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Assume that the consumption schedule for a private open economy is such that consumption C = 20 + 0.80Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 40, G =20 and Xn = 10. Recall also that, in equilibrium, the real output produced (Y) is equal to aggregate expenditures: Y = C + Ig + G+ Xn. a. Calculate the equilibrium level of income or real GDP for this economy. b. What happens to equilibrium Y if G changes to 40? What does this outcome reveal about the size of the multiplier? What does this outcome reveal about the impact of fiscal policy?
What are the characteristics of perfect competition? Why do restaurants tend to display characteristics of perfect competition and what are the long-run benefits of running a restaurant, considering its place in the perfect competition?
Analyze the current health care delivery structure in your state (Tennessee). Compare and contrast the major determinants of healthcare market power. Analyze the main competitive forces in the your healthcare delivery system in your state.
According to Trabant and Uhlig (2009), the Laffer curve for consumption has no peak. As far as I can make out, the argument is based on the fact that money extracted by taxing consumption ends up back with consumers and then gets taxed again. However..
Price will increase; quantity cannot be determined. (Assume CD players are normal goods.) Which of following will happen to equilibrium price and equilibrium quantity for CD players
What curve would be shifted (demand or supply) and in what direction (left or right) if there was a decrease in the tax rate or interest income from 20% to 15%?
For each of the following, identify whether the statement is true, false or uncertain and justify your answer. a) If everyone has the same marginal rate of substitution, then the allocation is Pareto efficient. b) If a policy change increases social ..
Greece is trying to re-establish its power within a complex system of regional and international organizations. Describe Greece's situation. What institutions are playing a role in Greece's future? Are there other institutions and factors affecting t..
Petra likes iPhone apps and epresso pods for her coffee machine. We denote the number of apps by X and pods by Y. Prices PX = 10. PY = 5. Her income in the period is 500. Her utility function is given by: (1) U(X,Y) = X^(0.4)Y^(0.6). What must her ne..
The price of hamburger meat in College Town has recently fallen. Explain in detail the effects of this price change on the demand, supply, equilibrium price, and equilibrium quantity exchanged for fast food hamburgers in College Town and why. Draw a ..
The demand for gasoline is inelastic and the supply of gasoline is elastic.
Theoretically, government spending should always result in ________ increase in GDP compared to a tax cut of the same size because
When real estate agents sell their own, rather than clients’, houses, they leave the houses on the market for a longer time (10 days longer on average) and wind up with better prices (2% higher on average). Why?
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