According to the Coase theorem, even in the presence of
externalities an economy can always reach an efficient solution provided that the
transaction costs are sufficiently low.
Monetary policy: uses changes in the quantity of money to alter interest
All three exams will be entered in this document. Reverse Chronological. Cut and paste the relevant
exam into a Word Doc if you want this printed out. (You can hit File then Download as Word if you
want a clean Word doc first.)
Study outline for final bel
Japans Economy: Origami or Bamboo?
As of 2015, Japan had the 3rd largest economy by nominal GDP in the world (Wikipedia). This is
helped by being one of the worlds leading producers of motor vehicles and other electronics,
which happen to be its largest e
o An explicit cost is a cost that requires an outlay of money (cost of books).
o An implicit cost does not require an outlay of money; it is measured by the
value, in dollar terms, of benefits that are forgone (e.g., wages forgone
because of being a full-