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Suppose that this year's money supply is $500 billion, nominal GDP is $10 trillion, and real GDP is $5 trillion.
a. What is the price level? What is the velocity of money?
b. Suppose that the velocity is constant and the economy's output of goods and services rises by 5% each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant?
c. What money supply should the Fed set next year if it wants to keep the price level stable?
What happens in a perfectly competitive industry when economic profit is greater than zero?
Revenue Function's Independent Variable is the Output. Copy Rights are the Natural Monopoly. Water Supply is the Natural Monopoly. Cost Equation's Independent Variable is the Output. Marginal Revenue is the Price in all cases.
Marginal revenue product for a price taker equals
The marginal cost of production is $1.40 to firm 1 and $3.20 to firm 2. The transportation cost is $1 per mile. What is the Nash equilibrium price charged by firm 1? What is the Nash equilibrium price charged by firm 2?
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The Central Bank of Muji wishes to eliminate the recessionary gap while expansionary monetary policy. The central bank can do so by stimulating consumption and planned investment.
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the inco..
Suppose in Belgium the opportunity cost of producing a trombone is 8 clarinets. In Denmark the opportunity cost of producing a trombone is 6 clarinets. What is the opportunity cost of producing a clarinet for Denmark?
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. let's play a ..
Suppose the world price of cotton rises. The demand for labor among cotton-producing firms in Texas will (increase or decrease). The demand for labor among textile-producing firms in South Carolina for which cotton is an input will (increase or decre..
Illustrate what would be the effect of poor weather on the consumer surplus, producer surplus, deadweight loss.
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