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Answer one of the following questions:
A. While having a haircut, the hairdresser heard you were studying macroeconomics and said "The reason the aggregate demand curve slopes downward is that when the price level is higher, people cannot afford to buy as many goods and services". Do you agree or disagree with the hairdresser's statement? Explain.
B. List three variables that would cause a decrease in real GDP--indicate whether changes in each variable increase or decrease aggregate demand or short-run aggregate supply. Next, state three variables that would cause an increase in the price level--indicate whether changes in the variable increase or decrease aggregate demand or short-run aggregate supply.
The question related to Economics and mainly Macroeconomics. It is clarify about the problem as suggested by the media about the current account deficit in the US.
Use the line drawing tool to draw a line showing the relationship between the number of deliveries (on the horizontal axis) and your total cost (on the vertical axis). Draw the lnie between zero and 20 delieries. Label this line 'Cost'.
Using the midpoint formula, calculate the price elasticity of demand for the following problem: Calculate the income elasticity of demand using the general formula for elasticity:
What would happens to Hi-Tech's profits and the price of books in the short run when Hi-Tech's patents prevents other firms from using the new technology.
Economists are often criticized for making assumptions. Explain why are assumptions necessary? To think about this, you might consider an assumption that is often made,
A open economy has a marginal propensity to import equal to .2 and a marginal propensity to consume equal to .7. Determine propensity to save of this economy?
a beekeeper yung lives next to an apple orchard. she is not only benefits from the bees honey which she sells but she
1. What is the difference between gross domestic product (GDP) and gross national product (GNP)? 2. Based on the table, what calculations must you make to determine GNP from GDP? 3. What is national income (NI)? 4. Which was higher in this year, GNP ..
Now, assume the ECB also employs comparably aggressive policy. Copy your results from the left graph and show on the right graph how the ECB could affect the USD/EUR exchange rate.
Monetary expansion causes the present account balance to increase in the short run. Describe this statement. Is the same true for fiscal expansion.
Assume that, over time, engineers develop new residential furnaces that can run on different tpes of fuels, e.g., natural gas, electricity, propane, and fuel oil, simply by flipping a switch on the furnace.
Draw an AS-AD diagram to illustrate the effects of rising inflation expectations on an economy threatened by inflationary growth in aggregate demand. Explain your diagram clearly.
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