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The multiplier effect of a change in government purchases
Consider a hypothetical closed economy in which households spend $0.50 of each additional dollar they earn and save the remaining $0.50.
The marginal propensity to consume (MPC) for this economy is _________, and the multiplier for this economy is __________.
Suppose the government in this economy decides to decrease government purchases by $250 billion. The decrease in government purchases will lead to a decrease in income, generating an initial change in consumption equal to
This decreases income yet again, causing a second change in consumption equal to
The total change in demand resulting from the initial change in government spending is
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, Illustrate what were the economic incentives for producers.
What is the result of an increase in the price of bread, a normal good? The demand curve shifts to the right. The demand curve shifts to the left. The quantity demanded increases. The quantity demanded decreases.
Describe the cost function and explain the difference between a short-run and a long-run cost function. Describe the elements of a cost schedule which can be derived total, fixed, and variable costs. Compare and contrast the short-run cost function a..
How would Keynesian solve a recessionary gap using personal tax rates.
Broadband technology refers to ___________.
The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change i..
q1. suppose that mnl logs harvested the logs in october 2011 and sold them to mnl number in december 2011. mnl number
q.qd 2000 - 25 p 2 a where p represents cost as well as a is the number of weekly advertisements. presently the
Illustrate what is the average labor productivity, in terms of square feet per painter-hour.
Consider a rancher-farmer economy. Assume that the rancher has no choice over how many cows to raise but either the farmer or the rancher (or both) can build a fence to eliminate the crop damage of $150. However, the costs of installing the fence are..
Experience does not necessarily have to be work experience. Discuss market equilibrating process in relation to your experience. One of early economic "laws" was called Say's Law which stated that supply creates its own demand.
find a pop culture reference from tv movie music magazine... of an economic concept. the reference can be anything we
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