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1. Use the AS/AD model to
a. Demonstrate graphically and explain verbally the situation the US economy is currently in.
b. In the diagram you drew for part (a) above, show the impact the Obama administration stimulus package is designed to have on the economy.
c. Discuss how knowing the exact value of potential income/output will impact your answers to (a) and (b) above. NOTE: You do not need to draw any more diagrams here.
2. Consider an economy characterized by the following AE equation: AE = 4000 + 0.8Y.
a. Compute the equilibrium level of Y and illustrate the equilibrium in an AE/AP diagram.
b. Suppose autonomous investment increased by 300. Illustrate the impact of this change in the diagram you drew for part (a) above. NOTE: Be sure to compute the new equilibrium level of Y and include it in your diagram.
c. Correctly link up your diagram for (a) and (b) above to an AS/AD diagram. Be sure to completely label your AS/AD diagram.
a good is classified as inferior if a. consumers buy less when the price rises b. consumers buy less when the income rises c. consumers buy less when the price falls d.
Major fiscal objective of Chancellor George Osborne The major fiscal objective of Chancellor George Osborne when coming to office in May 2010 was to remove the UK's structural
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WTO Negotiations: As is obvious from the above explanation that India has favoured multilateral trade reforms ever since the time of GATT (1947) to WTO (1995). Currently WTO
discuss different forms of foreign exchange regimes
Example of Indirect Taxes and Subsidies- ACCOUNTING SYSTEM We now permit our government to impose what are called indirect taxes. This category includes sales tax, excise tax,
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