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1. An economy is in long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs. What kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies would help move the economy back to potential output?a. A stock market boom increases the value of stocks held by households.b. Firms come to believe that a recession in the near future is likely.c. Anticipating the possibility of war, the government increases its purchases of military equipment.d. The quantity of money in the economy declines and interest rates increase.2. In each of the following cases, either a recessionary or inflationary gap exists. Assume that the aggregate supply curve is horizontal so that the change in real GDP arising from a shift of the aggregate demand curve equals the size of the shift of the curve. Calculate both the change in government purchases of goods and services and the change in government transfers necessary to close the gap.a. Real GDP equals $100 billion, potential output equals $160 billion, and the marginal propensity to consume is 0.75.b. Real GDP equals $250 billion, potential output equals $200 billion, and the marginal propensity to consume is 0.5.c. Real GDP equals $180 billion, potential output equals $100 billion, and the marginal propensity to consume is 0.8.
What factors affect the fuel efficiency of cars · To what extent would increased government involvement with regard to fuel efficiency affect the behavior of manufacturers · To what extent would increased government involvement with re..
Explain the process of revenue at NSU, focusing on the relationship between the increased revenue from students enrolling at NSU despite the higher tuition and the lost revenue from possible lower enrollment.
Recently, Pfizer and Warner-Lambert agreed to a ninety billion dollar merger, thus creating one of the world's biggest pharmaceutical firms. Pharmaceutical firms tend to expend a greater percentage (%) of sales on R&D activities than other industries..
Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
The fashion (clothing), consumer electronics, fine fragrance industries are knwon to practice or have practiced resale price maintenance. In each case,indicate the probable motivation for RPM and the likely welfare consequences.
Many airline routes worldwide are served by only one airline (a monopoly). Within the U.S., these are often from a small or mid-sized city to a major carrier hub and frequently operated by a regional carrier under contract to the larger airline.
Suppose the Clean Springs Water Company has a monopoly on bottled water sales in California. If the price of tap water increases, what is the change in Clean Springs profit-maximizing levels of output, price, and profit
The budget deficit is of tremendous concern and all law makers agree that some measures should be taken to reduce it. However, The Republicans see the issue as a spending problem, while the Democrats see it as a revenue problem.
Consider another policy where the government could impose a price ceiling p on the monopolist. If the government were interested in maximizing social surplus, what would be the optimal value of p when considered from the point of view of the gover..
The college majors that lead to the highest median earnings for both men and women tend to be those that A) are more quantitative and analytical B) stress verbal skills C) require detailed knowledge of political institutions D) are computer-related E..
Explain briefly how each of the variables affects the value of an MLB franchise (i.e., use the variable definitions above to interpret, in words, the coefficient estimates with regard to each variable).
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