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The long-run growth is measured as the increase in real GDP per capita and this measure has changed over time and it also varies across countries. A country’s standard of living depends on its ability to produce goods and services (productivity).

  1. How do we measure long-term economic growth of a country? What are the key determinants of long-run economic growth?
  2. What is the relationship between economic growth and productivity? What is the major source of growth in labor productivity?

There are different types of financial intermediaries with different roles in the economy. Savings and investment spending are interdependent, and interest rates are determined in the loanable funds market.

a.  What are the roles of financial intermediaries and loanable funds market in promoting long-run economic growth? How do financial intermediaries link saving and investment?

b.  How does government borrowing crowd out investment? What is the relationship between government borrowing and budget deficits?

The Federal Reserve may increase or decrease money supply depending on the economic condition.

What policy instruments does the Fed use for the monetary policy?

What are the pros and cons of using expansionary and contractionary monetary policy tools under the following scenarios: depression, recession, inflation, and robust economic growth? Which do you think is more appropriate today?

In economics, inflation is considered as a tax. There are also various costs of inflation.

  1. What is the inflation tax, and how might it explain the creation of inflation by a central bank? Explain how inflation affects savings and investment.
  2. Inflation distorts relative prices. What does this mean and why does it impose a cost on the society?

What is your favorite brand of sandwich cookie? If you are like most Americans, chances are it is Oreo. In fact, Oreos are so popular that many people think Oreo was the original sandwich cookie. But they are wrong. Sunshine first marketed its Hydrox sandwich cookie in 1908. Hydrox thrived until 1912, when Nabisco (now part of Kraft) launched Oreo. With Nabisco’s superior distribution and advertising, Hydrox was soon outmatched. By 1998, Hydrox sales totaled $16 million, while Oreo’s revenues were at $374 million. Hydrox has been purchased by Keebler (subsequently purchased by Kellogg), whose elves are trying to give the cookie a major facelift. You are part of the Keebler team deciding what to do with the Hydrox brand.

  1. Can you re-create Hydrox through a name change? What kind of brand name could compete with Oreo? (Most people unfamiliar with Hydrox think it is a cleaning product.) Develop five (5) possibilities for a new name. Pick the best out of five and give your reasoning.
  2. How can you package your renewed sandwich cookie to make it more attractive on the shelf than Oreo? What about package size? Draft a brief packaging plan for the new Hydrox (or whatever name you chose).
  3. Can you modify the original formula to make something new and more competitive? Will a brand extension work here? Why or why not?

Lamb, C. W., Hair, J. F., & McDaniel, C. (2014). MKTG7. Mason, OH: Cengage.


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