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In "The Consequences of Mr. Keynes," James Buchanan and Richard Wagner argue that the "unwritten fiscal constitution" of an annual government balanced budget helped restrain the growth in government, but the Keynesian argument for a balanced budget over the business cycle has freed government and politicians from that restraint. As a result, we now see the problem of "democracy in deficit." Based on the reading and the discussion in class, explain their reasoning. Do you agree? Why?
Illustrate what is the money multiplier. Illustrate what is the available lending capacity.
Elucidate how Illustrate what occurs to demand for L1 when w2 increases. Illustrate the scale also substitution effects.
The GDP is a total market value of final goods and services produced within a country over time. Why is this a reflection of this country's cost of living so varied making expenditures.
Based on your answers in a also b, how can you reconcile the president's statement with economics. Can you suggest how his statement could be modified to be consistent with the IS-LM model.
a homeowner can insulate his house and save $50 each year in heating bills. If the interest rates are 6%, should the house owner insulate or not.
Prepare a table with values from all four cases as well as compare the sensitivity of the model solution to changes in parameter values.
Suppose a particular labour market were in market-clearing equilibrium. What could happen to cause equilibrium wage to fall. If all money wages rose with inflation each year, how would real wages in this market adjust.
Compute the price elasticity of demand for TV Plasmas. Explain how could we classify the demand for TV Plasmas.
Approximately how much output should the firm allocate to market 2? What is the approximate price that will be charged in market 1? What is the approximate price that will be charged in market 2?
Calculate the marginal product of inputs x1, and x2. What is the ratio fo x1 to x2 required to produce the output in the cheapest way possible?
Find outing relate to economist's traditional focus on Illustrate what people do, rather than Illustrate what they say they will do.
her current consumption choice is four bottles of wine and 10 pounds of cheese. The price of wine is $10 per bottle, and the price of cheese is $4 per pound.
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