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Answer true, false or uncertain and provide an

1. In efficiency wage models, unemployment is only voluntary. (3 marks)
2. In the Alesina model, the greater the degree to which people are surprised by the electoral outcome, the larger the shock, and the bigger the temporary real effects on the economy. (3 marks)
3. The price of a 2-year bond depends (inversely) on the expected one-year interest rate next year. (3 marks)
4. Firms should invest when the financial value of a unit of their capital is less than the cost of a unit of capital. (3 marks)
   

   Answer the following two questions:

5. Briefly outline the impact of labor market flexibility on the Phillips curve. (4 marks)
6. Imagine the government is planning to bring in legislation to curb the power of trade unions to affect wage How, if at all, would this affect the ability of the Bank of England to reduce inflation in the long run? (4 marks) 
7. Consider a game where individuals are asked to contribute to a public good. Then consider the best response function for individual i, with individual i’s contribution measured on the vertical axis and “the average contribution by everyone else” on the horizontal. As the number of individuals increase, i’s best response function shifts inwards, such that both intercepts change. (3 marks)
8. Since revenue increases with increases in price when demand is relatively inelastic, monopolists will always produce on the inelastic part of demand. (3 marks)
9. The existence of a Pareto efficient equilibrium in an exchange economy means that this equilibrium will also be a competitive equilibrium. (3 marks)
10. Consider the following example: only redheads are poor; all redheads are poor; there is no hair-dyeing technology. The first condition (only redheads are poor) ensures horizontal efficiency. (3 marks)Cambridge University Econometrics Tutors Lecture 1
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