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Assume the economy is in recession and real GDP is below full employment. The marginal propensity to consume (MPC) is 0.50, and the government follows Keynesian economics by using expansionary fiscal policy to increase aggregate demand (total spending). If an in crease of $1,000 billion aggregate demand can restore full employment, the government should:
Indicate whether each of the following statements is true or false. Explain why. a. When the law of diminishing returns takes effect, a firm’s average product will start to decrease
A particular item has demand of 3000 units per year. The cost of one procurement is Rs. 100 and the holding cost per unit is Rs. 2.40 per year. The replenishment is instantaneous and no shortages are allowed.
Discuss Malthus' reaction to capitalism. How might we understand this reaction? Does his population thesis retain any validity for today's world? Outline Marx's attack on capitalism. How has capitalism changed in ways unanticipated by Marx?
If the price of a home in 2003 price $430,000, what is the price of a home in 2015?
describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic.
Illustrate what is the opportunity cost (in civilian output) of a defense buildup that raises military spending
What will be the complete and final impact on the GDP if the Federal government increases spending and simultaneously increases taxes to pay for the additional spending?
Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds pr..
In the 1970s, the economy experienced stagflation - a situation where prices rise but output falls. In the short run, then, stagflation must be caused by. In the long run, the shift described in the last question would cause ________ in the price lev..
Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. Each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is id..
Two firms are ordered by the federal government to reduce their pollution levels. Firm A’s marginal costs associated with pollution reduction is MC = 150 + 3Q. Firm B’s marginal costs associated with pollution reduction is MC = 9Q. The marginal benef..
Explain the practical effect of price controls on product and service availability, quality and true cost. What is the full impact of rent controls? On whose behalf are they imposed? Who are the winners and who are the losers? What is the impact of p..
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