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The behavioral functions are given as follows. C = 20 + 0.8(Y − T); I = 14; G = 20; T = 10; IM = 0.5Y; X = 0.1Y*; Y* = 100where Y is domestic income; Y* is foreign income; C is consumption; T is tax; I is investment; G is government spending; IM is import; X is export.
(A) Calculate the equilibrium level of output in closed economy.
(B) Calculate the equilibrium level of output in open economy case. Is this economy runningtrade deficit or surplus?
(C) Calculate the multiplier for closed economy case & for open economy case. Explain why the multipliers are different in two cases (I need an intuitive explanation).
Draw a typical Phillips Curve. Explain why some economists claimed that the Phillips Curve represented a menu of social choice. Do economists still believe in the menu view of the Phillips Curve? What view has replaced the original view?
Loan amortization and EAR You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan pa..
Suppose two countries, A and B, with the same production function Y = K? L1?? . The value of ? is 0.30, the growth rate of population is 2% and the depreciation rate is 5%. Show that with price-taking firms the share of labor must be 1?.
How to Restore Participating and Self-Support to Free Enterprise (Harvard University Press, 197), economist Edmund Phelps offers this plan to help the working poor: apply tax credits for “qualified employers” or hire disadvantaged people for “eligibl..
Suppose you get your master’s degree in civil engineering and have the three following career options upon graduation: you can work for a governmental agency, you can work for an established firm, or you can work for a startup company. Conduct sensit..
What would you expect the Forward Rate to be between Japanese Yen and British Pounds, one year from now?
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
Evaluate the factors involved in making decisions about pricing tobacco products indicating which would be the most influential.
q1. explain the effects of the increase in global demand for cell phones on the market for cell phones and on an
Voters in the State of California decide that the tobacco industry is having too great an impact on the outcome of local referenda limiting smoking in public places.
Each of the 10 firms in a competitive market has a cost function of c=25+q^2. The market demand function is q=120-p. Determine the equilibrium price, quantity per firm and market quantity.
Unions tie the hands of management and inhibit efficient decision making. Unions contribute to economic efficiency in that union wage pressure hastens the weeding out of the high-cost, least efficient producers in each industry.
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