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Macro & Microeconomics Essay

Economics of socialpolicy
The area between the equality diagonal and the Lorenz curve, which is marked by the hump shape, represents the variance between equality and reality. Arithmetically, the Gini Coefficient represents twice the area marked by the Lorenz curve and the equality diagonal. In a situation where there is no disparity (perfect equality), the Lorenz curve is represented by the equality diagonal and in this case the Gini Coefficient is zero (World Bank). In a situation where all of a country’s resources
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In the current economic climate in Britain, the risks of starting up a new business outweigh the benefits.Discuss
Compared to previous year with almost public sector job cuts reaching 1.2 million and further 2.7 million by 2018 (HM Treasury, 2013), BOE will be required to continue pumping money in economic condition, the year (2012) closing with triple dip recession alarm with industrial production dropped by 9.8% as compared to 2011 and highest decline in 20 years (Elliot, 2012), results in imposing negative pressure on the business start ups as it seems difficult to reap considerable profits in this
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Introduction to economics past paper
Tax reduction increases the household’s disposable income, the households tend to increase their expenditure, which, in effect, boosts the demand for products. In response, the level of production in the domestic business is increased. This, in effect, means that tax reduction boosts the economy creating more jobs and better income.However, it is important to note that the Keynesian theory differentiates direct tax from indirect taxes. According to Keynesian theory, direct taxes are
Pages: 14 (3500 words), Essay
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Make a comparative analysis of the economic performance of Russia and India over the last three years. You MUST discuss the reasons why their performance varied or were similar to each other. Note: You are advised to use Reuters for data collection
Gross domestic product (GDP) is defined as “the sum of market value of all final goods and services produced in a country during a specfic period of time, generally one year”7 (Dwivedi, 2010, p. In Russia, the country’s GDP has signficantly increased from $2.322 trillion in 2010 up to $2.509 trillion in 20128 (CIA, 2013a). The signficant growth rate in Russia’s GDP somehow explains why this country had a gradually decreasing unemployment rate. Since demand for final goods and services
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The 2008 Financial Crisis: causes and consequences
On that, the preferential treatment offered to securitized assets and regulatory frameworks encouraged risks through the designation of bigger financial institutions as less likely to fail. Thus, the guarantees encouraged these financial institutions to get exposed to even greater risks than they could have otherwise had. It had also been observed that the guarantees offered represented the government liabilities when the likelihood of bail outs increased. This further raised the systemic
Pages: 5 (1250 words), Essay
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US Unemployment Problem
US government could be misleading is because the official unemployment data released by the government does not reflect the true states of affaires on the economy. This is because the rate does not include all the relevant components for computing the rate of unemployment (Hardson, para1). According to economist such as John Williams, the government reported a national unemployment rate of 7.9% and a 9.8% unemployment rate in California as at January 2013. On the contrary, unemployment rate was
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One of the aims of EMU was that only the global balance of payments of the European Union with the rest of the world be of importance and not those between members
The essay mainly emphasises the two main components of balance of payment (BoP) account, i. current account and capital account. The current account looks into the trading affairs mainly of tangible goods and services; on the other hand, the capital account looks into the inflow and outflow of financial assets in an economy. A nation can have either a fixed or a floating exchange rate. If a country has a fixed exchange rate, then the central bank of the nation accepts foreign fund inflow
Pages: 7 (1750 words), Essay
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Macroeconomics - Term Paper
The budget must be gone through by the stake holders that include president and the congress. The two bodies must work together so as to come with a comprehensive report that is going to make life bearable to its citizens (Larch and Nogueira 46). The president makes sure that the proposed budget is passed to the congress so that they can decide how much money the government is going to spend on public needs for example, the issue of security is a problem world wide and health care .On the other
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The transition from a centrally planned economy to a free market or a mixed economy involves state owned enterprises being privatised. But economists debate as to whether this is actually beneficial to the countrys economy. Discuss this statement
The major argument of this theory is that the cadre advantages reduce to the extent that the economy replaces redistribution as one of the dominant economic mode of resource allocation.The market economies widely vary when it comes to its pattern of power and related privileges in a manner that do not march the established markets. Variability in the market economies have always warned against any trials to forecast the changes in inequality without specifying the types of businesses and other
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International monetary economics
This means that money will move in and out regardless of the interest rates. In a small country, a flexible rate policy will affect a lot if the country increases taxes. There will a decrease in the forex as the cost of running business will rise up. Exporting goods will be very expensive due to the high cost of production. If a company has a pegged rate policy, it will not be possible for the small country to experience slow forex trading because the policy tends to all sides of the
