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1. a. Suppose velocity is stable. What would the Federal Reserve need to know in order to keep output at its natural level following a supply shock?
b. Assume that velocity is unstable and unpredictable. How would this complicate the Federal Reserve's ability to stabilize the economy following a supply shock.
c. Suppose OPEC suddenly collapsed and oil prices plummeted. Indicate what would happen to the short run aggregate supply and aggregate demand curves, output, and the aggregate price level in the short run
2. Consider the following model of the economy:
C = 170 + 0.6(Y - T)
I = 250
G = 300
T = 200
a. What is the value of the marginal propensity to consume?
b. Calculate the equilibrium level of GDP
c. What is the value of the government purchase multiplier?
d. Use your answer to Part d to calculate the amount by which government purchases of goods and services would have to rise in order to increase the equilibrium level of GDP by 50
Compute the price elasticity of demand.
Assume that an earthquake destroys part of capital stock. Forecast what will happen to total production, the real return to capital, and real wage.
Answer whether the following statements are true or false, explaining your answer in each case.
What is the firm's cost function when the cost of pollution certificates is included? What is the firm's marginal cost function when the cost of pollution certificates is included? Derive the firm's supply function.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.
Assume the construction of the $360M stadium is to be financed entirely with debt to be repaid over 20 years.
Provide an example of how fiscal also monetary policies compliment or work against each other.
Illustrate what has happened to the value of the real exchange rate over time. What is the significance of this change in value.
You are working for an unemployment agency which distributes unemployment checks to unemployed workers in your state.
The president of a small industry has been complaining to his controller about rising labor and material costs.
Major multinational companies such as Acme attempt to track the relative movements and magnitudes of global capital investment.
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