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- (a) Briefly discuss the Galbraith hypothesis in microeconomics.need help with macroeconomic question 23. A Malthusian and a modern economist walk into a bar and converse as follows: MALTHUSIAN: I bet you $1,000 that I can make the average patron in this bar wealthier with a simple trick.MODERN ECONOMIST: I agree to your bet, and bet you $2,000 that I can do a better job.Thus, the Malthusian proceeds to murder half of the patrons, cleanly disposing of their bodies. The modern economist, on the other hand, replaces the bartender with a robot. How can we explain this ridiculous situation?(A) The Malthusian believes that killing people raises per-capita wealth, while the economist believes that technological improvements raise per-capita wealth.(B) The Malthusian believes that the agricultural commodities used in beer are scarce, and should be preserved; the modern economist believes that technological im- provements raise per-capita wealth.(C) There is no underlying logic to their actions.(D) The Malthusian and modern economists are both soyjacks…When Paul Samuelson switched from physics to economics, Robert Solow is said to have remarked that the average IQ in both disciplines went up. A bystander responded that Solow's claim must be wrong because it implies that the average IQ for academia as a whole (which is a weighted average of the average IQ levels for each discipline) must also have gone up as a result of the switch, which is clearly impossible. Was the bystander right? A) Yes. If the average in both disciplines goes up then the population average must also rise. B) No. There is not enough information about the average IQ for the population. C) Yes. The weights may change so that the population average also increases. D) No. If those in physics had IQs above average and those in economics has IQs below average, then the population average need not have changed.
- What is the difference between static and dynamic analysis in economics? When is each appropriate?Differentiate between an exogenous variable and an endogenous variable in an economic model? Why isn’t it useful to construct an economic model that contains only exogenous variables (and no endogenous variables)?How does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.
- Why must economic theories and models be abstract?Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When it comes to economic models this means that O models shouldn't be too simple O All of the three other options are correct Omodels should have a level of abstraction appropriate to the topic investigated O models shouldn't be too complexProvide two microeconomic statements and two macroeconomic statements