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An economy is in long-run macroeconomic equilibrium with an unemployment rate of 5% when the government passes a law requiring the central bank to use monetary policy to lower the unemployment rate to 3% and keep it there. How could the central bank achieve this goal in the short run? What would happen in the long run? a. To achieve the goal of 3% unemployment, in the short run, the central bank should: a. increase the money supply. b. decrease the money supply. c. do nothing. b. In the long run, the central bank (can, cannot) _________ achieve this goal unless it constantly continues to (increase, decrease, maintain) ________ the money supply. c. In the long run, only (the aggregate price level, the interest rate, real GDP, unemployment) ________ will change as a result of the new law.
Consider the market for beef. Suppose the price of grain used to feed cows increases. How does it affect the equilibrium price and quantity of beef? Explain with a diagram.
You gather data on US workers aged 22 to 55 from the Current Population Survey. You define the Average Hourly Wage as self-reported total annual labor income divided by self-reported total annual work hours. Describe in words how to interpret the coe..
Calculate MPC, MPS and the Multiplier if consumption expenditure increases by $4,250 as a result of increase in income from $40,000 to $45,000.
One organization must have high fixed costs also low variable cost also the other must have low fixed costs also high variable costs.
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility.
Other things equal, what effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects of the equilibrium price level and the level of real output.
Describe the key structural differences between the economies of the United States and China. What are the main sources of economic growth in each of these economies? How do these differences impact the countries' economic growth rates and developmen..
Old Economy Traders opened an account to short sell 1,300 shares of Internet Dreams at $46 per share
How much money must be invested in an account that pays 6% per year interest to be worth $20000 at the end of 8 years of (forgetting the leap years and making "convenient" assumptions) : Interest compounded semi-annually? Interest compounded quartley..
A new Fed governor argues during FOMC meetings that the Fed has not sufficiently achieved the goal of helping the economy reach its potential level of output. She asks the committee to be more aggressive, using expansionary monetary policy to increas..
Elucidate what impact on quantity demanded and supplied for cars will be if oil costs rise to $200 per barrel. Illustrate what about if extreme recessionary conditions prevail.
Which of these can be a value turnoff for customers?
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