Explain the difference between Gross Domestic Product (GDP) and National Income
Show graphically and explain the effect of an increase in net exports on the
open-economy IS curve.
Define nominal exchange rate and real exchange rate. Explain the relative advantages
and disadvantages of flexible exchange rates and fixed exchange rates?
Describe and list the macroeconomic determinants affecting money demand.
Suppose that there are two goods in the market. Please apply the income elasticity to
prove if one good is an inferior good, the other good must be a luxury good.
Each firm would like to be a monopolist in the market. Please find the monopoly
quantity of the firm 1.
By firms 1 and 2 reaction functions, why is the monopoly quantity of the firm 1
unstable in the Cournot model?
June has two children named Mary and John and she loves her children equally. June
has a total of $1,000 to give them.
Suppose that June utility function is U(X, Y) = log X + log Y, where X is the
amount of the money June gives to Mary and Y is the amount of the money June
gives to John. How will June choose to divide the money?
June has two children named Mary and John and she loves her children equally. June
has a total of $1,000 to give them.
Suppose that June utility function is U(X, Y) = max {X, Y}. How will June choose
to divide the money?
June has two children named Mary and John and she loves her children equally. June
has a total of $1,000 to give them.
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