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a) What is the main policy message of the AS-AD model, and how does it relate to the 1930s Keynesian revolution in economic theory?
b) Provide as AS-AD graph of an economy in a deep recession and show the role of expansionary policy. (You need not go through all the details; just show and explain the basic shifts and why.)
c) Related to the above question, why does AS-AD analysis of expansionary fiscal and monetary policy effectiveness typically begin with the economy at the natural rate of unemployment (NRU)?
d) What should today's policy-makers assume about the natural rate of unemployment?
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
Suppose the Federal Reserve lowers its target for the federal funds rate six times in seven months while the European Central Bank leaves its target for short term interest rates unchanged.
Construct a table shoeing Grey's marginal sales per day in each state. Calculate Grey's maximum monthly commission income.
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
Describe the Soviet Rapid Development Model
The average weekly earnings of bus drivers in a city are $950 with a standard deviation of $45. Assume that we select a random sample of 81 bus drivers.
Explain the concept of externality. What does it have to do with the efficient allocation of resources?
Explain which of the following transactions would be directly counted in 2007's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
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