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Latvia is an European Union member nation aspiring to join the Eurozone. What factors determine whether it would in fact be beneficial to Latvia to join existing members and adopt the Euro?
The member countries in the European Union are quiet different in structure. What mechanism do they have to adjust to shocks that affect them differently?
Identify two ways in which Europe might not fully qualify at present as an optimum currency area. Explain briefly
Assignment 4
This week you will read chapter 4 and will do questions 1, 2 and 16.



Question 1: In figure 4-9 label the boxes and the connecting lines with their appropriate titles. Use arrows to show the correct flows of economics activity for the complex circular-flow-model.

Question2: Using the circular-flow diagram, start at any point and explain how the circular flow of economic activity works.

Question 16: Who should exhibit corporate social responsibility: governments, or the manager or the stockholders or corporations? Explain your answer. Be complete.
Do Questions 1 & 6 on page 92 of chapter 3.

Question 1: What conditions must exist in order for a market to function competitively? Is it easy to create these conditions?

Question 6: Consider Figure 3-11 and do the following:

a. Label both axes properly.

b. Label the demand curve and the supply curve.

c. Label the equilibrium price.

d. Label the equilibrium quantity.

e. What does one call the distance CD? Label it.

f. What does one call the distance AB? Label it.

g. Why is the equilibrium price the price that tends to be created?

(ASSIGMENT 3)
a. Label the axes on which one measures changes in the dependent variable and the independent variable.

b. Draw Curves showing (1) an inverse relationship between the two variables; (2) a direct relationship between them; (3) a curve that is positivley sloped. (4) a curve that is negatively sloped; (5) a curve in which all change is in the dependent variable; and (6) a curve in which all change is in the dependent variable. Label the curves 1, 2, 3, and so on.

5. Why are more and more societies relying on self-interest as the basis for incentives to economic activity.
What is independent based on dependency ?

3) Production in the country of ECNLand can be characterized by the following function:
Y = 2K
0.2L
0.8 and that ECNLand initially has 200 units of labor and 800 units of capital.
a) Calculate the numerical value` marginal products of labor and marginal product of capital
Year

One Bag of Rice

One Soft Drink

A Loaf of Bread

Total Cost of Bundle

2016

₦5.00

₦8.00

₦3.00



2017

₦5.50

₦8.50

₦3.00



2018

₦6.00

₦8.50

₦3.00





If we select two bags of rice, (a) obtain the total cost of bundle in each period and the price index for 2017 and 2018 respectively taken 2016 as the base year.

b. Obtain the inflation rate for 2017 and 2018.

2. Suppose consumers change their consumption patterns over time in response to relative price changes, what implication does this have for the computation of price index?
What is the most important source of long term economic growth?
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