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Assume that the United States economy is in long-run equilibrium with an expected inflation rate of 4 percent and an unemployment rate of 6 percent. The nominal interest rate is 9 percent.
(a) Using a correctly labeled graph with both the short-run and long-run Phillips curves and the relevant numbers from above, show the current long-run equilibrium as point A.
(b) Assume now that the Federal Reserve decides to target an inflation rate of 3 percent. What open-market operation should the Federal Reserve undertake?
(c) Using a correctly labeled graph of the money market, show how the Federal Reserve's action you identified in part (c) will affect the nominal interest rate.
(d) How will the interest rate change you identified in part (d) affect aggregate demand in the short run? Explain.
(e) Assume that the Federal Reserve action is successful. What will happen to each of the following as the economy approaches a new long-run equilibrium? (i) The short-run Phillips curve. Explain. (ii) The natural rate of unemployment.
What is the equilibrium price of a box. Is this the long-run equilibrium price. Expalin how many firms are in this industry when it is in long-run equilibrium.
Assume that the market labor supply and labor demand equations are given through Qs = 5W and Qd = 30 - 5W. If a minimum wage is set at $4.00 (W = 4),
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Explain how might I have reallocated my spending so as to maximize my total satisfaction from pizza and coffee.
Explain why does the minimum salary seem to have the greatest impact on teenagers.
Determine what impact will an unanticipated rasie in the money supply have on the real interest price, real output, and employment in the short run?
The college of business each of these in turn has a dean who is responsible for faculty departments such as economics and finance. Why is an M-form more likely than a U-form to be an efficient way of organizing a university and to organize the sch..
What are the two problems facing the Bank of Canada in trying to control the money supply precisely?
The exhibit shows how supply and demand might shift in response to specific events. Suppose a spring frost destroys one-third of the nation's artichoke crop. Which panel best describes how this will affect the market for mayonnaise, which is a com..
Raymond producing is a privately held corporation; all long-term finances are from the Raymond brothers in the form of equity interests.
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