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1. Suppose the price level and the value of the dollar in Year 1 are 1.0 and $1.00, respectively.
a. If the price level rises to 1.50 in year 2, what is the new value of the dollar?
b. If instead the price level had fallen to 0.75, what would have been the value of the dollar?
2. Assume that John Nash has $10,000 in his checking account and uses his checking account card to withdraw $150 of cash from the bank’s automated teller machine. By what dollar amount did the M1+ money supply change as a result of this single transaction? Explain.
Show the Income Consumption Curve for this consumer for income values M = 12, M = 24, and M = 36.
In your analysis, make sure to provide an example of each type of externality. Why does the government need to get involved with externalities to bring about market efficiency? What solutions need to be provided for your xamples?
In early 1980s, U.S. economic policy was directed toward reducing inflation. Illustrate what would you have expected to observe during this short period of time.
A monopolistically competitive firm has the following short-run inverse demand and cost schedules for a particular product: What would happen to the firm’s demand and profit (or loss) as the firm moves toward the long run? Suppose in the long run, th..
An individual utility function is given by U(c,h) = c.h, where c represents consumption during a typical day and h hours of leisure enjoyed during that day. The real hourly market wage rate the individual can earn is w = $20. This individual receives..
Consider the following distribution of income in a 12-person economy, with the modern urban wage = 3, the traditional rural income = 1 and the informal urban wage = 2: (1, 2, 3, 1, 2, 3, 1, 2, 3, 1, 2, 1). The poverty line is at 1.5. Derive the table..
What is one cited reason why healthcare expenditures are so high in the United States? Behavioral economics studies how __________ influences the decision-making process. What is one cited reason why healthcare expenditures are so high in the United ..
Determine the current amount of money that must be invested at 12% nominal interest, compounded monthly, to provide an annuity of $10,000 (per year) for 6 years, starting 12 years from now. The interest rate remains constant over this entire period o..
Suppose that the U.S. dollars-Mexican pesos exchange rate is fixed by the U.S. and Mexican governments. Assume also that labor is mobile between the United States and Mexico due to low transportation costs. Which of the following situations is likely..
Illustrate what do the economic indicators suggest about the current economy.
A project manager finds that he does not have direct reward power over salaries, bonuses, work assignments, or project funding for members of the project team with whom he interfaces. Does this mean that he is totally deficient in reward power?
Suppose you make equal quarterly deposit of $2,500 into a fund that pays interest at a rate of 8% per year compounded monthly. Find the balance at the end of year 2. Please provide formula or excel function?
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