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How many of the following four business cycle facts can be explained if the primary cause of business cycles is temporary changes in total factor productivity: procyclical consumption, procyclical investment, procyclical employment, and procyclical real wages? Explain your answer briefly in two or three sentences. You can safely assume that the substitution effect is stronger than the income effect.
Review Porter's 4 competitive strategies and give a real-life company example of which strategy a company is pursuing.
Suppose you manage a perfectly competitive firm. Your short-run total cost is given by the following: TC=200+2q^2, where q is the quantity produced by your firm. Given this total unit cost, the firm’s short-run marginal cost is given by: MC=4q A. Wha..
Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of
Using the guess and verify method, you can clearly conclude that an outcome is consistent with the concept of Nash equilibrium only if: (Explain Reasoning) You find that both players are better off in that outcome than in any other possible outcome o..
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..
Many policymakers are concerned that Americans do not save enough. Using the Solow growth model, with no technological change and no population growth, Explain why a higher savings rate will not necessarily generate more consumption per worker?
Explain how each change would affect bank reserves, the money supply, interest rates and aggregate demand and how this would help improve the economy.
(Population growth but no technology growth) Consider an economy that 12 is described by the production function Y = K^1/3L^1/ 3. What is the per-worker production function, that is y = Y/L ? What is the marginal product of capital, that is dy/dk? F..
What is the mechanism in the Solow model that generates growth? Why is this an appealing mechanism? Why does it fail to deliver economic growth in the long run
Use the aggregate demand–aggregate supply model (AD-AS diagram) to explain how each of the following factors will affect AD or AS as well as the impact upon GDP and general price level. Businessmen are pessimistic about the future.
The prices that people are willing to pay for goods and services mostly depend on:
As the value of the Gini coefficient approaches one, The Gini coefficient is measured by
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