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1) Try your hand at balancing the federal budget by using Nathan Newman's National Budget Simulation (created at UC Berkeley)
a. Develop a budget and see what happens. Were you successful in balancing the budget? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a balanced budget?
b. Reexamine the budget cuts or increases you made. What problems would such changes pose for a politician facing reelection?
2) Please go to the Web site for the Bureau of the Public Debt. The site contains information on the current public debt of the United States, holders of the debt, and historical information. What is the current value of the national debt? How has this changed over the past year?
3) (Budget Philosophies) The functional finance approach to budget deficits would set the federal budget to promote an economy operating at potential output. What problems would you expect if the country were to employ this kind of budgetary philosophy?
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
How many units of bananas would he consume if he chose the bundle that maximized his utility subject to his budget constraint?
1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why? 2. Describe and explain why a socialist system might be the best in responding to the needs of people st..
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? (final answer should be $7778).
Discuss and explain the income and consumption relationship make sure to describe marginal propensity to consume. If you received an extra dollar, how much of it would you spend?
Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines?
Societies are frequently concerned about whether police are vigilant in carrying out their responsibilities. Many societies have experimented with incentive compensation for police.
Determine which system, socialist or capitalist, feudalism or mercantilism, works better? Explain your reasoning? Also, which type of business gives the owner highest protection or the most incentive to succeed?
Select an organization you work for or are familiar with. Could the organization you have chosen lower prices to increase revenue?
Compute the natural rate of unemployment. Does it depend on the way people form their expectations of inflation? 2. Discuss the way people form expectations of inflation is modeled. 3. Compute the rate of inflation for years t, t+1, t+2 and t+3. 4. N..
What are some of the ways these curves shift and what is the corresponding change to the point of equilibrium?
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