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The economy is starting from a point of disequilibrium as there is a recessionary gap. Potential GDP is $600 billion and the recessionary gap is $50 billion. An economic shock then hits this economy and there is a sudden drop in the value of the Canadian dollar. What happens to the recessionary gap if the change in Net Exports from the drop in the Canadian dollar is $20 billion with the mpc=.7 and mpm =.1? Graph the scenario using the data points. However, the government had been planning on dealing with the recessionary gap on their own and introducing a fiscal policy tool to eliminate the gap. What happens if the government decides to lower income taxes by $20 billion at the same time as the dollar suddenly drops in reaction to this recessionary gap. What is the resulting impact on Consumption and GDP and what happens to the recessionary gap? As either a Classical economist, critique this policy move, or as a Keynesian economist, defend this policy move by the government. Graph and explain your answer for each step.
Calculate the price elasticities of demand in each market and discuss these in relation to the prices to be charged in each market.
They use the Internet to pay babysitters. With no cash, does the nature of money change? Should the Federal Reserve change the definition of M1?
Your rich relative died and left you $100,000, which you decided to use for your own Internet business. What will be your fixed and variable costs? Briefly discuss.
If the price of apples rises and the quantity of apples exchanged decreases, then we know that there cannot have been a: decrease in supply with no change in demand.
q.a toy manufacturer launched a new toy truck last year which was a huge success. 2.5 million invested by company for a
What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP? Based on the table, what calculations must you make to determine GNP from GDP?
the european engine company eec is a multi-national manufacturer of small gasoline and diesel motors. eec has predicted
In Mexico, it takes 3 days to produce a bulldozer and 12 days to produce an airplane. In Brazil, it takes 2 days to produce a bulldozer and 10 days to produce an airplane. The opportunity cost of producing an airplane is lower in
A firm has two plants, one in the US and one in Mexico and it cannot change the size of the plants or amount of capital equipment. This wage in Mexico is $5. The wage in US is $20. Given current employment the marginal product of the last worker in M..
For each of the following production functions, determine the returns to scale. Check to see whether diminishing returns for labor and capital exist for each function (Q = quantity, L = labor, K = capital) a. Q = 3L + 2K b. Q = (2L + 2K)1/2 c. Q = 3L..
A forest stand yields a recurring timber harvest income of $15,000 that occurs every 45 years. Using a 7% interest rate, find the present value of the perpetual harvest income stream assuming that the first income occurs 45 years from now.
In which of the subsequent ways does government involve the consumption component of planned cumulative expenditures.
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