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(a.) Suppose your local Congress representative suggests that the federal government should NOT intervene in the baseball ticket market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought? Why? What position would the opposing school of thought take on this issue? (Be brief -- you can answer this in 2 or 3 brief paragraphs).
(b.) Any change in the economy's total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works.
(c.) You are told that 75 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $25 billion.
Spell out the types of policies also practices companies should develop if they want to keep their workers from unionizing.
Suppose the consumtion function is ( C = $500 billion + 0.9Y) and the government wants to stimulate the economy. By how much will the aggregate demand at current prices shift intially (before multiplier effects) with (a) A 50 billion dollar increa..
How are the results the same or different? Explain why the results would be the same or different.
Describe free trade harm the environment. Environmentalists argue that trade liberalization harms the environment.
Mastercard had a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless
"Suppose that over the last decade the consumption of chicken has increased. This means that the demand curve for chicken must have shifted to the right, maybe because people have become more health conscious and switched from red meat to chicken...
In the market for organs for transplant, such as kidneys and hearts, the price is constrained to equal one. Opposition to any type of remuneration for donating organs has been all but absolute from physicians and legislators.
Two oligopoly company are in the process of estimating their marketing strategies. Firm 1 can generate estimated profits of $10 million from strategy A
A perfectly competitive firm should hire an additional worker only if the employee 's marginal revenue product is less than the wage rate.
Is the subsiquent events cause the dollar to appreciate or depreciate against the Euro.
If the marginal cost is $10 per unit, what is the firm's monopoly-optimal price?
Keynesian thinking dominated US (and other developed-country) policy-making well into the 1970s, although the "classical" counter-arguments kept up a steady criticism:
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