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1. Illustrate the effects of the following developments on both the short-run and long-run Phillips curves. Give the economic reasoning underlying your answers.
a. a rise in the natural rate of unemployment
b. a decline in the price of imported oil
c. a rise in government spending d. a decline in expected inflation
2. Draw the short-run tradeoff between inflation and unemployment. How might the Fed move the economy from one point on this curve to another?
The long-run growth rate of potential output is 3% per year, velocity is constant, the money supply grows at a rate of 5% per year. Initially, actual output equals potential output. The nominal interest rate is 3.5%. Prices are sticky in the short..
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
Why might a firm charged with violating the Clayton Act, Section 7, try arguing that the products sold by the merged firms are in seperate markets. Why might a firm charged with violating Section 2 of the Sherman Act try convincing the court that ..
Past year both Country homes and City Construction earned $1 million in Net Income. Both companies have asstes of $10 million. Country created a return on equity of 11.1 percent
A market total demand is given through P = 80-(z/2). This market is supplied by a dominant firm & by other, relatively "small firms". The small company total supply is given by P=4y.
Elucidate what does the US government hope to achieve through the use of its antitrust policy.
Using the historical tables from the Budget of the US government, utilize the website to determine where the US government allocates its expenditures.
Most Republicans need to reduce federal spending. Democrats do not want to reduce federal spending by as much as Republicans do.
ECP 2023, Spring 2014: With reference to a diagram, show and explain how a market, left on its own, will tend toward an equilibrium in which there is neither a surplus nor a shortage of the product.
The text argues that the greater the importance of an item in consumer budgets, the greater its elasticity. Health-care costs account for a relatively large share of household budgets. How could the price elasticity of demand for health care be suc..
During the oil crisis in the 1970s, long lines at gas stations disappeared soon after price controls were removed and gas prices were permitted to rise. Should this even be interpreted as evidence that the oil companies have monopoly power Why or ..
Write a brief explanation of each of the following terms. import tariff, effective rate of protection
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