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Explain how an increase in interest rates initiated by the Federal Reserve affects:
a) Consumer durables expenditures
b) Consumer services expenditures
c) Consumer non-durables expenditures
d) Residential investment
e) Non-residential investment
f) Inventory investment
g) Net U.S. exports (X-M)
Write down the effect on the real wage and hours worked in the short run.
What takes place to the equilibrium price and quantity of ice cream in response to each of the following? Describe your answers.
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
Illustrate each of the following events using a demand and supply diagram for bananas.
Describe the dimensions of quality from micro- and macro-perspectives. What are the different formats or models and applications of quality? Discuss the top three in your opinion.
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
What is the equilibrium level of income? Compute disposable income, consumption and aggregate demand.
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
Suppose that workers and firms could always predict next year\'s price level with perfect accuracy.
Explain which of the following transactions would be directly counted in 2007's GDP. In each case, explain whether the action causes an increase in Consumption, Investment, Govt. Purchases or Net Export.
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