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The following questions are based on open economy macroeconomic model. The answers must be written in your words along with graphical illustration. Without explaining in your words, the graphical illustration alone will not be credible. Also make sure you use the relevant symbols and notation on each of the lines and axis on the graph(s) to clearly indicate the working mechanism of variables. 2. a. ) Using the ZZ/Y and NX graphs, illustrate graphically and explain what effect a reduction in taxes will have on output, exports, imports, and net exports. Clearly label all curves and clearly label the initial and final equilibria. b. Using the ZZ/Y and NX graphs, illustrate graphically and explain what effect a reduction in foreign output (Y*) will have on output, exports, imports, and net exports. Clearly label all curves and clearly label the initial and final equilibria. c. Suppose the national output in the US is below the policy makers' desired level of output and is experiencing a trade deficit. Assume that the policy makers' goals are to achieve the desired level of output (i.e., full employment output) and balanced trade. Given this information, what type of exchange rate and/or fiscal policy can be used to achieve simultaneously these two goals? d. Using the ZZ/Y and NX graphs, illustrate graphically and explain what effect an increase in government spending will have on output, exports, imports, and net exports. Clearly label all curves and clearly label the initial and final equilibria.
A candidate in the group is proposing a national sales tax to replace our personal income tax. Analyze this tax proposal to help your candidate understand its merits and demerits, so that she knows how to attack him.
Show, with graphs, why a monopoly may operate in the upward or downward sloping section of its long term average cost curve but a competitive firm operates only in the upward sloping section.
What function do private property rights serve in a market economy? Describe some unintended consequences of government obstruction of private property rights.
Suppose the restaurant industry is perfectly competitive. All producers have identical cost curves and the industry is currently in long-run equilibrium, with each producer producing at its minimum long-run average total cost of $8.
Under the pressure from the Congress, the U.S. Federal government has been working hard to reduce, or at least not to expand, the budget deficits and national debts. Meanwhile, the Fed keeps pumping money into the economy since the financial crisis t..
Ethical relativism is best described as what type of a theory?
You now should realize how important it is for economists to try and predict future conditions of the U.S. economy. Economists are also interested in the performance of the economy at a more local level. Discuss how local and national forecasts play ..
Discover the payout ratio rounded to the nearest whole percent, and explicate what a payout ratio means.
There are many programs currently in use today that advocate the prevention of delinquency in youth. In a 1-2 page paper identify at least two such prevention programs and describe the strategy each uses to further the cause of preventing these crimi..
Kalamazoo Competition-Free Concrete (KCC) is a local monopolist of ready-mix concrete. Its annual demand function is Qd= 24000-400P where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. Suppos..
What metrics or financial measures are used by analysts and investors to judge the relative success of a retailer? Why are each of these measures relevant.
Describe a positive or negative situation arising from an organization structure within an internationalcompany. Explain why a good organization structure is important to companies.
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