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In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
A. Calculate the value of the multiplier, given the change in investment.
B. Explain, as if you were explaining to your (non-economist) grandparents. What is the meaning of that multiplier you found in c)?
Suppose that workers and firms could always predict next year\'s price level with perfect accuracy.
Calculate the expected level of demand in a typical market. Indicate the range within which actual demand is expected to fall with 95% confidence.
Indicate whether each of the following statements is true or false and explain why.
Consider a market-clearing economy in which output (Y 1 )depends only on the capital stock (k 1 ) and an exogenous productivity variable ( θ1 ) according to the production function y1 = θ 2 f(k 2 ).
In each of the cases listed below determine what this consumer needs to do (in terms of purchasing X and Y) to maximizes their utility.
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
Suppose that a perfectly equal distribution of income existed in Disneyland. Which of the reccent residents would have the same income he or she has in present distribution?
Consider the instrumental variable regression model Y i β 0 + β 1 X 1 + β 2 X 1 +u i , where Z i is an instrument
If the reserve ratio is 15 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent of any newly acquired checkable deposits, then the relevant monetary multiplier for the banking system will be:
Is this a good model for unemployment? What would you add to study the problem more completely? What assumption does this model make regarding unemployment
Assess the degree of difficulty associated with measuring marginal revenue product for each of the following occupations.
What is the difference between contractionary and expansionary monetary policy?
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