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Phillip’s Curve: For each of the following draw an AD/AS diagram and a corresponding Phillip’s curve assuming the following: (1) suppliers produce more goods and services when price increases; (2) actual GDP is 9,200; (3) full employment GDP is 10,000; (4) the natural rate of unemployment is 5.5%.
a) Show in both diagrams the effect of an increase in government purchases that pushes actual GDP up to full employment.
b) Again assume actual GDP is at 9,200, show in both diagrams the effect of the Federal Reserve Bank selling treasury bonds to banks.
c) Again assume actual GDP is at 9,200, in both diagrams show the long run effect if the government does nothing.
For each of the following items, identify whether it is included or excluded in calculating this year's GDP. In each instance, briefly explain why. (Note: since you are not responsible in this course for "Measures of Income" section in Chapter 5, non..
Suppose Germany, a large country, imposes a tariff on tuna imports. Before the tariff, all the countries in the world are engaged in free trade in tuna. Determine whether each statement below is true of false, then briefly explain why.
Suppose a representative consumption basket of a consumer consists of 10 candies and 5 sodas. The prices of these goods for different years are given below Candies Soda 2011 $1 $2 2012 $1 $3 2013 $2 $4 For each year, compute the cost of the basket
There was not a needy person among them, for as many as owned lands or houses sold them and brought the proceeds of what was sold. They laid it at the apostles’ feet, and it was distributed to each as any had need
Products become obsolete and are replaced by new goods, such as the typewriter. Draw supply and demand graphs and describe what results when this occurs.
What would the annual percentage change in velocity have to be on average for the quantity theory to hold.
If the marginal cost is a constant of 6, would that mean it is an economy of scale or diseconomy? My first thought was that it would be a diseconomy since I thought MC needed to approach zero for very large quantitities.
The demand for cigarettes is price inelastic, but not perfectly inelastic. The supply of cigarettes is elastic, but not perfectly elastic. If there were no price controls or other complicating regulations, what would a model of supply and demand ther..
Compute what happens to the quantity of K. Your answer must include the appropriate sign. Correctly round your answer to 2 decimal places. Do NOT include the percent sign as part of your answer.
What connection does that Bible story and Dylan's song have with ethics and the so-called "Divine Command Theory" as espoused by Euthyphro? How might it be possible for a person who is an atheist or an agnostic to live by yet another version of the D..
q.pcc and cdw are two online retailers which compete in an internet market for digital cameras. their products are some
List and explain any externalities in consumption that exists for kindergarten through 12th grade education. Use caution in your economic reasoning and Analysis, and take care in the use of graphical display.
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