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"From the time of Say and Ricardo the classical economists have taught us that the supply creates its own demand ... (and) that an individual act of abstaining from consumption necessarily leads to ... the commodities thus released ... to be invested ... so that an act of individual saving inevitably leads to a parallel act of investment ... Those who think this way are deceived.
They are fallaciously supposing that there is a nexus which unites decisions to abstain from consumption with decisions to provide for future consumption, whereas the motives which determine the latter are not linked with the motives which determine the former." (Keynes, 1936, pp. 18-21). Explain this statement.
If investment and saving depend on different determinants, what are these determinants and how is the equality of saving and investment in the economy ensured? Or does it also become an identity? If it is not an identity, outline the possible scenario of the likely adjustment pattern in the economy following an exogenous decrease in consumption.
for the statements below you are to write two answers. one answer should agree with the statement the other should
In the chapter we mention how prices can vary in a tourist trap. Which market, St. Louis or Chicago, was more likely to behave like a tourist trap? Explain.
discuss how you would convince businesses to increase exports and how you would put an ad campaign together directed at
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The probability that a student takes Economics is 0.70. What is the probability that a student takes Psychology given that the student is taking Economics?
The Aluminum Association reports
If in January 2005 the money supply was $6,415.1 billion, what is your estimate of October, November, and December 2006 money supply?
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Firms decide how much to spend on product development and marketing by
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suppose that velocity is constant at 9 but the nominal money supply increases from 1.5 to 1.8 trillion. what must
Using equation y*=A(k*)^(1/3), the prediction of the Solow-Swan model, and assuming labor is constant; explain why the growth rate of TFP is equal to growth rate of GDP per capital
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