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Economics
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- Please expain in detail what is the Neoclassical Economics view of labor markets. How do they function?Explain the differences and similarities between Neoclassical Growth and New Keynesian models based on:1. Economic Actors2. Assumption of Market TypeDo rational expectations tend to l ook back at past experience while adaptive expectations look ahead to the future? Explain your answer.
- a) What are some of the main assumptions behind the H-O (Heckscher-Ohlin) model. b) What is/are the assumption(s) of the H-O model in regards to demand? How does (do) this (these) deviate from the Classical School assumptions? c) Examine the Stolper-Samuelson Theorem in conjunction with the H-O model and the factors of production.a. Define “time inconsistency” of economic policy? b. i) Examine why policy makers might be tempted to renege on an announcement they madeearlier? ii) In this situation, what is the advantage of a policyrule?How will you explain the 6 basic assumptions of the traditional neoclassical trade model, must be scrutinized?
- The purpose is to know if you can define each concept through a clear and precise explanation. Imagine that you are going to explain each term to someone who does not know anything about macroeconomics; With this in mind, the explanation should be as clear and simple as possible (not brief). Write a minimum of three sentences per term.1. capital market2. capital injection3. financial systemDiscuss what the long-run Phillips curve looks like in the neoclassical perspective, and why the trade-off between inflation and unemployment disappears. From this perspective, what is the best government policy response to favorable economic conditions in the long run?Which one of the following statements is INCORRECT? A Keynesian economists believe that the business cycle is caused by external factors, such as governmentinterference in the economy.B Classical economists believe that market economies are inherently stable and fluctuations are ascribed toexogenous factors.C Classical economists believe that government should not intervene in the economy to try to smooth out thebusiness cycle.D Structuralist economists believe that the market system is neither inherently stable norsystematically unstable . Consider the case of two countries, Afghanistan and the US, both producing carpets and fighter aircraft.The table below shows output rates per day in the two countries if all resources are fully and efficientlyemployed. Use this information to answer the question.Carpets Fighter aircraftAfghanistan 100 4US 500 25An appropriate international exchange ratio that would allow mutually advantageous trade to takeplace would be: A 1 aircraft = 25 carpets.B…
- Linear stages theory, Structural-change model (Lewis two-sector model), International dependence/dominance model, Neoclassical model How do the contemporary models differ from the previous models? Coordination failures ComplementarityWhy do these models emphasize multiple equilibria and what does it mean?What problems may prevent economy from moving from a bad equilibrium to a stable one?Need to understand that graphWhat are the big push and O-ring theories (important to have a broad or general understanding ofthe two theories?)“The co-winners of [the 2011] Nobel economics prize are two Americans whose work shows how important their discipline can be to public policy. They are Thomas Sargent of New York University and Christopher Sims of Princeton University.Working independently, the two men were major proponents of the ‘rational expectations revolution’ in economics.This sometimes complex theory was explained to us by Esmael Adibi, director of the A. Gary Anderson Center for Economic Research at Chapman University…He pointed to the Keynesian economic theory that government spending stimulates an economy, which underpins the economic policies of recent years, such as President Barack Obama’s $787 billion stimulus of January 2009. ‘People are not stupid,’ Mr. Adibi said. ‘If the stimulus leads, over the long term, to higher taxes to pay back the stimulus, then people won’t spend the stimulus money; they’ll save it to pay the taxes.’” (The Orange County Register, 26 October 2011)This conclusion about…If an economy’s self-correcting mechanism worksslowly, should the government necessarily pursuean activist policy to eliminate unemployment? Why orwhy not?
