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(a) Answer the following questions using the aggregate expenditures model of the economy described below. C = 80 + .6Yd T = 40 + .2Y Ia = 28 Ga = 64 Xa = 76 M = .18Y i. What are the marginal propensity to consume, the marginal tax rate, and the marginal propensity to import? ii. What is the saving function? What is the marginal propensity to save? iii. What is the aggregate expenditure function? What is autonomous expenditure? What is the marginal propensity to withdraw? iv. What is the equilibrium level of real GDP? v. What is the size of the multiplier? vi. Suppose the full employment level of real GDP is $340. Does a recessionary gap or an inflationary gap exist? How can the government eliminate the gap by altering government expenditures?
Assume that it is impossible to discover which individuals belong to which group. Will members of group 2 insure against this loss in a competitive insurance market.
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
Is limitless growth really possible. What forces do you think will be most important in slowing or halting economic growth.
Explain the difference between fixed production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology.
Jim previously earned $70,000 per year, but he now pays himself $25,000 per year while he is building the new business. what is the economic cost of the time he contributes to the new business.
The government of Dreamland is determined to deal with the smelly externality associated with the production, sale and enjoyment of puppies. If the government imposes a $50 tax per puppy on the producers of puppies, what is the affect of the tax o..
During the Civil War, one of Lincoln’s first actions was to blockade ports, which prevented trade. The South had to increase its production of munitions and food.
Illustrate what relative amounts of capital and labor will be employed to maximize output.
The organization you wish to pursue will convert existing hybrid Toyota Prius automobiles to plug-in hybrid vehicles.
important sense the term strategy irrelevance proposition is misleading because if the rational expectations
Suppose the price of unleaded regular octane gasoline were 20 cents per gallon higher in New jersey than in Oklahoma. Do you think there would be an opportunity for arbitrage
Explain what is the stance of other developed countries on this issue.
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