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What can the government do to reduce the level of unemployment permanently
According to supply-side economics concepts, consumers benefit from a high supply of goods and services at low prices (Atkinson, 2008). Furthermore, through investment and expansion of businesses, a country experiences an increase in the demand of employees (labour). Some of the typical policy recommendations for the concept are; less regulation, and low marginal tax rates to stimulate the production of goods and services (Atkinson, 2008). In supply-side economics, tax is viewed as a barrier to
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Part a .1) maximum of 500 words .2) use relevant examples and diagrams , explain how the 3 functions of price operate in a free market system to guide economic agents towards equilibrium outcomes. 3) briefly explain each function and then make the exampl
For example, if there are limited tickets to go and watch a Manchester United football game, an Arsenal fan may easily forego compared to one that claims allegiance to Manchester United. Therefore, prices are very important in the rationing of scarce commodities and services in a free market.The third function of a price is that of signalling. Price adjustments are an indicator of where resources are required and where they ought to be limited. In this case, the prices are important in
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The Market for Education: Museums
Museum visitors are mainly school going children on field trips, local and international tourist as well as those that appreciate good art. This being a giffen good, the demand remains constant with an increase in pricing. However, with no charge for entry there is a shift in the demographic demand. With improved economy, the middle class can afford time to spend with their family and consequently the number of museum visits increase. There is an increase in the number of children visiting
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Too Big To Fail
A citizen will wake up one morning wanting answers to why the economy is falling. The government has to bring assurance to the people. People want a lasting solution to save the economy. The government will ensure the big firms are running well in whatever situation. Financial institutions will bring reforms to avoid too big to fail. Congress in 2010 formulated laws to reform the financial institutions (Banking 15). At that period, big firms were facing collapse. There was impending danger to
Pages: 6 (1500 words), Essay
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Global Economy
Exchange Arrangement with No Separate Legal Tender, currency board arrangements, Conventional Fixed Pegs Arrangements, Pegged Exchange Rates within Horizontal Bands, Crawling Pegs, Exchange Rate within Crawling Bands, Managed Floating with No Predetermined Path for the Exchange and Independent Floating. This foreign exchange regime emphasizes the implications on the exchange rate regimes to the independence of monetary policy. However, monetary policy does not exercise total independence on
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Many scholars suggest that an intensified economic exchange between North and South would trigger a race to the bottom, which would mean that eventually, workers all over the world would earn the same low wages that workers in the South currently ea
Technology increases efficiencies in production and the higher the level of technology, the lesser the variable costs of production. Thus with variations in technological knowhow, competition becomes unfair and the developing nations are always on the losing ends (Jensen, 2011). This was the case in Mexico as a result of increased economic exchange after introduction of North American free trade area (NAFTA). Mexican farmers could not compete with American corn. As a result, productivity in
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Statistical analysis and crowding-out effect
The main weakness of range is that it never captures any variability apart from the two points which can be captured. In this case, it is very sensitive to outliers and it never uses all the observations in the data set. It is seen to be more informative to provide maximum and minimum values than the range. The standard deviation and variance that tends to be so hard to be calculated, focuses on the deviation of every point from the mean but not only the difference between the maximum and
Pages: 11 (2750 words), Essay
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The current financial crisis
Consequently, the US households became highly indebted with a sharp rise in the ratio of the amount that each of these households would dispose to the amount of debt in mortgages (Robert, 126).As was observed in mid-2006, it became very difficult for borrowers in the US to refinance their loans following a deep decline in the US home prices (James, 198). Mortgage felony was observed to rise following a reset of adjustable-mortgage rates to higher interest rates. The effect that was observed
Pages: 7 (1750 words), Essay
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The Affordable Care Act
The other source is by increasing the medical payroll and this would lead to the extension of the tax to the capital income. Other sources are the excise taxes and the Cadillac tax (Aaron 106).When it comes to the case of the rising costs the in the United States, the government tries so much to handle the problem in the best way possible. Starting with the Cadillac tax, it reduces the health insurance plans resulting to the market for the health care. The independent payment advisory also
Pages: 8 (2000 words), Essay
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Lucas Paradox and the International flow of capital
This would mean that if world market were free and complete, then all capital goods would flow from the United States to India, rapidly. It would also flow rapidly from other wealthy nations to the extent that few, if any, investment would be in the United States in view of the returns in India. In practice, there are no such observations and Lucas questions the legitimacy of the assumption that gives rise to the differences in the marginal product of capital and seeks to find assumptions that
Pages: 15 (3750 words), Essay
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