If the production conditions in the United States and Japan were to become essentially the same, would the neoclassical model suggest that trade between the two countries would cease? Why or why not? Illustrate your answer with a graph.
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If the production conditions in the United States and Japan were to become essentially the same, would the neoclassical model suggest that trade between the two countries would cease? Why or why not? Illustrate your answer with a graph.
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- What are the key building blocks of the neoclassical consumption model?Which one of the following is the best example of someone acting according to the assumptions of the traditional neoclassical model? -Dori studies hard for her test so she can eventually land a great job. -Alenia buys groceries for her sick neighbor out of kindness. -Marc buys a pack of cigarettes out of habit. -Chip buys an exercise machine based on a TV ad, even though research has shown that the machine is ineffective.In a neoclassical model, describe how each of the following developments or measures will impact unemployment:• a rise in income levels for consumers throughout the economy• cheaper imported products• a fall in government spending
- Why would an economist choose either the neoclassical perspective or the Keynesian perspective, but not both?In neoclassical economics, if there is unemployment, it means that:In what way is neoclassical economics different from old and new institutional economics? Which school of thought is founded on principles that are closer to reality?
- What is the Keynesian and Neoclassical models.Does neoclassical economics focus on the long term or the short term? Explain your answer.One practical limitation of the Classical or Neoclassical model is that it suggests allowing the economy to self-correct in the long run, but recessions may last a very long time. How severe is this problem and why? What is one example?
- In the neoclassical Supply and Demand model, what is meant by shortage? Group of answer choices Making a bet that the value of a stock will go down. At the existing price, the quantity demanded exceeds the quantity supplied. At the existing price, quantity supplied exceeds the quantity demanded. A decrease in quantity demanded.What is the Stackelberg Theory in Economics?Given that the Mundell-Fleming model is one of the innovations of neoclassical economics, do the policy recommendations remain timely and relevant?