MACROECONOMICS+SAPLING+6 M REEF HC>IC<
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ISBN: 9781319267599
Author: Mankiw
Publisher: MAC HIGHER
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Chapter 1, Problem 5QQ
To determine
Price flexibility and market-clearing model.
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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.
5 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
Complementarity
Why 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 graph
What are the big push and O-ring theories (important to have a broad or general understanding of
the two theories?)
There are many kinds of pressure on economy. Explain some of them.
Answer in a economic prospective.
Chapter 1 Solutions
MACROECONOMICS+SAPLING+6 M REEF HC>IC<
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- please read the question carefully. you dont need to answer the numbered questions, they are only topics that we learned so far in the course. Give an example of a concept learned in this course that you think may be associated with strong macroeconomic performance. the list below is what we learned so far. Explain why this is the case. Use real-world examples and explanations. lists of concepts we learned: Describe economics and the economic way of thinking. Identify the components of an economic theory. Define scarcity. Explain opportunity cost and the rationale for choice. Define a market and competitive markets. Describe demand and the concept of demand, individual demand and the demand curve. Explain a change in demand versus a change in quantity demanded. Define supply and the concept of supply. Describe a change in supply versus change in quantity supplied. Illustrate and explain and illustrate how markets reach equilibrium price and quantity.arrow_forwardTheories should be judged based upon how a. consistently and accurately they predict. b. famous the economist is making the prediction. c. whether they are created by public sector workers or private sector workers. d. the amount of attention given to them by the media.arrow_forwardExplain the concept of excess demand in macroeconomics. Also, explain the role of open market operation in correcting it. (Kinly explain with diagram)arrow_forward
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