When a monopolist sells additional units, total revenues may rise, fall or remain
unchanged.
During recessions, when workers lose their jobs and experience reduced incomes, sales
of durable goods (goods with a life expectancy of 3 years or more) decline. Apparently,
durables are inferior goods.
Increases in inflation redistribute resources from high-spending to low-spending
households and, hence, decease short-run equilibrium output.
Goods and services provided by slate and local governments are excluded from GDP
because they are not sold in markets.
Suppose oil prices rise and the economy suffers a stagflation. If the Fed responds by
increasing the money supply, then real GDP increases and the price level rises still
higher.
Suppose the opportunity cost is a constant 500 computers for 1 car in Japan and 1,000
computers for 8 cars in Korea. Then, if both countries specialize in accordance with
their comparative advantage, the production of 1,000 extra computers in one country
and 1,000 fewer computers in the other would imply that the world as a whole can have
8 more cars.
Suppose the tea market is in equilibrium. What happens in this marker if a binding
price floor is imposed?
the quantity demanded of tea decreases.
the quantity supplied of tea increases.
supplies of tea benefit and consumers are hurt.
none of the above.
If AE = 50 + 0.6Y and Y = 200, where Y is real GDP, inventory
increases are 75 above their target level.
increases are 30 above their target level.
decreases are 75 below their target level.
decreases are 30 below their target level.
If labor in the Taiwan is more productive than labor in U. S. in all areas of production
then the Taiwan should not trade with U. S.
then the Taiwan has a comparative advantage in the production of all goods and
services.
then the Taiwan has an absolute advantage in the production of all goods and
services.
all of the above.
The demand for TFT-LCDs would fall, if TFT-LCDs are normal goods and
buyer’s of TFT-LCDs incomes fall because of a recession.
the market price of DVDs falls.
there is a larger output of TFT-LCDs.
the marker price of TFT-LCDs increases.
Which of the following situations does NOT involve game theory?
Buying a pair of pants at the Sogo.
Congress deciding to spend more on environmental protection.
A married couple choosing to have a third child.
Intel debating whether to lower the price on its microprocessors.
If there is a strong possibility that the dollar price of the NT dollars will fall in the next
few months, which of the following would we expect to happen right now in the
market for NT dollars
a rightward shift of the demand curve, a leftward shift of the supply curve, and an
appreciation of the NT dollars.
a leftward shift of the demand curve, a rightward shift of the supply curve, and an
appreciation of the NT dollars.
a leftward shift of the demand curve, a leftward shift of the supply curve, and a
depreciation of the NT dollars.
a leftward shift of the demand curve, a rightward shift of the supply curve, and a
depreciation of the NT dollars.
For centuries, Taiwan has been struggling for survival at edge of China. Today’s Taiwan is
facing tougher challenges than ever. Since its “open-door” policy in 1979, China has been
growing at an extraordinary clip, and the Chinese Stream has gradually accumulated in Asia
for the twenty-first century. For more than five decades. Beijing has seen Taiwan as a
renegade province and has threatened to use force if necessary to bring about reunification.
Unfortunately, the two sides are now further apart than ever, and it is difficult to see where
they can compromise. China and Taiwan oppose one another politically, but economic
interaction between the two is progressing. Economic interaction is most advanced in the IT
industry, and there is a deepened mutual reliance and division of labor. Despite hundreds of
ballistic missiles being aimed at the island by China, Taiwan’s IT firms have continued to
sail across the Strait for cheaper land and labor over the past two decades, in compliance
with the huge Chinese stream. For the past few years, Taiwanese semiconductor
manufacturers, the highly disintegrated sector of Taiwan’s industries, had been banned to
invest in China. Due to the growing Chinese market demands, there was a heated debate for
several months over whether to lift the ban. Finally the solution to this conflicting
interests by Taiwanese government was “… to liberalize ‘small-scale’ and ‘low-level’ (IC
fabs) investments under the principle of effective management after the establishment of
supportive measures”. The government finally knows which is the lesser of the two evils.
Things should be run according to the law of nature. Although Taiwan government finally
proposed a solution to the conflicting economic problem, was the problem really solved?
Probably not! The foundry investment itself is not a problem. The real problem is what left
behind, since a purely economic issue was solved by a political means. If the wafer
investment case was solved politically, what might be the next?
In the case, Taiwanese governments gave guilds legal authority to limit market
economy. How did this interfere with Adam smith’s hypothetical “invisible hand”?
For centuries, Taiwan has been struggling for survival at edge of China. Today’s Taiwan is
facing tougher challenges than ever. Since its “open-door” policy in 1979, China has been
growing at an extraordinary clip, and the Chinese Stream has gradually accumulated in Asia
for the twenty-first century. For more than five decades. Beijing has seen Taiwan as a
renegade province and has threatened to use force if necessary to bring about reunification.
Unfortunately, the two sides are now further apart than ever, and it is difficult to see where
they can compromise. China and Taiwan oppose one another politically, but economic
interaction between the two is progressing. Economic interaction is most advanced in the IT
industry, and there is a deepened mutual reliance and division of labor. Despite hundreds of
ballistic missiles being aimed at the island by China, Taiwan’s IT firms have continued to
sail across the Strait for cheaper land and labor over the past two decades, in compliance
with the huge Chinese stream. For the past few years, Taiwanese semiconductor
manufacturers, the highly disintegrated sector of Taiwan’s industries, had been banned to
invest in China. Due to the growing Chinese market demands, there was a heated debate for
several months over whether to lift the ban. Finally the solution to this conflicting
interests by Taiwanese government was “… to liberalize ‘small-scale’ and ‘low-level’ (IC
fabs) investments under the principle of effective management after the establishment of
supportive measures”. The government finally knows which is the lesser of the two evils.
Things should be run according to the law of nature. Although Taiwan government finally
proposed a solution to the conflicting economic problem, was the problem really solved?
Probably not! The foundry investment itself is not a problem. The real problem is what left
behind, since a purely economic issue was solved by a political means. If the wafer
investment case was solved politically, what might be the next?
Adam Smith is a giant of a scholar who is regarded by many scholars as the founder of
economies. If he were here today, the semiconductor would fascinate him. He would
see it as an extraordinary example of the productivity. As the questions he wanted to
answer such as “Why are some nations wealthy while others are poor?” and “What can
poor nations do to become wealthy?” Through this case, what might be his answers of
the sources of economic wealth?
A market has two sides: buyers and sellers. We should be able to connect a buyer’s
optimal bundle purchase to his demand curve. Please apply the consumer theory
deriving a demand curve. Illustrate the graph and explain it.
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