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When the government borrows even more to pay the interest payments, the government deficit at year t = G(t) - T(t) + iB(t-1), where G(t) is government spending at year t, T(t) is the tax revenues at year t, and B(t-1) is the amount of borrowing from the year (t-1), and i is the nominal interest rate. Now, instead of using the nominal interest rate, if we use the real interest rate, we can also calculate the real deficit. Suppose inflation rate is 6%, how much is the real deficit for the second year?
One of the central questions that society must answer regarding medical care is: What is the optimal mix of medical care expenses? Which of the following activities involve Mary playing a game of chance? Which of the following is an example of a game..
How is purchasing power parity calculated and why is it superior to the exchange rate in making comparisons between per capita income levels in different countries. Why is the international US dollar used in making comparisons? How did Maddison estim..
Suppose you are given the following information on All Around Airlines. The average variable cost of producing airline trips varies between 14.5 cents a mile when 50,000 trips per year are produced to 16.7 cents per mile when 500,000 trips per year a..
Suppose that the adult population is 152 million, the number of unemployed is 19 million and the labor force participation rate 63%. What is the unemployment rate?
The median household income in Louisiana is approximately $52,000 per year, while the median household income in Massachusetts is about $79,000. However, suppose the growth rate of per capita real GDP in Louisiana is higher than in Massachusetts (3% ..
Imagine that you were the president of an emerging country that is trying to reduce the number of its imports
Money demand shocks will not affect the output level so long as the Fed pegs interest rates. True or false? Use an IS-LM diagram to explain your answer.
Other things being equal, what will happen to automakers' profits if they are able to sell more vehicles using battery packs and thereby scale up battery production? Why do you suppose that some automakers support the payment of government subsidies ..
Access and complete the "Eschatology Chart." Complete the chart according to the instructions provided in the chart resource. Define and explain eschatology. Define and explain the theology of hope as discussed in the readings.
Defenders of communist economic systems may point out that consumers pay lower prices for certain goods because the government imposes a limit. Cite at least two other ways which consumers may be paying for these goods
Define and explain fiscal policy, explain the difference and workings of expansionary versus contractionary fiscal policy, budget deficit versus budget surplus. Describe excessive increases and decreases in aggregate demand; what do they cause, how d..
Discuss a change in demand resulted in a change in the market price. Provide an example of how a change in supply resulted in a change in the market price. How does the price mechanism work to keep markets in equilibrium?
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