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a.) Suppose your local Congress representative suggests that the federal government intervenes in the gasoline 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 90 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 $20 billion.
In perfect competition, profits will disappear in the long run as new firms enter the market; in a monopoly, profits may exist in the long run. In the short run, both monopoly and perfect competition attempt to minimize total costs.
Which of the following is a private transfer payment Unemployment benefits received by newly laid-off workers The sale of used clothing at a thrift store The Social Security benefits sent to a retired worker A check for $250 sent by a parent to a ..
Explain how does the Leontief paradox challenge the overall applicability of the factor-endowment model.
In recent years, consumption spending by households has accounted for about 70% of the total spending (aggregate demand) in the U.S. economy.
The firm wants to provide a semiannual award of $4500. The foundation will deposi the company's endowment in a fund that pays 3.75% compounded semiannually. The first aware will be made in 14 months. Calculate the size of the endowment that will be..
Keynes describws that the level of output and employment in the economy was determined by aggregate demand or effective demand.
If the Rhine Corporation ignores the possibility that other firms may enter its market, it should set a price of $10,000 for its product, which is a power tool.
Suppose you are advising a small country (such as Bermide) on whether to print its own money or to use the money of its larger neigher (such as the United States). What the costs and benefits of a national money.
Elucidate the risks inherent in having the government step in to compensate for market failure.
Either tenants occupy rent controlled buildings with a customers surplus deserve to live there.
Illustrate what is the nature of this trouble. How did this trouble come about? In what ways will this trouble impact the US economy.
Elucidate what term do economists utilize to describe this second outcome
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