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a) If the equation for a country's Phillips curve is p = 0.02 – 0.7(u – 0.055), where p is the rate of inflation and u is the unemployment rate, what is the short-run inflation rate when unemployment is 5.8 percent (0.058)?
b) Assume that an economy has adaptive expectations with a Phillips curve p = p –1 – 0.4(u – 0.06). How many percentage points and years of cyclical unemployment are needed to reduce inflation by 2 percentage points?
c) Describe the difference in assumptions between Adaptive Expectations and Rational Expectation? How does this difference impact the Federal Reserve Bank’s ability to reduce inflation?
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, quantity demanded falls by 1.50%. By the end of this year, the price of gaso..
Why would a firm in a perfectly competitive market always choose to set its price equal to the current market price? If a firm set its price below the current market price, what effect would this have on the market? Discuss.
What is Keynesian Economics and what role does the government play in the economy? What is the role of PROFIT in the American economy? What does "our children and grandchildren inherit the national debt?"
The decline in the value of the dollar from 1985 to 1988 was beneficial to. Which of the following will increase interest rates in the short run? The concept of "lender of last resort" is that when. The Federal Reserve System was established.
Suppose that the inverse market demand for silicone replacement tips for Sony EX71 earbud headphones is p = Pn - 0.1Q, where p is the price per pair of replacement tips, Pn is the price of a new pair of headphones, and Q is the number of tips per wee..
The Nelson Company has $1,875,000 in current assets and $625,000 in current liabilities. Its initial inventory level is $375,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term..
Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $2 per bushel. At this level of output, marginal cost is $2, average total cost is $7, and average variable cost is $6. Farmer Bogus should p..
You are a newspaper publisher. You are in the middle of a one-year rental contract for your factory that requires you to pay $500,000 per month, and you have contractual labor obligations of $1 million per month that you can’t get out of. You also ha..
If demand is represented by Qd = 50 - 0.5P + 0.005I where I = $50,000 and supply is represented by Qs = 100 + 0.4P - 2W where wages (W) = $15.00, compute the equilibrium price and quanity. What happens if income falls to I = $40,000?
When the price of a good decreases: A. demand increases. B. supply increases. C. the quantity demanded increases. D. the quantity supplied increases.
Given the rapid pace of technological change and financial innovation in financial markets nationally and internationally, would it be economically efficient to not deregulate banking? Explain.
Spalding Doughnuts wants to know about its waiting line. Currently, Spalding Doughnuts uses a single-server, single-phase system when serving customers. What is the average number of customers waiting in line? What is the probability of having more t..
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