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1) Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP (hint: this topic is not discussed in your text... you will need to understand this week's lecture notes to answer this).
2) Why might the rate at which the Aggregate Supply curve shifts vertically upward increase when an economy produces beyond full employment. (Hint: think about the effect of very low unemployment rates on the balance of bargaining power between employers and workers)
3) Explain why inflation rates are likely to rise when an economy expands beyond full employment capacity output. Draw an aggregate supply-aggregate demand diagram to illustrate your answer. (Hint: utilize your answers to #1 & #2 to answer this question)
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Illustrate what determines whether or not economic efficiency is achieved. What determines whether or not economic efficiency is achieved.
If, in the short run, a perfectly competitive firm is producing at a point where total cost is greater than total revenue, then the firm should.
assuming economy is in a long run equilibrium, show fraction of total output earned by labour and fraction of total output earned by capital. Explain why, in long run, firms make zero economic profits in this economy.
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The discipline of macroeconomics developed during the: Keynesian economics focuses on situations in which: Macroeconomic policies are designed to address: Keynes asserted that the Great Depression could be ended by: To the extent that there is vola..
Suppose the banking market in Richmond area consists of five banks that each has 15 percent of the market and five more banks that each has 5 percent of the market. Calculate the measure of monopoly power.
Assume the inflation rate is constant. Write down this number on a piece of paper because you will need the information for a subsequent question.
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