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A country with a relatively small + aggregate demand shock (a shift outward in the AD curve) may have a substantial economic boom, but sometimes countries that have massive increase in the AD curve (hyperinflation countries like Germany before WWII) don't seem to have massive eocnomic booms. Why does a small AD increase sometimes raise GDP much more than a giant AD increase?
Illustrate what would be a monetary policy prescription to reduce or eliminate deflation.
Assume first that Apple were to sell only 4GB iPods after all,they cost the same and some consumers prefer more than less. What is the optimal price for a 4GB iPod.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Calculate GDP and the country's gross national expenditure using the expenditure approach and derive the country's gross national product (GNP)
Time Magazine and Newsweek are two competing news magazines. Suppose that each company charges the same $5.00 price for their magazines. What is the Nash equilibrium for this sequential game?
Suppose that the airplane can be purchased from an outside supplier. What is the relevant unit cost for this make-or-buy decision.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
You have been hired to work with a resort owner in Northern Minnesota. This resort owner runs a very small operation catering to mostly people who like to fish.
Good W and Y are made with intermediate goods A & B. The market value of A is $10 and the market rate of B is $13. The market value of W is $23, and the market rate of Y is $4.
Suppose a frost kills a large portion of an orange crop, with a resulting higher price of oranges. It has been said that such an increase in price benefits no one since it cannot elicit a supply response; the higher price, it is said, simply "line..
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