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Due to inflationary pressures, the national income of households has been spread across a higher overall price base for goods and services. How will this affect be shown in an AD/ASAD/AS model?
a) nearly vertical AS slope at the far right
b) a downward sloping AD curve
c) a downward sloping AS curve
d) nearly horizontal AD curve at the far left
What might account for the fact that estimates of effect time lags for fiscal policy often differ considerably across different types of government expenditures?
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
Assume that a national restaurant firm called BBQ builds 15 new restaurants at a cost of $1 million per restaurant. It outfits each restaurant with an additional $300,000 of equipment and furnishings. What is the amount of economic investment that ha..
To speed relief to isolated South Asian communities that were devastated by the December 2004 tsunami, the U.S. government doubled the number of helicopters from 45 to 90 in early 2005. In terms of “production” of relief, what kind of return to scale..
Developing countries are often concerned that their terms of trade might deteriorate as economic growth occurs. In terms of the analysis of part (a) of this question, other things equal, what type(s) of growth must occur and what type of country (“la..
Given these market characteristics, what is the Lerner Index equal to (as a function of quantity)?
"The price on wheat has fallen from $9 a bushel to $7 a bushel in the past seven months as rain and snow fell on the southern states." [Source: The Wall Street journal, February 12, 2013] Explain the effect of the fall in the wheat price on the marke..
Assume that you are going to start a small business of your own. Describe the business and, utilizing the concepts of this unit and the earlier units, discuss: What costs you would incur; What competition you might experience;
Many countries often come together to sign treaties for trade or security. What are some of the economic and political reasons for signing such treaties? Can you identify some ways in which these treaties are enforced?
The government three functions that directly affect the level of GNP. a) it purchases goods tax revenues; c) it makes transfer payments. Explain how each of transactions are treated in the National Income Accounts.
The entire principal of the borrowed amount of $10,000 will be repaid in 2 years. However, the quarterly interest of $330 must be paid every 3 months. Find the nominal annual interest rate (always, rate/yr) that you are paying.
Explain how much will your firm's total revenues (revenue from both products) change if you increase the price of good X by 1 percent.
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