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You are Secretary of the Treasury Jack Lew. It's six months into Obama's second term as president and you receive some estimates of national accounts numbers you plan to report to the President in a cabinet meeting. Under one set of expectations, government expenditures will be $30 billion, transfer payments will be $10 billion, and taxes will be $45 billion. Under another set of expectations, GDP will be $200 billion, taxes will be $50 billion, transfer payments will be $20 billion, consumption will be $120 billion, and investment will be $40 billion.
a. Based on these numbers in the first case there should be a surplus or deficit of how much?
b. Under the second scenario, there should be a surplus or deficit of how much?
Illustrate what is the point price elasticity for each person and for the market.
Describe three problems of using fiscal policy to achieve a precise level of GDP and why is frictional unemployment inevitable in an economy characterised by imperfect job information and non-zero job-search time?
The minimum wage is used by governments as poverty fighting measure. The use of such means of creating equity among the masses does not always result in desired outcome.
you will be challenged to show one or more of the criteria which you believe should be improved at your place of employment.
Elucidate how the circular flow diagram also explain the interaction of households, government, and business.
Given the estimated marginal cost function, what is the average variable cost function for EverKleen and at what output level does AVC reach its minimum value? What is the value of AVC at its minimum point?
Explain if you were the production manager at BCAG, how would you justify the long-term nature of the contact with Thyssen Inc..
Illustrate what do you think would be the effect of increases/decreases in the dollar's exchange value on the firm's profitability.
Illustratr what can you infer regarding the own price elasticity of demand for Big G cereal.
During the Great Depression, federal government swung into action to help farmers. In 1933, it established a system of price support for several agricultural products.
If you were an economist for Mattel, manufacturer of the doll Barbie, determine which was making an unsolicited bid to take over Hasbro, manufacturer of G.I. Joe,
If velocity is unchanged and the money supply grows by 13% and the real GDP grows by 4%, what is the rate of inflation?
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