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Suppose that this year's money supply is $50 billion, nominal GDP is $1 trillion, and real GDP is $500 billion.
What is the price level? What is the velocity of money?
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the bank of Canada keeps the money supply constant?
What money supply should the Bank of Canada set next year if it wants to keep the price level stable?
What money supply should the Bank of Canada set next year if it wants inflation of 10 percent?
Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path..
The Financial Services Modernization Act a. reinforced the Glass Steagall Act b. prevented mergers of banks c. eliminated barriers between banks, brokerage houses, and insurance companies
How would government react to sudden, large changes in the price of a key commodity, such as gasoline, electricity, or prices on stocks on the New York Stock Exchange?
Which of the following statements conforms to utility theory? In which market structure model may firms earn economic profits in the long run?
Owners of Sizzling Foods can earn a 14% rate of return on that land it they leased it others as a parking lot and while the last nurse hired treated 1,000 extra patients in a year. If doctors make $40,000 a year, what do nurses make?
the demand and costs for a firm tht operates in a perfectly competitive market. a- What level of output should this firm produce in the short run b- what price should this firm charge in the short runb c- what is the firm's total cost at this level o..
n a competitive market, all customers pay the similar price for the goods and services. Using the idea of consumer surplus, describe why each individual would be willing to pay a higher price
If the price of coffee came down to overshoot former equilibrium pricing but another type of coffee begins to do extremely well what has happened to the price elasticity and equilibrium
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
Draw a graph in the income-leisure time space showing a wage increase that leads an individual from one interior solution to another. Identify clearly on your graph the income and substitution effects on hours worked of the wage increase, as well ..
Calculate the appropriate value to use for income in your analysis. Explain why you choose to use that level of income and what is the dead weight loss associated with monopoly
Beer and pizza are compliments because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplies, quantity demanded, and the price in the market for pizza.
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