt The AD curve comes from an IS-LM system where demand is a negative function of the expected real interest rate, and thus a positive function of expected inflation. 1. Compute the value of output y 2. We assume that monetary policy m, is a
Policy Ineffectiveness We consider an extension of the AD-AS system that we saw in section
The Poole Model with Endogenous Prices We extend the model that we saw in appendix 2.3 by endogenizing prices. So we have the same IS-LM equations: Y = -bi IS LM We add an AS curve: y = (Pt-w) AS As in appendix 2.3, we assume that the government aims to stabilize output, that is, to minimize the
International Trade and the Multiplier We want to show how trade with foreign economies modifies the multipliers. 1. We first consider as a benchmark a closed economy with rigid wages and flexible prices. The equilibrium is a simplified version of the model of section 2.2.3 and is represented by
Steady Growth and Labor Augmenting Technical Progress We want to show that, to have steady-state growth, technical progress must be of the labor augmenting type (see, notably, Barro and Sala-i-Martin, 1995). So we assume a CES production function: Ya (BK)+(-a) (A)"]with: B = L = and the usual
Transition in a Dual Economy The economy comprises two sectors, 1 and 2. They produce the same good, which can be both consumed or invested. The "modern" sector, 1, uses capitalistic techniques described by the production function: Qu (KL) AKL = where Q is the quantity produced by sector 1, K, the

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Macroeconomic Theory 1st Edition Jean-Pascal Benassy - Solutions

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