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In 1999, the Canadian economy was at full employment. Real GDP was $886 billion, the nominal interest rate was around 6 percent per year, the inflation rate was 2 percent a year, the price level was 110, and the velocity of circulation was constant at 10.
(a) What is the real interest rate?
(b) If the real interest rate remains unchanged when the inflation rate increases to 4 percent a year, explain how the nominal interest rate changes.
(c) What was the quantity theory of money in Canada?
(d) If the quantity of money grows at a rate of 10 percent a year and potential GDP grows at 3 percent a year, what is the inflation rate in the long run?
If the price per visit is given to be $25, at what level of visits will the maximum profit position be? What are the profits at this level? What is the quantity supplied?
The GDP deflator is a good cost of living index. GDP is more volatile in the short-run than the long-run. All government spending is in GDP. If GDP is adjusted for purchasing power, the US usually improves its relative position.
In discussing the distribution of income among families, the term “lowest fifth” indicates. Which of the following has not been outsourced from the U.S.? Frictional unemployment is caused primarily by automation. Unemployment caused by an imbalance b..
Elements of fiscal policy that move the budget toward surplus as the economy expands and toward deficit as it contracts are called ________.
In late 2006 and early 2007, orange crops in Florida were smaller than expected, and the crop in California was put in a deep freeze by an Arctic cold front.
Which of the following is not a condition for a firm to engage in price discrimination? (Note: the question and answer choices seem to be worded to make it confusing)
If you get this classmate as your partner on a series of projects throughout the year, rather than only once, Explain how might that change the outcome you predicted in part (b).
Marvin has the utility function U(N, B) = 4N1/2 + B. If Marvin is initially consuming 64 units of nuts (N) and 10 units of berries (B), then what is the largest number of berries that he would be willing to give up in return for an additional 17 unit..
Explain how a tariff reduction causes an increase in the equilibrium quantity of imports and a decrease in the equilibrium price.
Suppose Jasmine is invited to the following dice gamble: a fair die with 6 sides showing a different number from 1 to 6 will be cast. The number on the top side of the die will be the prize money to the player. She needs to pay $4 to enter the gamble..
As newly appointed “Energy Czar,” your goal is to reduce the total demand for residential heating fuel in your state. You must choose one of three legislative proposals designed to accomplish this goal: (a) a tax that would effectively increase the p..
Identify and briefly explain key macroeconomic issues that stand out as important to consider in business decisions.
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