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economics 14th global

Questions and Answers of Economics 14th Global

What are the relative advantages and disadvantages of conventional economic and behavioural theories of risk?
Explore the assumptions about rationality implicit to belief learning models and discuss whether these assumptions make a robust theory of learning or not.
What is reinforcement learning? Discuss the evidence from psychological experiments about reinforcement learning. Is this evidence compelling?
Compare and contrast reinforcement learning and belief learning models and discuss which you think is most crucial to economic and financial decision-making.Illustrate with examples.
What are the key differences between belief learning and reinforcement learning and how are the differences reconciled within experience-weighted attraction models?
What is a beauty contest? Outline the essential elements of the theory. The experimental evidence suggests that people playing beauty contests have limited depth of reasoning. Does this suggest that
What is an information cascade and how does it link with Bayesian models of decision-making? Are information cascades rational?
From June 2009 to June 2019, the Standard & Poor’s Index of 500 stock prices increased by more than 300 percent, while the consumer price index increased by less than 18 percent. Briefly explain
“GM and the rest of the automobile industry are dependent on whether the current economic expansion . . . would continue.” Briefly explain the reasoning behind this statement. Are fast-food
Evaluate the following statements. Do they cause a shift of the aggregate demand curve or a movement along it? Briefly explain.a. The prices of metals used in batteries, such as lithium and cobalt,
In 2019, an article in the Wall Street Journal noted that “continued strength in the [U.S.] dollar is likely to be a boon for Europe and Japan . . . [but] has hurt the financial results of U.S.
Evaluate the following statements. How do they affect the aggregate supply curve? Briefly explain.a. Work hours increase.b. Unemployment increases.c. Capital increases.d. Firms increase production.
The United States was involved in a trade war with China. A column in the Wall Street Journal compared the effects of the trade war with the effects of the increase in oil prices in the 1970s that
An article in the Wall Street Journal noted that “companies eager to automate more of their back-office tasks are fueling a booming market for software ‘robots.’” According to the article,
In an interview with the Wall Street Journal, Federal Reserve Bank of San Francisco President Mary Daly referred to “downward nominal wage rigidities, which kept wage growth from . . . being
Consider the data of a fictitious country in the following table:a. In both years, actual real GDP is lower than potential GDP. Briefly explain how this is possible.b. The actual real GDP in 2021 is
An article in the Wall Street Journal in mid-2019 observed that “business cycles have historically happened at intervals of between five and eight years, so the current expansion is indeed an
Why is it necessary to make the aggregate demand and aggregate supply model dynamic? What are the consequences of this modification?
Explain why you think rising oil prices can aggravate a crisis.
Consider the information in the following table:a. Explain the changes that occurred between 2008 and 2010.b. Draw a dynamic aggregate demand and aggregate supply graph to illustrate what happened
Which factor shifts both the AD curve and SRAS curve? Provide an explanation for why this factor has this effect.
According to an article in the Wall Street Journal in mid-2019, “cash hasn’t completely disappeared yet—an attempt to pay with Venmo . . . will be met with a bemused shake of the head at plenty
List a central bank’s policy tools which maybe used to control the money supply. Explain how the discount policy works.
An article in the Wall Street Journal noted that large commercial banks such as Wells Fargo and Citigroup have been making loans to nonbank financial firms. “The nonbanks turn a profit by charging
For this exercise, your instructor may assign you to a group. Each group member should first write down what he or she found surprising about both the definition of money and what the Federal Reserve
Make a list of the last 20 purchases that you made in the past month.a. Of these 20 purchases, how many did you make using cash? How many did you make using a credit or a debit card? How many did you
From your local paper, bloomberg.com, cnn.com, or another comparable website, find an article that explicitly states the magnitude of the hyperinflation experienced by Venezuela in the last 3 years.
Why is the stability of financial markets and institutions important?
State which of the following is a monetary policy target:a. Full employmentb. Fluctuations in the business cyclec. Stability in the exchange rated. A falling price level to increase consumptione.
What is the difference between the federal funds rate and interest rate? Why is the federal funds rate not relevant to households and firms?
Why should a central bank put contractionary monetary policy in place during an economic boom rather than letting the economy grow?
The hypothetical information in the following table shows what the situation will be in 2023 if the Fed does not use monetary policy.a. If the Fed wants to keep real GDP at its potential level in
Can a central bank target both the interest rate and the money supply at the same time? Briefly explain your answer.
