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A. Suppose that in a year when GDP is rising rapidly you also observe the government budget balance increasing. How can you explain this correlation?
B. Now suppose instead that in a year when GDP is rising rapidly you also observe the Government budget balance decreasing. How can you explain this correlation?
Using the supply and demand equations below, calculate the impact of a proposed $20.00 tariff. What will be the loss in government revenue? What will be the increase in consumer surplus? What will be the increase in overall wealth for the country?
How much of each good does Alice buy as well as how much does she work.
Demand: P= 50-QD and Supply: P= 25-QS Assume that the government levied a 25% tax on the suppliers of mangoes. Illustrate graphically the different economics effects of the tax.CALCULATE AND COMPUTE THE DEADWEIGHT LOSS AND TAX BURDEN.
Summarize the recent policy of the Federal Reserve concerning the level of interest rates and the reasons for this policy. Do you agree with this policy? Why or why not? How does this policy affect the supply of and demand for products and services?
Suppose a computer virus disables the nation’s automatic teller machines, making withdrawals from bank accounts less convenient. As a result, people want to keep more cash on hand, increasing the demand for money. Assume the Fed does not change the m..
A coffee retailer (Bob’s) developed the following daily demand curve for coffee for Your Town, NY. Where P is the price of Bob’s coffee, Pc is the price of Starbuck’s, and M is income in YourTown. Currently Bob’s and Starbuck’s Coffee are priced at $..
Suppose that in the short run the capital stock is fixed at 100, write down an expression for. The total physical product of labor. The average physical product of labor.
Who holds the federal bureaucracies accountable for their actions? How are they held accountable?
A famous American has been visiting the same tropical island for 15 years for vacations. When she goes she pays for everything by writing checks drawn on her U.S. bank. The currency the natives use are not U.S. dollars; they use a currency called a f..
What is the most conventional stance regarding the use of absolute value in the definition of Own-price elasticity-Cross-price elasticity
What is the equilibrium output and price level? If aggregate demand shifts right, what is equilibrium output? If aggregate demand shifts left, what is equilibrium output?
As we observed in this chapter, central banks, rather than purposefully setting the level of the money supply, usually set a target level for a short-term interest rate by standing ready to lend or borrow whatever money people wish to hold at that in..
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