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By early 2008, most economists believed we were heading towards recession. Congress and the President passed an Economic Stimulus Package (Expansionary Fiscal Policy) and the Federal Reserve cut interest rates (Expansionary Monetary Policy).
Explain what was happening to the economy in terms of the AS/AD model, including what would need to happen to bring us out of the "recessionary gap". In other words, using the AS/AD model as a starting point, explain the economic situation of 2008.
economic growththe government uses policies like student loans and free trade to influence the economys growth rate. in
A bank advertises it pays 7% annual interest, compounded daily, on savings accounts, provided the money is left in the account for 4 years. What effective annual interest rate do they pay?
Two economists took a close look at a broad survey of more than 50,000 persons each year from 1987 to 1999. They found that drinkers do reduce their consumption substantially in economic downturns.
Suppose you were having lunch withyour best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was, commenting that he saw no useful purpose for economics.
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run.
Find all pure-strategy Nash equilibria in the game below. List each Nash equilibrium in (Player 1’s Strategy, Player 2’s Strategy) form.
Illustrate what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
Explain what, in turn, will happen to income. A government official suggests increasing government purchases by $100. What is the main benefit of this proposal What is the main drawback of this proposal
You don't actually have to draw them to answer this question. Just explain in words. OK, you might want to draw them first then explain them.
ssume that a hypothetical economy with an MPC of 0.75is experiencing a severe recession. By how much would government spending have to rise to shift the aggregate demand curve rightward by $50 billion How large a tax cut would be needed to achieve th..
suppose you know that CLS's MRT of wine of garbage disposal services is 2:1(to obtain more bags of garbage disposal services requires a reduction of one bottle of wine (keep inputs constant), and Brewster's MRS of wine for garbage disposal is 3:1.
Illustrate why is strategic interdependence important for the market structure of oligopolies. What happens in the market for oranges if there is a hurricane that destroys the orange crop.
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