Between 2012 and early 2019, the average rate of inflation as measured by the core personal consumption expenditures (PCE) price index was 1.6 percent—below the Federal Reserve’s target of 2
Suppose you buy a house in London for £ 400,000. Due to the massive rising of real estate prices in the United Kingdom, one year later the market price of the house has risen to £ 475,000. What is
The Federal Open Market Committee (FOMC) holds eight regularly scheduled meetings during the year and also holds other meetings as needed. From your local paper, bloomberg.com, cnn.com, or another
Go to a website of your local bank or credit union and find the interest rates that the bank is charging for car loans, personal loans, and home equity loans. Compare these interest rates to the
Do you think the slope of the short-run aggregate supply (SRAS) curve will affect the size of the fiscal multiplier or not? Briefly explain.
An expansionary fiscal policy can effectively stimulate the economy, but the resulting crowding out may frustrate this result. What policy measure do you think could be taken in order to avoid
Differentiate between government debt and the government budget balance using the concepts of stock and flow variables.
In an opinion column on bloomberg.com discussing modern monetary theory (MMT), Noah Smith observes that, “The MMT economists . . . would have the U.S. dramatically change its whole approach to
What is supply-side economics? What fiscal policy does supply-side economics focus on?
What is the tax wedge? If the president and Congress wanted to reduce the size of the tax wedge, what action would they take?
What is complete crowding out? Is complete crowding out more likely to happen in the long run or in the short run? What would be the value of the government purchases multiplier if there were
Suppose a fellow student in your class makes the following comment: “Budget deficits are always harmful to the economy and the government should never allow itself to spend more than what it
Can a central bank move along the Phillips curve from a point with high unemployment to a point with low unemployment? What should it do? What consequences would this have on inflation?
An article on brookings.edu noted that in recent years, “a tight labor market hasn’t led to a pickup in inflation. . . . This phenomenon is often referred to as the flattening of the Phillips
Do you think the Phillips curve is consistent with the aggregate demand and aggregate supply model? Do you think they carry the same information? Briefly explain.
Do you think that Robert Lucas and Thomas Sargent would advocate increasing inflation in order to reduce unemployment in the short run? Briefly explain.
A columnist on forbes.com observes that “Robert Lucas argues that economic policy which depended on tricking people would not long work.” Do you agree with this characterization of Lucas’s
An opinion columnist writing on bloomberg.com observes, “Macroeconomists like Robert Lucas, Edward Prescott and Thomas Sargent . . . generally argued against government efforts to stabilize the
Economists believe that a central bank’s credibility is crucial to conduct an effective monetary policy. Briefly explain why.
An article in the Wall Street Journal on former Fed Chair Paul Volcker notes that “among his bold moves, Mr. Volcker raised the fed-funds rate to an unprecedented 20% to contain double-digit
In an opinion column in the Wall Street Journal, economist Alan Blinder of Princeton University asks, “Is the Phillips curve dead?”a. Why have some economists and policymakers in recent years
Conduct an Internet search to identify three countries (other than the United States) that have readily accessible data on unemployment and inflation. For each country, based on its most recent
Conduct an Internet search on Senate bill 2232, also known as the “Federal Reserve Transparency Act of 2015” and read the contents of the bill. (Note that this particular legislation failed to
An article on bloomberg.com stated that “not all currentaccount deficits are bad . . . [but] one problem with persistent deficits is that foreign investors can end up owning a big share of assets,
An article on the website of the Financial Post, which is published in Canada, discussed the situation of Canadian teams that play in the National Hockey League (NHL). The majority of NHL teams are
Suppose that you are deciding whether to invest $100,000 in a one-year government bond in either the United States (your home country) or in Japan. Assume that the exchange rate between the Japanese
In Poland, workers employed on a full-time basis have to pay health insurance contributions; they are withheld by employers upon payment of remuneration and remitted to the Social Security
Think about the concepts of public goods and externalities that have been explained. Which concept would be best suited for you to use to accurately describe the characteristics of health care within
Briefly discuss the debate around the efficiency of a company paying for its employees’ health insurance versus employees pay for their own health insurance.
The Global Health Expenditure Database provides comparable data on health care-related spending in most countries in the world. Access their Data Explorer
What is the main distinction between the major types of firms in the United States?
