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In each of the following cases, either a recessionary orinflationary gap exists. Assume that the aggregate supply curveis horizontal so that the change in real GDP arising from a shiftof the aggregate demand curve equals the size of the shift of the curve. Calculate both the change in government purchases ofgoods and services and the change in government transfers necessary to close the gap.
a. Real GDP equals $100 billion, potential outputequals $160 billion, and the marginal propensity to consume is0.75.
b. Real GDP equals $250 billion, potentialoutput equals $200 billion, and the marginal propensity to consumeis 0.5.
c. Real GDP equals $180 billion, potentialoutput equals $100 billion, and the marginal propensity to consumeis 0.8.
Many home improvement retailers like Home Depot and lowes have low-price guarantee polices. Do these types of pricing strategies result in cutthroat competition and zero economic profits?
One of the key features of the law that created the Federal Reserve System was that the Fed was to remain autonomous from the influence of the President and Congress. Recently, there have been calls that the Fed lose autonomy and even eliminated a..
the amount that they can enjoy in the future Why can't people enjoy more of both How does saving relate to investment and thus to economic growth What role do banks and other financial institutions play in aiding the growth process
Illustrate what economic forces and mechanisms work to maintain trade equilibrium. How does the balance of trade impact business decisions.
Utilize supply and demand analysis to explain why the equilibrium price of apples will rise and the equilibrium quantity will fall if an excise tax is levied on apples.
Illustrate what are the major differences among an open and closed economy
Irrigation improves the yield of strawberries per acre (measured in pints) according to the fucntion S= -(w-2)^2 + 50 where S is the number of pints of strawberries grown per acre and W is acre acre feet of water used. strawberries sell for $4 pe..
Elucidate three general economic principles along with being able to identify three to five macroeconomic indices e.g.GDP,CPI. I must also be able to make an evaluation and develop a forecast from the article.
A company finds there is a sudden increase in the demand for its product. In the short run, it must operate longer hours and pay higher overtime wage costs.
What do these numbers tell you about the phase of the business cycle in the United States, Euro area, and Japan in 2008? What do these numbers tell us about the relative size of the natural unemployment rates in the United States, the Euro Area, an..
The effect on the demand curve for hybrid cars (run on electric and gas and get much greater gas mileage) vs. regular cars (run only on gas) when the price of gas doubles. You need two graphs.
In order to pay for those expenditures, Congress also approved a $100 billion increase in individual income taxes. Will these actions by Congress expand or contract the economy or are they just useless actions?
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