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Using aggregate supply and aggregate demand curves to illustrate, describe the effects of the following events on the price level and on equilibrium GDP in the long run assuming that input prices fully adjust to output prices after some lag:
a. An increase occurs in the money supply above potential GDP
b. A decrease in government spending and in the money supply with GDP above potential GDP occurs
c. Starting with the economy at potential GDP, a war in the Middle East pushes up energy prices temporarily. The Fed expands the money supply to accommodate the inflation.
Calculate consumption in each period of life. Compare this answer to your answer to part (a) of Problem 5, and explain any differences.
Suppose Noah and Naomi's short-run weekly production function for garden benches is F(L) = min{0, L - 2}, where L represents the number of hours of labor employed. The wage rate is $15 an hour. What is their short-run cost function?
Suppose that Bill has an income of $4000/month and spends his money on housing and food. Housing costs $1.50/sqft per month and food is $1. Suppose that Bill is given a housing voucher equal to $750.
For example, when BP, the oil company, used carbon offsets to launch a brand of ‘climate cool fuel', it boosted its business five-fold with Interface, the carbon tile company. In the US, as in Europe, enthusiasm for climate-neutrality is gaining m..
The price elasticity of demand for gasoline in the short run has been estimated to be -0.1. If a war in the Middle East causes the price of oil (from which gasoline is made) to increase, how will that affect total expenditures on gasoline in the s..
(a) what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100 (b) draw a production possibilities curve showing the opportunity cost.
In addition to the weekly report, a monthly chart shows the recent performance of money supply indicators, compared with Fed targets. Does it look as if the Fed has been hitting its targets over the last year?
Two large-scale conduits are under consideration by a large municipal utility district (MUD). The first involves construction of a steel pipeline at a cost of $225 million. Portions of the pipeline will have to be replaced every 40 years at a cost..
Suppose that the residents of Vegopia spend all of their income on Cauliflower, broccoli, and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 carrots for $50.
Specify the length and thickness of the cantilever, and the voltage required to achieve the bending. (This is an underconstrained problem. There are many possible solutions. Try to select one that can be readily fabricated.)
Is the promise to match any lower price a substantive promise or an empty promise?
Historical Immigration Patterns and Real Wages. Between 1870 and 1910, 60 million Europeans left Europe to go to the United States, Canada, Australia, and Argentina. This immigration sharply increased the labor force in these countries, but decrea..
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