- Explain the difference between partial and general equilibrium models.
Give an example of an economic issue that would be better studied
in the context of a general equilibrium model. Explain why a partial
equilibrium approach would not be appropriate in your example.
Comment: Do not use the example of the housing crash and financial
crisis of 2007-2008, as this was given in the notes. Instead, you should
come up with your own example. [3 points]
- In the static general equilibrium model with production, the first order
conditions for the household are:
u2(C, l) = u1(C, l) · w and,
C = w · (h − l) + π − T.
Explain in words what each of these conditions says and explain why
each must be satisfied at an optimal choice. [3 points]
- Consider a version of the static general equilibrium model with production. Suppose that the government want to finance an exogenous
stream of government expenditures, given by G. For simplicity, you
can assume that these government expenditures enter neither the utility function nor the production function (i.e. they are useless).
The government chooses between two possible tax schemes in order
to finance its spending. Option 1 is to impose a lump sum tax on
households (as seen in the notes). Option 2 is to impose a proportional
tax on employment that will be paid by firms.
Assume that the government balances its budget.
Evaluate the following claim in the context of the above model: “Households will be better off under option 2, because in that case the firms
will pay the tax whereas in option 1 the households will have to pay
the tax.” [3 points]
busy times and priorities my workload. Referring to the NASBM Standards, as an aspiring SBM I believe I obtain the personal skills required to be an effective SBM with previous experience in HR & Marketing, however this also identifies areas I need to develop in; such as Finance therefore, would say I currently sit in the school administration area (Tier 1) In most areas and hope to gain the relevant knowledge required to be a successful SBM by completing this course. There is much scope for me to develop my skills further which this course will allow me to do and enable me to practise this knowledge in my school, developing myself further in management and leadership skills highlighting the need for an SBM and securing this opportunity if it arises. 2.3: Analyse own professional role and challenges Above is an illustration of my role analysis; based on current role this shows much of my time is spent completing administration duties, To extract myself from mainly admin duties and step into more management and leadership activities, I have put in a request to shadow the office manager once a week and attend SLT meetings to learn about how the goals are set then see how the objectives can be met, the challenge I would face is falling behind on admin duties, however this can be tackled by better time management and also delegating a few duties to other team members. I have previous experience working in a HR field as a supervisor, therefore have developed skills in areas such as open communication, HR, marketing, negotiation and excellent time management, however this also identifies the need to develop my skills in the school finance and infrastructure area. 2.4: Produce a professional development plan based on a review of own professional needs: See Appendix 1, an area I need to develop my knowledge is school finance, with reference to the NASBM I want to be able to understand the school procedures in processing and recording financial transactions and producing financial information and believe this can be gained by receiving training on the school finance system and observing finance officer, I believe this will help me to move to tier 2 (NASBM) and enable me to understands financial accounts and the principles of double entry booking. My second objective is to develop a better understanding of school asset management; by reviewing and updating the current asset register and ensuring an effective system is in place. I will need to liaise with the site manager to allocate time for training purpose. Part 3 – Exploring the political and organisational context of school >GET ANSWER