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Participate in a discussion with your classmates regarding the expenditure multiplier effect within your local community, state, or region which magnifies or multiplies expenditures that increase the real GDP. Review the “EYE on Your Life” caption titled, Looking for Multipliers, on page 365 in the textbook. Discuss an event in your home city or state that brings new economic activity. It might be a major construction project, or major sporting event that occurs infrequently and brings a large number of people to your local area. Describe who benefits from the first-round multiplier effects? Also, identify the workers who are affected during the second-round multiplier?
A firm uses two inputs, X and Y and its production function is Q = ?(xy), where here we are using x and y to represent the quantities of the two inputs. (f) What is the firm’s marginal rate of technical substitution of X for Y, at the point where it ..
Suppose that you were an industry analyst trying to determine if the leading firms in the automobile manufacturing industry are playing a tit-for-tat pricing game. What real world data would you want to examine? What would you consider to be evidence..
Which of the following statements explains the flaw in your friend’s logic? have to chose one of these options: Nominal exchange rates adjust for the effects of inflation. The scheme would work only if the real interest rates are the same in both nat..
The United States has accrued a public debt of over $19 trillion over the course of its history, which is equivalent to slightly more than the annual nominal GDP of the nation. Come up with and explain at least two ideas in terms of how to reduce the..
The state has announced its plans to license two firms to serve a market whose demand curve is given by ? = 100 ? The technology is such that each can produce any given level of output at zero cost, but once each firm's output is chosen, it cannot be..
Equal Protection Clause The state of Alabama enacted a statute that imposed a tax on premiums earned by insurance companies. The statute imposed a 1 percent tax on domestic insurance companies (i.e., insurance companies that were incorporated in Alab..
How would an economist respond to the opinions expressed in this documentary? What aspects of the current food system would an economist view as a positive development?
Which of the following is a microeconomic consequence of inflation?
Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic in each case.
A hotel owner, having heard that new hotels plan to open in his area, saysl "We have too many hotels in this town already. Statistics show that vacancy rates average 20 percent on any given night." Assuming this is correct, evaluate his negative a..
Discuss the effects of a tightening monetary policy in the short-run and the long-run? What are the key assumptions in both scenarios? What are the appropriate models to distinguish the short run and long-run effects of a tightened monetary policy? W..
The regulators at the FDIC decide to change the captial requirement in order to help prevent another bank crisis. They increase their required capital-to-asset ratio. In the space below explain how a bank can accomplish this -- how they could bring t..
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