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The national accounts treat all government purchases of goods and services, G, as part of real GDP. But suppose that the public services derived from government purchases are an input to private production, say: Y = F(κK, L, G) In this case, public services are an intermediate product-a good that enters into a later stage of production. Hence, we ought not to include these services twice in real GDP-once when the government buys them and again when the services contribute to private production. a. Suppose that businesses initially hire private guards. Subsequently, the government provides free police protection, which substitutes for the private guards. Assume that the private guards and public police are equally efficient and receive the same wage rates. How does the switch from private to public protection affect measured real GDP? b. How would you change the national accounts to get a more accurate treatment of government purchases of goods and services? Is your proposal practical?
Assuming you could not get the Pink ticket for free what is your (net) opportunity cost of your seeing Lady Gaga?
What are the basic objectives of monetary policy?
assume that the marker for tradable emissions permits by power plants has been operating efficiently for several years.
Suppose you are appointed to chair the Federal Reserve. Your twin goals are to maintain low inflation and to stabilize economic activity- that is, to keep output at potential. Why are these appropriate goals for monetary policy?
could someone with moderate industry-specific knowledge but low competency in business skills be successful as an
Fluctuating and rising gasoline prices. Make your analysis on this topic and relate it to the US economy. Determine the three or four segments of our economy that are affected through fluctuating prices for gasoline.
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
folk wisdom has it that when people lose their jobs they drown their sorrows in drink.economists have long challenged
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
Do you believe in the idea that governments should run surpluses in good years only to spend their way out of a recession in bad years Why do we often see government revenues and spending change when we are in a recession.
(Aggregate Demand and Supply) Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction
How does the natural rate of unemployment change as the demographic composition of the population changes?
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