Problem5
MULTIPLECHOICE.Choosetheonealternativethatbestcompletesthestatementoranswersthequestion.
1) Fiatmoneyiseachofthefollowingexcept
A) astoreofvalue.
C) amediumofexchange.
1)
B) aconsumptiongood
D) aunitofaccount.
2) Pricetagsattachedtogoodsforpurcha
University of Lethbridge - Department of Economics
ECON 1010 - Introduction to Microeconomics
Instructor: Michael G. Lanyi
Lab #2
Chapter 2 The Economic Problem
1) Which one of the following concepts is not illustrated by a production possibilities fronti
Assignment 5
Unemployment
No need to hand in
1. E ciency wage model: (a) Assume that the production function is given
by
Y = K E1
where E stands for eective units of labor E = e(w)L. Derive the optimal wage.
(b) If the labor force is 1, derive the unemplo
Assignment 4
Growth and Ideas
No need to hand in
1. Jones Ch6 6, 8, 9
2. Human capital Model: Reinterpret the human capital growth model as
follows: Suppose there are two groups of people in a country, the low skilled and
the high-skilled, where the low-s
Assignment 7
Tax and Gov Debt
1. Consider a two-period economy in which the representative consumer
maximizes the utility function
U (c0 ; c1 ) = max ln(c0 ) +
ln(c1 )
c1
=W
1+r
is the preference discount rate, W is the present value of life time
s:t: c0
Assignment 5
Solutions
February 27, 2016
1 Efficiency wage model:
The firms problem is to maximize its profit by choosing w and L
= max K (e(w)L)1 wL
w,L,K
The FOCs are
= (1 )e(w)K (e(w)L) w = 0
L
= (1 )e0 (w)LK (e(w)L) L = 0
w
Combine them, we have
e0 (
Assignment 5
Unemployment
No need to hand in
1. E ciency wage model: (a) Assume that the production function is given
by
Y = K E1
where E stands for eective units of labor E = e(w)L. Derive the optimal wage.
(b) If the labor force is 1, derive the unemplo
Assignment 3
Solow Model
Due on Feb 18th, noon
1. Jones Ch5 1, 2, 8, 11
2. The Golden Rule: Assume the aggregate production function is
Y = AK L1
Capital depreciates with rate
per capita is
and the saving rate is s. The consumption
Y
C
= (1 s)
L
L
Find ou
Assignment 2
Production Economy
Due on Jan 28th, noon
1. Jones Ch4 1, 3, 5
2. Aggregate TFP: There are two types of rms, with rm productivity
a1 > a2 . The rm production function is
yi = ai li ,
< 1 and i = 1; 2
The number of type 1 rms is n1 and the numb
Assignment 4
Solutions
February 23, 2016
1 (Ch6 1) Numbers in the Romer model (I):
(a) The growth rate of output per person in the Romer economy is equal to the
growth rate of ideas, given by the formula in equation (6.7):
At+1
= zLat = z`L
At
With the gi
Assignment 1
Solutions
January 18, 2016
1. Production and expenditure approaches to GDP:
The following table summarizes the production and distribution processes. All
values are in millions of euros. Value added is computed by deducting the value
of inter
University of Lethbridge - Department of Economics
ECON 1010 - Introduction to Microeconomics
Instructor: Michael G. Lanyi
Lab #5
Chapter 5 Efficiency and Equity
1) In a command system, resources are allocated by
A) people who show interest to use the res
Group 5
Ms. Yu Thwe Phyo
Ms. Myat Thu Khaing
Ms. Aye Mon Khaing
Ms. May Thant Zin
Mr. Wai Linn Phyo
Mr. Kyaw Zayar Hein
Mr. Zaw Zaw Aung
Procter & Gamble in Japan
Executive Summary
Procter & Gamble (P&G) is a large U.S. consumer products company with the
2012 C2 H2 Prelim CSQ1 suggested answers:
a
With the aid of a diagram, explain the problem faced by the government when they decided
to construct the Olympic Park.
[3]
Suggested answer:
Olympic Park Infrastructures
A
7
B
C
D
E
housing (units)
1000 200000
Question 1
The automobile market in Asia is seeing a mix of good and bad news for the last two years. After
reaching a rate of 8.3 percent in 2010, GDP growth in Asia is expected to remain robust for 2011, and this
has led to a boast in automobile sales.
Problem Set 10
Consider a closed economy with workers, firms, and government. Firms hire
capital and labor to produce final goods,
, where
denotes
Y zK e(w)N
1
e(w)
the on-the-job effort of each worker and w denotes the real wage rate. The effort
functi
Problem Set 4
Social Security System
Consider an island Vista where consumers live for two periods, young and old; in each period,
there are two generations alive. Consumers have the exogenous income y and y in the two
periods of life. They have the prefe
Problem Set 6
Solow Growth Model
Consider a closed economy in South America, called Amazon. Everyone in Amazon
works and the population grows at n=3% every year. The aggregate production
technology can be expressed as
, where Y is aggregate output, K is t
Problem Set 2
Why is a proportional wage income tax distorting?
Consider a one-period closed economy with consumers, firms, and government. The
population of consumers is normalized at one. Consumers have the same preference over
consumption
and leisure .
Problem Set 8
Consider a closed economy with consumers, firms, and government as described
in the Keynesian sticky wage model. Initially, the economy is in the long-run
steady state where four markets, i.e., goods market, labor market, money market,
and c
Problem Set 12
Consider the Friedman-Lucas money surprise model in the lecture. The
expectation-augmented Phillips curve is it ite 0.5( yt y ) , where y refers to
the output level under the natural rate of unemployment. Let y denote the
output level under
Problem Set 9
MULTIPLECHOICE.Choosetheonealternativethatbestcompletesthestatementoranswersthequestion.
1) Whichisnotakeydeterminantoftheunemploymentrate?
A) governmentintervention
B) demographics
C) sectoralshifts
D) long-termmoneysupply
1)
2) Demographic
School of Economics
Academic Year 2015-16
Term 2
ECON102 - INTERMEDIATE MACROECONOMICS
Instructor Name
Email
Office
TA Name
Email
Office
: Assistant Professor Xu Jianhuan
: [email protected]
: 5084
: Li You
: [email protected]
: 5016
Course Ob