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Using the graph of the long run and short run aggregate supply and demand, show how the GDP generated at full employment is the potential output the economy can generate.
In order to better explain this concept, assume that in the short-run, wages and prices are flexible enough to adjust, that at full employment, firms and workers are able to negotiate lower nominal wages, which will shift the short run aggregate supply rightward. Also, keep in mind that the natural rate of GDP and the natural rate of unemployment are defined in the long run and represented by a vertical long run aggregate supply curve.
Play Around Toys Inc. operates stores in different regions of the country. The senior management of Play Around Toys Inc. has decided to tailor the merchandise selection for each store based on its sales patterns. What types of data are other retail ..
A best-selling author decides to cash in on her latest novel by selling the rights to the book’s royalties for the next six years to an investor. Royalty payments arrive once per year, starting one year from now. In the first year, the author expects..
What price-output combination would exist with efficient pricing (MC = P)? Draw a graph with MC, Demand curve and MR curves for the problem above.
Do you think illegal drug interdiction or successful drug education is the better policy to reduce drug addiction in the United States? Do you think simultaneous implementation of both policies is best? Why? Provide specific examples to support your ..
Countries A and B have two factors of production, capital and labor, with which they produce two goods, X and Y. Technology is the same in the two countries. X is capital- intensive; A is capital-abundant. Analyze the effects on the terms of trade an..
BUS499(2011A) Final Exam: - Critically argue whether GDP is a good measure of economic well-being. You are required bring examples and academic references to support your answer.
Should the government use monetary and fiscal policy in an effort to stabilize the economy? The following questions address the issue of how monetary and fiscal policies affect the economy, and the pros and cons of using these tools to combat economi..
q1. angie silva recently opened the sandal shop a store that specializes in fashionable sandals. angie has just
Compare and contrast the difference between dynamic (intertemporal) efficiency and static efficiency with respect to non-renewable resources. What are the efficiency conditions for each? What costs reflected in the inter-temporal analysis are not cap..
If the federal government chooses to increase government expenditures explain the three methods of financing the expenditures in terms of: which is the most expansionary, what are the negative effects of each, and which is the most inflationary.
If your goal is to stabilize output, explain how you would change the interest rate in response to the following events (or shocks). In each case, show the effects on the economy in the short run using the IS-MP diagram. Consumers become pessimistic ..
Explain the 3 neoclassical macroeconomic goals. How do we know if we are meeting each of these goals? Additionally, provide a criticism of ONE of these goals.
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