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By definition, the budget deficit equals the rate of change of the amount of debt outstanding: δ(t)=?(t). Define d(t) to be the ratio of debt to output: d(t)=D(t)Y(t). Assume that Y(t) grows at a constant rate g>0.
(a) Suppose that the deficit-to-output ratio is constant: δ(t)Y(t)=a, where a>0.
(i) Find an expression for ?(t) in terms of a, g, and d(t).
Analyze the situations involving risk below to determine if they involve Moral Hazard (M), Adverse Selection (A), or the Principal-Agent Problem (P). For Moral Hazard write “M” in the blank.
Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to the overall level of U...
When you purchase and eat a hamburger, no one else can eat the same hamburger. When you download a file on the Internet, the file is still available.
Use at least one of the four Marshall-Hicks laws of derived demand to explain this difference in effectiveness between the unions.
Suppose the MCs for the following two tennis ball suppliers: MC1=3+0.5Qs, MC2=5+0.5Qs. Drive and graph the aggregate supply curve. If the price of the product is $4 per unit, can each of these producers stay in business?If yes, how much will each pro..
q. forey inc. competes against many other firms in a highly competitive business. over the last decade several firms
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $108,937 million in the first year, but will decline by $2,295 million every year for th..
Describe the problem of “adverse selection” when health insurance is offered at a community rated premium? Define the term “community rated premium” as well. Is it possible to address the problem of adverse selection by increasing the premium level? ..
The town finds an investor who purchases the warehouse and promises to renovate the old building and build condominiums. Is this economic growth?
From number 33, calculate the cross-price elasticity. From number 32, calculate the price elasticity of Good Y. From number 31, the Good X market is experiencing a market failure. What is happening in Good X? Refer to the figure above. Calculate the ..
Tech engineering inc. makes a consumer product for which the following cost data are available. Determine the breakeven volume unit can be sold for $40. If a net profit of $100,000 is required determine the number of units that needed to be sold.
According to Aristotle, a virtue is more than worthwhile habit; it is also a ________. On Aristotle’s “doctrine of the mean,” one of the most important factors in determining the virtuous course of action is to relate the (17) _________________ to (1..
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