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Since GDP measures the nation's output at current market prices, then if a good or service is not exchanged through the marketplace, it cannot and does not go into GDP A major difference between Classical economists and Keynesian economists is that the Classicals tended to focus more heavily on the demand side of the market while Keynesians focus more heavily on the supply side. According to Classical economic theory, the greatest threat for a market economy is that overproduction will occur, thereby sending the economy into recession. Assuming a two-sector economy: if the level of saving exceeds the level of investment, Keynes would expect equilibrium to be reestablished by/through a decline in interest rates According to Keynesian theory, a movement toward a surplus in the federal budget will have an expansionary impact on the economy. In a Classical model of the macroeconomy, the equilibrating mechanism (to bring saving and investment-or, more generally, leakages and injections-into equilibrium) is the rate of interest. In a Keynesian model, it is the level of income.
Describe the core principle of the standard and whether or not you are in agreement with the proposed standard.
Illustrate what technology is used to catch them. What's wrong with America's economy, and is America's economic problem short term or long term.
The demand and supply curves for gasoline (in billions per year) are given below. Using the equations, find the initial equilibrium price and the quantity in the market for gasoline.
Suppose that over a range of prices, the price elasticity of demand varies from 15.0 to 2.5. Over another range of prices, the price elasticity of demand varies from 1.5 to 0.75. What can you say about total revenue and the total revenue curve
Macro-economics is perhaps most divisive area of economics. Macro economists divide themselves into different schools of thought. Two of the biggest camps are the Keynesians and the Monetarists.
For each of the given below statements, state whether the unemployment is structural or cyclical.
Whether the government cuts taxes by $200 billion or increases transfer payments by $200 billion, the initial effect on disposable income is the same. By how much does disposable income initially change? If the government cuts taxes, by how much wi..
Does it mean that the economy is starting to gather momentum for a faster growth rate? Explain. Hint: What obstacles remain for the economy to start growing at a faster rate?
Should the controller's argument be accepted if she does not really know much about copier technology. What would it make a difference if the controller were knowledgeable about the pace of change in copier technology.
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
Illustrate what price-quantity combination maximizes your firm's profits. What price-quantity combination maximizes revenue.
Using the historical tables from the Budget of the US government, utilize the website to determine where the US government allocates its expenditures.
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