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True or False
1. If short-run equilibrium GDP is above potential GDP, prices will eventually rise.
2. A tax reduction shifts the consumption schedule downward.
3. A superior level of technology is an important reason the productivity of workers in rich countries is high.
4. A nation's capital consists mainly of stocks, bonds, and other financial assets.
5. Technological change was a major contributor to the productivity speed-up since 1995.
6. A decrease in disposable income causes a shift in the consumption function.
7. If firms are experiencing falling inventories, one can expect that firms will cut production.
8. President Bush in 2001 wanted a tax cut to stimulate consumer spending.
Assume that all wages and prices are completely and immediately flexible. If the growth rate of the money supply is 8%, the growth rate of the velocity of money is 4% and inflation is 6%, what is the Solow growth rate?
Also identify and discuss the flows that are created when Government enters the circular flow.
A nation that devotes more of its resources to capital investment is likely to:
Consider a consumer who has preferences defined over commodities x and y. Suppose she is endowed with initial resources ω = (ωx,ωy) » 0 and faces prices p = (px, py). Draw the consumer's budget constraint, explicitly identifying the roles of ω and p...
Which distribution of income is more unequal?: Which country has a more UNEQUAL distribution of wealth, Lower Slobovia or Upper Vulcania?
Why do firms in a monopolistically competitive industry advertise? Research a firm you feel would be in monopolistic competition and explain their advertising scheme in a short summary. Be sure and cite your reference.
The main reason why there is no support amongst economists to balance the budget every year (Balance budget amendment to the constitution) is that doing so will----
In oligopoly, each firm is acutely aware of the production and marketing decisions of all competitors and carefully considers the potential competitive reactions in all decisions. Discuss whether firms in other market structures consider the potentia..
why does the marginal product curve have peak then begin to decline? Explain how a firm can find their profit-maximizing quantity of output? Explain the impact of new production technology on average total cost. Explain the envelop theorem. Describe ..
Increase in demand and increase in supply will lead to?:
A decision-maker's preferences over the set A=(a,b,c) are represented by the payoff function u for which u(a)=0, u(b)=1, and u(c)=4/ Are they also represented by the function u for which u(a)= -1, u(b)=0, and u(c)=2? How about the function w for whic..
Suppose the Fed conducts an open market sale by selling $10 million in Treasury bonds to Acme Bank. Sketch out the balance sheet changes that will occur as Acme restores its required reserves (10% of deposits) by reducing its loans.
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