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Consider the following model of a closed economy (Smallville):
MPC = 0.8 - 0.01Y (marginal propensity to consume)C = MPC x YD (consumption function)YD = (Y - T) (disposable income)I = 500 (investment spending)G = 1,500 (government spending)Y = AD (equilibrium condition)T = 1,200 (taxes - non-income)
Find the equilibrium level of real GDP for Smallville. Note: you will have to solve a quadratic equation - and GDP cannot be negative, for obvious reasons.
Elucidate the increasing returns to scale as a basis for international trade. Be sure that you define the relevant concepts, describe important features of such trade, and contrast these features with those of trade due to other causes.
imply a lower standard of living in every of the three nations compared to the situation where they are united into a single new country.
For each market (a. & b.) would it be to the producer's advantage (i.e. would TR increase) to raise or lower price? If P0 = $10.00 and Q0 = 100 units, justify your answers by applying the interpretations of those price-elasticities of demand on t..
President Obama pushed his massive fiscal stimulus package of $787 through the Congress and later passed by the House and Senate, whose centerpiece was spending most of this stimulus funds
Let's say you live in Montana and you like to ride mechanical bulls in bars on Friday nights. You estimate that over the next year there's a 4% probability you will incur medical bills of $20,000
Assuming that the beekeeper gets that amount, what range of payments will the farmer accept (Remember that negative payments are also possible.) Answer the same questions for the fifth day.
Suppose a four year pure discount bond with a face value of $1000, if current price is $850, calculate the annualized yield of this pure discount bond.
Is there an externality? If so, describe it, including references to whether it is positive or negative, and whether it is a consumption or production externality. If there is an externality, does it seem likely that private markets will arise tha..
Level of GDP per effective worker and explain whether this economy is following the Golden rule
What are government's fiscal policy options for ending severe demand-pull inflation? Which of these fiscal options do you think might be favored by a person who wants to preserve the size of government?
If a firm has created value is it also always able to capture that value How does a firm create value and then what must it be able to do to capture that value In your answer provide an example of a firm that has been able to create value.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
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