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a. What are the fiscal policy instruments? What are the fiscal policy types?
b. Do you agree with the following statement: “Even if the Congress does not pass anynew laws to stimulate the economy, the fiscal policy is still facilitating the economicrecovery?”. Explain what this statement implies. Use the appropriate terms to describethe mechanics of the fiscal policy in this situation.
c. Currently the economy is facing an inflationary gap and the government is extremelyconcerned with the rapidly raising prices.
i. Draw an AD-AS model showing this gap (actual real GDP is $670 billion,potential output is $650 billion).
ii. MPC in this economy is 0.6. What instrument should the government use to closethis gap? Calculate all appropriate multipliers. Calculate, explain, and comparethe effect of each instrument on the budget balance.
Formulate an empirical economics question that you or a potential employer is interested in answering. What is your economic model; what is the basis for your economic model? What is your econometric model, including a discussion of functional form. ..
Recommend appropriate pricing and nonpricing strategies for your new or existing good or service based on the projected economy’s stage in the business cycle and the prevailing projected economic conditions for one or more macroeconomic factors. Expl..
American (domestic) current event, firm, or market. Foreign (outside of the U.S.) current event, firm, or market. Favorite Case Study from the Modules Forum. How has this course changed your thinking about the economy & your own economic approach t..
A banana gives you 10 utility. Each subsequent banana gives you 1 less utility. An apple gives you 10 utility. Each subsequent apple gives you 2 less utility. A banana costs $4, and apple cost $2, your income is $16. What is your utility maximizing c..
Historically the gold standard was the anchor for nearly every traded currency. Explain how the go Id standard worked as nations traded domestically and internationally at fixed exchange rates.
The utility function U(X1,X2)=X1^a + 2X2^b. Corresponds to preferences for perfect substitutes. All ordinary (non-Giffen) goods are also normal goods. (Hint: Use the Slutsky equation to support your answer). If consumer consumes only two goods, both ..
A wind power turbine produces a maximum electrical output of 500 kilowatts. The turbine has a 15-year lifetime and the discount rate is 10%. The wind turbine costs $1 million for equipment prior to installation. Operation and maintenance costs are $5..
What is the purpose of contra-revenue accounts? Also, give two examples of contra-revenue accounts, and when are these accounts used. Please provide detailed responses to each of these questions with at least one internet reference.
Success of a company investing and operating in a foreign country depends on the competitive advantage of the company. The entry strategy could be technology based, quality based, or cost based. Explain and comment.
The elasticity of demand for cigarettes is estimated to be about - 0.5. Assume the elasticity of supply of cigarettes is 1. If the government places a tax of $0.60 on cigarettes, how much will the price of cigarette increase (approximately)?
Your income is $10 and you buy sodas for $1 apiece. One day a local bully starts demanding that you buy him a soda for every soda you buy yourself. Therefore, it now costs you $2 to get a soda. Illustrate the bully’s effect on your budget line. Illus..
Describe the Taylor rule. If the Fed were following the rule, what would the nominal Fed funds rate be if inflation over the past year were 4% and output were 1% below its full-employment level?
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