Economics 4210 - Economic Forecasting and Analysis P. Sadorsky - SSB Winter 2016 Assignment # 2 Handed out: January 26 2016 Due: February 2 2016 All questions must be answered using R. You must hand in all R scripts used to answer these questions. A hard copy of the assignment must be handed in at the beginning of class 1. This question refers to the data set that you are using for your project. For
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Farm Subsidies Farming has been around since the beginning of time and has undergone significant developments since the time of the earliest cultivations. It hard to believe that farming is still an important tool for producing food since we are all surrounded by fast food restaurants. The United States Agriculture Department, USDA, has always supported the Agricultural business through Farm Subsidies programs. The U.S Agriculture Department has distributed between 10 billion and 30 billion into
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Assessment Quiz -- explanations for answers 1. If China can produce 10 units of good A or 5 units of good B and India can produce 9 units of good A or 3 units of good B, then China has a. | a comparative advantage in both goods. | b. | a comparative advantage in good B. | c. | a absolute advantage in good A but not in good B. | d. | a comparative advantage in good A. | e. | a comparative advantage in neither good. | Don Answer is B. Reducing the ratios to China
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According to the Taylor rule: if inflation rises by 1 percentage point above its target, then the Fed should raise the real Federal funds rate by one-half a percentage point. growth in the money supply should be limited to the long-run average growth rate of real GDP. the rate of money growth should be set at 4 percent per year. for every 1 percentage point that unemployment exceeds the natural rate of unemployment, there is a 2 percentage point gap between potential and actual GDP
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A Extract B (lines 7 – 8) states that ‘the answer to increasing the long-run trend rate of economic growth is not simply one of increasing spending’. Using the data and your economic knowledge, assess the importance of both demand-side and supply-side policies in helping the UK economy to achieve a prolonged period of economic growth. (25 marks) 2011 B Extract E (lines 1 – 2) states: ‘The overriding objective of economic policy is to maintain a stable economy. This requires low inflation, low
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SUMMARY OF CHAPTER 12 IN HISTORY OF AMERICAN ECONOMIC: CHAPTER 12 – MONEY AND BANKING IN THE DEVELOPING ECONOMY I. What is money, and what do banks do? 1. Money is a current medium of exchange (value of goods/ services) in the form of gold, silver, coins, bank note, and special exchange paper (for example: dollar bill). 2. The Bank: • Assist the government by acting as a depository of government funds, making transfers of funds from one part of the country to another, serving as a tax collection
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Multiple Choice Questions (Only one correct answer for each question. 4 points each, 40 points total. Please put your answers to all the 10 questions in the table after Question 10.) Question 1. When an economist talks of scarcity, the economist is referring to the A) ability of society to employ all of its resources. B) ability of society to consume all that it produces. C) inability of society to satisfy all human wants because of limited resources. D) ability of society to continually make
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Economics & Global Business Price elasticity of demand is a measure to show how sensitive the demand for a product or service is to a change in price. The percentage change in quantity demanded due to a percentage change in demand price. If a product or service is elastic a company should lower prices, this will increase demand and total revenue will increase. If the product or service is inelastic the price should be raised this would cause a slight decrease in demand but total revenue would
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Suggested Exercises’ Answers (Please note that these questions are from “Problems and Applications” part of the chapters, which are at the very end of the chapters) CHAPTER 14 Q1. a. Profit is equal to (P – ATC) × Q. Therefore, profit is ($10 – $8) × 100 = $200. b. For firms in perfect competition, marginal revenue and average revenue are equal. Since profit maximization also implies that marginal revenue is equal to marginal cost, marginal cost must be $10. c. Average fixed cost is equal
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Oscar Wilde uses setting in the opening of his novel, ‘Dorian Gray’, in a similar way yet different way to Iain Banks and his novel ‘The Wasp Factory’. Wilde uses nature to set the tone for one of the major themes of his novel as he describes the air smelling like “the rich odour of roses”. The adjectives “rich” and odour” connote intensity and this may exemplify the plot of the novel as it possesses density and deep and meaning, especially with the philosophical Henry Wotton who poses statements
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