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The following events have occured at times in the history of the United States.
*A deep recession hits the world economy.*The world oil price rises sharply.*U.S. business expect future profits to fall.
a. Explain for each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.
b. Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium.
c. Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium.
d. Describe what a classical macroeconomist, a Keynesian, and a monetarist would want to do in response to each of the above events.
Suppose if the U.S. productivity growth does not keep up with that of its trading partners, the U.S. will quickly lose its international competitivesness and not be able to export any products, and its standard of living will fall.
Stiglitz also argues that the IMF as another agenda besides its stated agenda of promoting stability and growth in LDCs. What does he mean by this? What, according to Stiglitz is the IMF's other agenda?
What is your opinion and brief explanation about the Microsoft antitrust case. Require your opinion about outcome and if the solution was fair? why or why not?
How can this idea be applied to activities of profit making firms and profit loosing companies or to the revenue and costs components of a company's net profit?
In September 1983, it took 245 Japanese yen to equal $1. More than twenty years later that exchange rate had fallen to 108 yen to $1.
It is conventional to divide the nation's total production into four categories. Name and explain the four categories. In the United States, which category accounts for the largest share and the smallest share of the nation's total production.
Suppose that the corn production needs only land and can production requires only labor. The US can produce either seventy kilograms of corn or 100 cans in an hour.
Suppose that Norway (country 1) and Russia (country 2) are the only two natural gas exporters to Germany. The inverse demand curve is P= 100-Q, where P is price and Q is the total quantity in the market. Costs are C1=Q12 and C2=10*Q2, where C1 and..
The organization that develops and recommends to the U.S. President national economic policies to foster maximum employment, production, and purchasing power is the a. Joint Economic Committee
Suppose the dollar exchange rates of the euro and the yen are equally variable. The euro, however, tends to depreciate unexpectedly against the dollar when the return on the rest of your wealth is unexpectedly high, while the yen tends to apprecia..
Suppose two open economies A and B. In this economy only one good is manufactured for time t = 0 and price P(0,A)=1 Dollar and P(0,B) = 1,5 Euro.
Explain and estimate the price elasticity of demand for a good or service of your firm, or a firm of interest to you. Estimate the price elasticity of demand by guessing at the effect of a 10 percent price change on the sales level.
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