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A Keynesian economy is described by the following equations.
Cd = 250 + 0.5(Y - T) - 250rId = 250 - 250rG = 300T = 300L = 0.5Y - 500r + πeM = 3000Y = 1250πe = 0
(a) Calculate the values of the real interest rate, the price level, consumption, and investment for the economy in general equilibrium.
(b) Now suppose government purchases increase to 350 with no change in taxes. What will be the real interest rate, the price level, output, consumption, and investment in the short run?
(c) What will be the real interest rate, the price level, output, consumption, and investment in the long run?
Expalin how can inflation derail the economy from its growth path.
economists also the public at large normally think of skill-level having having an inverse relationship with unemployment.
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