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1. (Figure: Actual and Natural Rates of Unemployment) Look at the figure Actual and Natural Rates of Unemployment. In 2014 the output gap was:
• positive• negative• zero• impossible to determine without more information
2. If potential output is higher than actual output, then the unemployment rate is:• zero.• above the natural rate.• equal to the natural rate.• below the natural rate.
3. (Figure: Expected Inflation and the Short-Run Phillips Curve) Look at the figure Expected Inflation and the Short-Run Phillips Curve. Suppose that this economy has an unemployment rate of 6%, inflation of 2%, and an expectation of 2% future inflation. If the central bank decreases the money supply such that aggregate demand shifts to the left and unemployment rises to 8%, then inflation will:
• rise to 4%.• not change.• rise to 2%.• fall to zero.
Suppose we are trying to illustrate the allocation and components of government spending, dividing 100 cents to show the relative weight of each component. Which of the following visuals would be most effective?
G = Go; I = f (i...) but investment is NOT a function of income; X = Xo; with import function of M = Mo + mY. Assume a money demand function Md=Mt+Ml, with Mt=f(y) and Ml=f(i), and Ms=Mso. Now assume a significant increase in the public's liquid..
What can a government do to raise the living standard of an economy in the long term -Encourage firms to adopt the best technology in the production process. -Adopt measures to attract foreign investments in the economy.-Increase the period of free e..
is there a significant difference in quality and acess between for-profit and not-for-profit hospitals? what is the
Why do you think governments in developed nations continue to lavish extensive support on agricultural producers, even though those producers constitute a very small segment of the population?
explain how one of the components of the gdp would help you to predict the amount of inventory to keep in stock if you
Agya is ready to think about how many pairs he can buy. Wait a minute, what happens if any of the ladies going to AUCC spotme at the BDBs? . I will buy any jeans from the Accra mall. Oops I am not quite ready to decide how many pairs I can buy.
Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refused
What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled? If the prices of Coca-Cola and Pepsi remained constant, what would be the typical buying response to these products if consumer income was reduced by 30%? Suppose ..
What does it cost you to sleep through one of the 30 lectures in a course for which you paid $2000 in tuition? Do students put more effort into courses for which they have to pay higher tuition to take the course? Explain.
Explain should they stay in business for three months or should they close down right now.
Aims to provide association between what you learn from economic models and concepts in class with real-life events happening around you.
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