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The U.S. economy slowed significantly in early 2008, and policy makers were extremely concerned about growth. To boost the economy, Congress passed several relief packages (the Economic Stimulus Act of 2008 and the American Recovery and Reinvestment Act of 2009) that combined would deliver about $700 billion in government spending. Assume, for the sake of argument that this spending was in the form of payments made directly to consumers. The objective was to boost the economy by increasing the disposable income of American consumers.
Calculate the initial change in aggregate consumer spending as a consequence of this policy measure if the marginal propensity to consume (MPC) in the United States is 0.5. Then calculate the resulting change in real GDP arising from the $700 billion in payments.
If Amy spent her entire allowance, she could just afford 8 candy bars and 8 comic books a week. She could also just afford 10 candy bars and 4 comic books. The price of a candy bar is 50 cents. Illustrate her budget line with a diagram (be sure to la..
The current account balance will fall if
The CEO of major automaker overheard one of division managers makes the following statement regarding the firm's production plans: "In order to maximize profits it is essential that we operate at the minimum point of our average total cost curve". If..
Imagine the number of unemployed is 6,135 and the number of employed is 27,433. Then, 3,225 people that were considered unemployed become discouraged and stop looking for a job. What would be the change in the unemployment rate as a resul of this?
Discuss the significance of economic development to international marketing. Why is the knowledge of economic development important in assessing the world marketing environment? Explain.
A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L ^(1/2)K^(1/3) . The output price is 1,000 per unit and the cost of each unit of input is 10. In the short-..
The labor demand curve in a perfectly competitive factor market is the horizontal sum of all firms' _____ product of labor curves.
If Malcolm Fights, both politicians gets a payoff of 30. If Malcolm opts to Negotiate, the payoffs are 15 to Malcolm and 15 to Tony. What are the Nash equilibria of the game?
Suppose an economy produces three goods - Economy with three goods (rice, bananas, and strawberries), Draw its PPF assuming constant opportunity costs. Then draw it with increasing opportunity costs
Illustrate what is the marginal income product of hiring one low-skilled worker to clear woodland for one month.
For each item below, draw a graph with quantities of pepperoni pizza on the horizontal axis and quantities of anchovy pizza on the vertical axis to illustrate the following situations. In each case draw two different indifference curves and make a li..
Use a diagram to explain the following: In the case of perfect substitutes, if the ratio of input prices equals the MRTS, will a unique solution to the firm's cost-minimization problem exist? In the case of perfect substitutes, if the ratio of input ..
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