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Q. (a)The Economist on the 14th February 2008 printed the following: "More recently, the post-mortems on America's 2001 fiscal boost have been positive. By luck more than by design, the income-tax rebate was well timed (Mr Bush had promised to cut taxes long before the recession hit). It also seemed to work. One study suggested that people spent between 20-40% of their rebate in the quarter in which it was received, and over 60% of it within six months. Poorer, more credit-constrained people spent a higher share of their rebates". The article touches on two crucial conditions for a fiscal stimulus to work. What are they? How does a fiscal stimulus work in principle? Explain your answer with the help of diagrams (AD-AS or Keynesian Cross).
(b)What are the three most important factors driving economic growth? Explain briefly using an appropriate example.
Capital stock at the end of the year of this economy to remain constant as the beginning of the year, how much investment is needed.
As control variables, Quinn's data also includes income the individual earned in the month the data was collected, and the amount that it rained in the month the data was collected.
Explain an economy is initially in equilibrium at the natural level. The central bank increases the money supply.
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Suppose that these cost figures accurately refl ect the economic costs of providing inpatient services at these two hospitals and that the two hospitals face the same average total cost curve.
The equilibrium quantity increase or decrease depends on Demand
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If the economy is competitive so that factors of production are paid the value of their subsidiary products, what is the share of total income that will go to land.
Congresswoman Gaga represents a state in which several firms fabricate furniture. She needs to impose tariffs on all imported furniture.
Suppose that the market for wheat is characterized by the following demand and supply relationships.
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $10, the cost of mowing the second Lawn is $12, and the cost of mowing the third lawn is $15.
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