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1-Suppose that real GDP is $500 and potential GDP is $1,000, while the marginal propensity to consume is 0.9. If the government is going to engage in government spending and does not impose taxes, how much should it change spending? Increase or decrease
2-Suppose that real GDP is $1,500 and potential GDP is $1,200, while the marginal propensity to consume is 0.8. If the government is going to engage in government spending and change taxes. If the government increases taxes by $20, how much will it need to change spending? Increase or decrease?
When a recession is over, do people start to immediately feel affects of an efficient economy? Use the experience of most recent recession to justify your answer.
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP, and indicate in each calculation whether you are inflating or deflating the nominal GDP data.
A Taiwan electronics corporation exports personal computers to the United States Their PC sales over the past five years are following:
Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie's Farms is the on..
Use the following information to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was $3 and fixed costs were $5, what would variable cost be? At what level of output would ..
For an asset that fits into the MACRS "all property not assigned to another class" designation, what is the book value at the end of year 7 for the asset Assume the asset has a 10-year life of use and that the cost basis for the asset is $10,000.
The "graying of America" will substantially increase the fraction of the population that is retired in the decades to come. To illustrate the implications for U.S. living standards, suppose that over the 49 years following 2009 the share of the p..
Suppose the following data describe output in two different years. Item Year 1 Year 2 Apples Bicycles Movie Rentals 20,000 @ 25¢ each 700 @ $800 each 6,000@ $1.00 each 30,000 @ 30¢ each 650 @ $900 each 8,000 @ $1.50 each (a) Compute nominal GDP in ..
A packaging company needs to know the rate of return on a process which will cost $60,000, have an income of $25,000 per year, have an operating cost of $5,600 per year, and have a salvage value of $7,000 at the end of its five year life.
A certain service can be performed satisfactorily by process R, which has a capital investment cost of $8,000, an estimated life of 10 years, no market value at the end of 10 year life, and annual net receipts (revenues-expenses) of $2,400 per yea..
The demand in the cake market is Qd =500 - 10p and unrestricted supply is Qs = 100 + 10p. Suppose the government imposes a baker's license that reduces cake supply to Q¢s =10p. Calculate the numerical values of the following:a. Price that cons..
Two different alternatives shown in the table below are being considered by Kal Tech Engineering systems. Assume that alternatives X and Y are replaced at the end of their lives.Data Alternative X Alternative Y Initial Cost $6,000 $1,500Uniform Ann..
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