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[Comparing the actual and cyclically adjusted budget deficits in the United States.] The Congressional Budget Office (CBO) provides data on the actual and cyclically adjusted budget deficits. You can find data for the years 1961-2012 using this link: www.cbo.gov/publication/ 43999. Once on that page, click on the link on the left "Tables to Accompany the 2013 Automatic Stabilizers Report" and download the Excel file.
a. The budget deficit or surplus is called "Deficit or Surplus with Automatic Stabilizers" and the cyclically adjusted deficit or surplus is called "Deficit or Surplus without Automatic Stabilizers." Briefly explain why the CBO uses these labels.
b. Graph the budget deficit or surplus and the cyclically adjusted deficit or surplus for these years.
c. Calculate the average surplus or deficit and the average cyclically adjusted surplus or deficit for these years. Which was larger? Briefly explain your result.
What does Munger mean by the phrase "the price does the leading"? 3. Munger suggests several challenges that arise from the habit of anthropomorphizing the market. These help to explain people's apparent preference for central planning. What three..
Suppose that you own a car wash and that its total cost function is: C= 20 + 2Q + .3Q^2, where C = total cost (in dollars) per hour and Q is the number of cars washed per hour. You receive 5 dollars for each car washed. What is the optimal number of ..
Assume that Qd = 80-2P and Qs = 2P-20. If the government imposes a price ceiling at $15 in this market, what is the loss in producer surplus?
Suppose that on January 1, 2011, a household had $3 00,000, which it wanted to hold for use one year later. Calculate, by using resources available online or in the university library, which of the following would have been the best store of value ov..
list and describe the characteristics of a perfectly competitive market. why would a firm in a perfectly competitive
Examine the major effects that government policies have on production and employment. Predict the potential effects that government policies could have on your company.
Wisconsin is an important milk-producing state. Some people might argue that because of transportation costs, the cost of milk increases with the distance of markets from Wisconsin. Suppose the milk prices in eight cities are as follows.
Describe the economic impacts of subsidizing beef, pork, corn, soybeans, rice, and wheat on U.S. food prices and food prices in other countries, and how any negative impacts can be minimized.
The Virtual Network Approach to Organizational Structure
Why did Australia’s economy depend so strongly in its earliest decades after achieving statehood on “import-substitution industries”?
Industry studies often suggest that firms may have long-run average cost curves that show some output range over which there are economies of scale and a wide range of output over which long-run average cost is constant; finally, at very high out..
Explain the sources of economic inequality (‘the gap') between indigenous and non--indigenous Australians and discuss an economic strategy that you think would help to close the gap.
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