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1. According to the classicals, deviations from full employment are due to adjustments from shifts in the labor supply and demand curves. Why doKeynesians argue this point?
2. Determine the slope of this AE line, and then complete the schedule below. Do so. Hint words: Linear relationship Slope?
Income Aggregate Expenditures (C + I + G)$ 650 $1400$1650 $2150$2650 _____$3650 _____$4650 _____$5650 _____Draw this graph complete with an AP curve.
3. At what level of output (income) will this economy operate?
4. Line up this AE/AP graph above a production graph. Demonstrate with a dotted line that there is a recessionary gap where potential output is $8650.
5. How much of a gap is there?
6. What is the MPS and the Multiplier?
7. The government can close this gap two ways. They can increase government expenditures by $_____________ or they can reduce taxes by $______________. Show all work.
Discuss should the government minimize unemployment rate? What will happen if the unemployment rate is too low?
Take me out to the ballpark. It's nearly baseball time and baseball franchises are thinking about pricing their products. Assume a team sells three concessions: hotdogs, soda and nachos. For hotdogs, the average fan's MU for units 1, 2, and 3 is 1..
1. Explain why no nation is interested in taking the first and unilateral step of cleaning up the air (Hint: consider public goods). 2. Why are governments pressured to solve the global warming problem
The demand function for Newton's Donuts has been estimated as follows:
Is China a capitalistic economy or a socialistic one? Explain characteristics of each economic system and present arguments for your selection. Note what characteristics you see in the Chinese economy and how they support or challenge future econo..
If there are 150 million people in the labor force and 10 million of them do not have jobs but have looked for work in the last month what is the unemployment rate? 2)If next month 5 million people who have been discouraged workers start looking fo..
One form of congestion avoidance is the permit system, in which a node must have a permit before it can transmit. Suppose a wide area network is using a permit system to control suggestion.
Explain why are there significant disparities in the cost of living throughout the US.
Explain how the US government managed to accumulate a debt of over 14 trillion. To whom does it owe this debt? Is the debt a burden on future generations?
(Contractionary Gap) What does a contractionary gap imply about the actual rate of unemployment relative to the natural rate What does it imply about the actual price level relative to the expected price level
If the income tax base were broadened by eliminating these deductions, tax rates could be lowered, while raising the same amount of tax revenue. For each of these deductions, what would you expect the likely effect on taxpayer behavior to be
Using your answers to parts (a) and (b), what is the percentage change in the bond’s price as a result of the 1 percent increase in interest rates?
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