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a) What is the main policy message of the AS-AD model, and how does it relate to the 1930s Keynesian revolution in economic theory?
b) Provide as AS-AD graph of an economy in a deep recession and show the role of expansionary policy. (You need not go through all the details; just show and explain the basic shifts and why.)
c) Related to the above question, why does AS-AD analysis of expansionary fiscal and monetary policy effectiveness typically begin with the economy at the natural rate of unemployment (NRU)?
d) What should today's policy-makers assume about the natural rate of unemployment?
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
Illustrate graphically the impact in the short run and the long run of a Federal Reserve decision to increase open-market purchases.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
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Explain what accounts for the Hong Kong Monetary Authority behaving differently than the other central banks in emerging Asia.
In the following list a number of well-known companies and the products that they sell. Which of the four types of markets (perfect competition, monopoly, monopolistic competition, and oligopoly)
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
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