In light of the principal–agent problem, comment on the lack of management layers as one of the advantages of sole proprietorships. Why could it be a problem for a firm to have two separate
What does a firm’s balance sheet contain? How can the net worth of a firm be calculated using its balance sheet?
Define income statement, and briefly list and explain what it contains.
What did you find surprising in this chapter, based on what you knew before you read it? Compare your answers with those of others in your group. Write a paragraph on each topic that at least two
This chapter described the concept of a firm’s balance sheet. Individuals and households have balance sheets as well, and the broad categories in them are the same as those on a firm’s balance
Do you think that all firms, in every sector, are equally affected by the degree of openness of an economy? Briefly explain your answer with examples.
If all countries gain from trade, why do most countries restrict trade in some way or another?
Consider a country that imposes tariff on goods and services that are imported. In this context, answer the following:a. Does the tariff imposed lower the economic surplus of that country? Briefly
What are the main tasks of the WTO? you may refer to the “What we are” section of the WTO website.
Define a consumer’s budget constraint, and explain why it matters when making optimal consumption decisions.
How would you derive the market demand curve for a private good and a public good?
Each member of each group should think of an example of when he or she has experienced one of the “pitfalls in decision making” and write down the example. Next, the group members should share
Does technological change only refer to the successful application of new scientific discoveries? Briefly explain.
Define the production function. Explain the relationship between the production function and costs of a firm. Can you explain the lower price used by the application compared to the press trust?
Codelco, a state-owned Chilean group, is the world’s single biggest copper producer, producing about 1.76 million metric tons of copper a year. BHP Billiton, the Australian group, produces about
Explain why the average fixed cost always decreases as the level of output increases, and what it implies for the average total cost.
Explain how the events listed in (a) through (d) would affect the following costs of a firm producing cups: 1. Marginal cost 2. Average variable cost 3. Average fixed cost 4. Average total costa.
Is the time horizon relevant when considering fixed and variable costs? Briefly explain your answer.
Do you think diseconomies of scale are possible? What would it mean for a firm? Briefly explain your answer by mentioning a real-life example.
Explain the relationship between the long-run average cost curve and the concept of economies of scale.
Briefly explain why a firm in a perfectly competitive market would generally face a horizontal demand curve. What implications do you think this has for the price of its product?
Explain whether each of the following is a perfectly competitive market or not. For each market that is not perfectly competitive, explain why it is not.a. Booksb. Pizza marketc. IT companiesd.
Explain whether you agree with the following remark: In a perfectly competitive market, each firm faces a horizontal demand curve. This means that the firm will be unable to sell its product at a
Explain the relationships among the price of a product in a perfectly competitive market, the average revenue of a firm in that market, and its marginal revenue.
A student guesses the quantity at which a firm maximizes profits looking at the graph below: “I think that the firm maximizes profits by either producing A or C, because the price is equal to the
Suppose that the price of cut wood decreases, lowering the cost of furniture. What effect would this have on the U.S. furniture industry, in general, and on U.S. companies, in particular? Illustrate
Think about the various flavors of chocolate blocks: dark, mint, ginger, and chili. Suppose the price of all mint chocolate blocks increases. Would this affect the sales of that type of chocolate?
Suppose you are analyzing a market with a large number of active firms. What would you look for in order to determine whether those firms face a downward sloping demand curve or a horizontal demand
Do you think a monopolistically competitive firm would be able to make a profit by producing a quantity that ensures that its marginal revenue equals its marginal cost?
Josef manages a kebab shop in Sydney’s central business district and has the following information on the shop’s demand and costs:a. To maximize profit, how many kebabs should Josef sell per
Are long-run profits equal to zero only when firms charge a price equal to their marginal cost, and produce an average total cost-minimizing quantity of output? Briefly explain.
What are the implications of monopolistically competitive firms having excess capacity?
German automobile manufacturer, Mercedes-Benz has repeatedly stated that it offers its customers a premium brand experience and doesn’t just provide them with cars. Briefly explain what you can
How is research and development related to a firm’s long-run profit in a monopolistically competitive market?
Perhaps you’ve thought about being an entrepreneur and have a product or service in mind. If you haven’t, think of a product or service now. Each member of the group should briefly describe his
Describes how firms differentiate their products. You’ve likely flown on an airliner and know that all airline seats are basically the same, particularly in coach. Think about what service an

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