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Assume the United States economy is currently operating at full employment
A. draw a correctly labeled graph of aggregate demand and aggregate supply and show each of the following.
I Long run Aggregate supply curve.
ii Current output and price level labelled Y1 and Y2 respectively.
B. Now assume the US governement institutes a new tariff on imported goods. On the graph drawn in part a show the effect of this new fiscal policy. label the new equilibrium output and price levels y2 and PL2 respectively.
C. Explain the short run effects of this policy on GDP equilibrium.
Why can not one nation have a comparative advantage over another country in the production of everything if the first country has excellent natural resources
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Economists who work for thegovernment are often called upon to make policyrecommendations. Why do you think it is important for thepublic to be able to differentiate normative statements frompositive statements in these recommendations?
Prepare journal entries for the transactions listed above. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Jim Duggan made an investment of $10,000 in a saving account 10 years ago. This account paid interest of 5½% for the first 4 years and 6½% interest for the remaining 6 years. The interest charges were compounded quarterly.
a) Find the long run competitive equilibrium firm quantity, market price and number of firms. b) Assume for the moment that we believe this to be a constant cost industry. Under this assumption, what should we observe as the new long run equili..
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What is the impact of trump and Obama's economic policies on the business opportunities for US based global firms, such as Apple, IBM etc?
As a government needs to increase tax income, it will often increase the sales tax on gasoline.
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