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Assume that all expenditure is summarized in the following consumption and investment functions: C = $300 billion + 0.8 YD I = $200 billion Use this information to complete this problem: (2.5 points for each part ) Identify the equilibrium rate of output (or GDP) . If full-employment GDP equals $2700 billion ,what kind of Gap will develop (recessionary or Inflationary ) ? Explain clearly. How much is the gap ? What is the value of the multiplier? What would happen to equilibrium GDP if the rate of investment increased to $250 from current $200 billion per year? What will happen to Equilibrium GDP if Govt. takes a stimulus plan by increasing its spending by $50 billion ?
The economy's factors of production are not equally suitable for producing different types of goods. This principle generates:
In oligopoly, each firm is acutely aware of the production and marketing decisions of all competitors and carefully considers the potential competitive reactions in all decisions. Discuss whether firms in other market structures consider the potentia..
Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine.
Social Security has revenues of $1.8 trillion and expenditures of $1.3 trillion. The nonsocial Security budget has revenue of $2.1 trillion and expenditures of $2.4 trillion. In recent years government debt grew much faster than GDP. Conservative eco..
The U.S. government strongly encouraged unions to be formed in the early 1940s because they held the view that unions would help to
Suppose that all of the numbered diamonds and spades from a deck of cards (excluding Ace, King, Queen, and Jack) are used to set up a market. The diamonds determine demands, e.g. a 10 represents a buyer with a redemption value of $10. Similarly, the ..
The 2014 balance sheet of Sugarpova’s Tennis Shop, Inc., showed $640,000 in the common stock account and $5.8 million in the additional paid-in surplus account. The 2015 balance sheet showed $680,000 and $6.3 million in the same two accounts, respect..
Milk is a commodity is it a necessity or a luxury product. Evalute the availability of its substitutes for the product. Explain how the necessity of a good and the availability of substitutes impact the elsticity of the product.
It is not uncommon for someone to say something like “if we can put a man on the moon we should be able to… ”, followed by the person’s favorite project. What response can an economist make to this person?
Show the profit-maximizing price and quantity. Show the producer and consumer surplus. Show the deadweight loss from monopoly. What is the implied competitive equilibrium? Is the firm operating at a profit or a loss (how do we know)? If it’s operatin..
Consider a game that game theory people refer to as the “ultimatum game.” We will refer to our two players as the “offerer” and the “decider”. How the game works is that the offerer proposes a way to split $1000 between the two players. Explain which..
Explain is there a relationship among the age of an unemployed individual and the number of weeks of unemployment.
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