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1.Name 5 stylized facts about the business cycle.2. Rank order these three ideas from "most optimistic about how a temporary tax raises consumer spending" to "least optimistic" about the same, and explain. Ricardian equivalenceKeynesian consumption functionFriedman's PIH3. Why do New Monetarists think Open Market Purchases of bonds might reduce GDP? Why do New Keynesians and (monetarists) thinks such OMPs probably increase GDP?4.In the US, does inflation usually rise after the economy is booming or does it fall? Do prices usually rise when the economy is booming or do prices fall?5. In an overlapping generations world, why is population growth so important?6. Did the price level rise or fall in the US from 1929 to 1932? If prices are flexible, what does an exogenous rise in money demand do to the price level?7. Suppose M/P=kY. k rises from 0.1 to 0.2, ceteris paribus, and prices are flexible. M and Y are exogenous, as in the quantity theory. What precisely happens to the price level, and what is k in accurate plain language?8.Consider the optimal labor supply of this worker in a one-period world:Utility = U = (C to the power of 1-a)/(1-a) - bNAnd production in linear in labor: Y = C = zNAs usual, a>0, as are b and z. a. What is the marginal disutility of labor in this utility function? Give a precise answer, not a philosophical statement. i.e., treat this as a math problem. b. If b rises, does this person like working more or like working less as a result? c. What is the optimal labor supply as a function of b, z, and a? d. For what values of a is dN*/dz >0? For what values of a is dN*/dZ<0? e. In normal microeconomic language, does a larger value for a make the substitution effect stronger or weaker? f. In normal microeconomic language, what's happening to the utility of consumption a a rises?
If the government unexpectedly levies a five-cent tax on every gallon sold by gasoline retailers, illustrate what will happen to the representative firm's cost curves.
Y at PPP is only 0.05. It is well-known that investment rate dierenHSL39502.bmpe when measured at a common set of prices while very small when measured at domestic prices.
q. without trade the united states produces 45000 units of clothing and 150000 cans of soda. without trade brazil
q.a new water pump has been purchased for 1400 that is expected to require 600 per year in annual operating costs plus
Elucidate what could be done to encourage people to spend more so as to increase aggregate demand and, invariably, create employment possibilities.
Illustrate what happens when a cheaper product is offered due to Impact of Government Imposed Price Ceiling that is below the equilibrium price.
Hong Kong dollar, and the one-year forward exchange rate is 9 yen per dollar. Determine whether or not there is an arbitrage opportunity and, if possible.
Use this equation to explain the level of income at which there is a zero lower bound on the federal funds rate
Illustrate what direction wills each of the subsequent occurrences shift the consumption also saving schedules, other things equal.
q1. the demand for good x is estimated to be qxd 10 000 - 4px 5py 2m ax where px is the price of x py is the price
Assume that this cost is set by an upstream wholesaler with monopoly pricing power.
illustrate what proportion of the population would score higher than Bob.
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