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The following events have occured at times in the history of the United States.
*A deep recession hits the world economy.*The world oil price rises sharply.*U.S. business expect future profits to fall.
a. Explain for each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
b. Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium.
c. Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium.
d. Describe what a classical macroeconomist, a Keynesian, and a monetarist would want to do in response to each of the above events.
Define Phillips curve suppose the economy's aggregate supply curve is stable, how would an increase in aggregate demand affect the unemployment rate and the inflation rate?
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If we do engage in foreign trade, should we bound foreign trade to country's that engage in fair trade throgh giving us access to domestic markets and reciprocal import tariff decrease that mirror our tarriff reductions on our imports from them?
Dumaine Equipment Corporation closes its books regularly on December 31, but at the end of 2007 it held its cash book open so that a favorable balance sheet could be created for credit purposes.
Martin Feldstein and Charles Horioka of Harvard University discusses that in a world of perfect capital market integration, there should be little long term correlation in domestic saving and investment.
"Time" magazine, Canadian edition, has recently published an article on U.S. agricultural subsidies titled "Why our Farm Policy is Failing", November 2nd, 2007.
The job losses to foreign nations have not been limited to low skilled rankings. And that may not necessarily be a real concern in long run.
What is the opportunity cost of producing rice in US??Confirm the existence of comparative advantage by computing opportunity costs and filling in the table below. What is the pattern of comparative advantage?
Assume the government allows the exchange rate to áoat and makes no policy response. To get full credit each of your answers must be supported by the appropriate IS-LM-FX graphs. 1. Foreign output decreases. 2. Investors expect a depreciation of th..
Is there a certain protocol that United State companies must follow when advertising in Singapore? I understand that advertisements cannot contain any hype.
How might a government solve the problem of overfishing by assigning property rights over areas of the sea around the local coastline to a single fisherman. Have property right policies been successful in Asia in practice? What are the big issues ..
In September 2003, a United State retailer wants to buy canola oil from a Canadian farm. At that time in Canada, one barrel of canola oil value C$2.
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