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Assume that you have an economy that is in the early months of a recession. Unemployment is 7.2% and rising. Inflation is at 1.2% and relatively stable at the level. The GDP is at $13.6 trillion. Assume that you are on the Council of Economic Advisors which is the group that advises the President on economic policy issues. It’s your job to propose an Expansionary Fiscal Policy to help alleviate the problems associated with the recession.
1. Consider a policy based on Taxes. Develop a policy that will help get the economy out of the recession using only changes in taxes. You don’t need to get into changes in specific types of taxes but you do need to explain whether taxes should increase, decrease or stay the same. Be sure to explain why the policy will be successful.
Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus.
In 2013, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2014, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else equal..
Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted by M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = m5 B5 and wants to produce 10 barrels of pale ale this week. How..
Compute the price, output, and profit contribution if the product is not certified.
Switch grass was promised to be the new crop that would replace corn as the primary feedstock for bio-fuels a couple of years ago. Why have we still not switched to switch grass.
Explain the role of the following factors in the upswing in the financial cycle that preceded the global financial crisis:
Demand-pull inflation occurs when:
A small manufacturing firm is considering the purchase of a new machine. Two types of machines are available on the market. The lives of Machine A and Machine B are four years and six years respectively, but the firm does not expect to need the servi..
Suppose that output is $2.2, the natural rate is 4.5%, potential GDP is $2.32, inflation was 3% last year expectations arc adaptive, and the phillips curve equation is pi = pi + 0.5(Y - Y*)/Y*. What will the inflation rate be this year?
Perfect Competition is the one industry structure that achieves all of the following. Select one of the achievements of Perfect Competition listed above. Describe what it means in your own words, and state why you believe it to be the most important ..
You now know everything you need to know to be an informed critic of the Affordable Care Act. Based on all that you have learned, how does the Act measure up to our three goals of 1) increasing quality of care, 2) increasing access to care and 3) kee..
In 2016, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2017, its population had increased to 12 million, its real GDP had risen to $1.5 billion, and its GDP deflator had a value of 1..
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