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Assume an open, mixed economy. That is, foreign trade is part of the economy, and the economy includes both a public (government) and a private (consumers and businesses) sector. Given this, aggregate demand is expressed as (C + I + G + X). Assume the MPC is .7. Assume a stimulus package of $100 billion has been approved by Congress and the money has been spent. In order to pay for those expenditures, Congress also approved a $100 billion increase in individual income taxes. Will these actions by Congress expand or contract the economy or are they just useless actions?
Explain why the FOMC opted to include language about the specific level of unemployment it wants before it might consider possibly increasing the Federal Funds rate. What is the expected benefit, and what might be the cost?
The kinked-demand schedule that an oligopolist believes confronts the firm is given in the table below. Compute the oligopolist's total revenue at each of the nine prices
Illustrate why do economists pay more attention to national economies than state or regional economies.
Begins with the economy at potential GDP, a war in the Middle East pushes up energy prices temporarily. The Fed expands the money supply to accommodate the inflation.
Suppose the market for widgets can be described by the following equations: What is the equilibrium price and quantity?
Suppose the effects of a change in the money supply in an open economy under a flexible exchange rate system. How are your conclusion affected by the adoption of a fixed exchange rate.
Suppose that workers and firms could always predict next year\'s price level with perfect accuracy.
Describe (in a sentence or two) the short run profit maximization condition when labour is the only variable input?
Draw a set of indifference curves for Jones, and second set for Smith, with alcoholic drinks on vertical axis and non-alcoholic on the horizontal axis.
What is the opportunity cost of going to a doctor to be examined for skin cancer? Would eliminating research reduce or increase the cost of U.S. health care?
Suppose that yi receives $ 60 per day as interest on inheritance and her wage is $25 per hour, and she can work a maximum of 16 hours per day at her job. draw her daily budget constraint.
As its doing on the Technological Industry and required help in putting it together below is what it have to consist of.
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