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You are responsible for economic policymaking in your country. Your desire is to eliminate inflation, keeping prices absolutely stable at P = 100, no matter what happens to output. Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run. How would you respond to the following scenarios?
-A productivity decline that reduces potential output-A deep depression in East Asia that causes a sharp decrease in net exports to the United States
Explain and illustrate how each of these events would affect aggregate demand, aggregate supply, and prices, then explain how you would respond with economic policies.
Why do you think the FED evaluates the money multiplier when making decisions with regards to the money supply
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Do you agree with the US automakers' assertion that having to pay healthcare and post-retirement workers to the labor force negatively impacted US comparative advantage in the auto industry? Why or why not?
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A consumer buys only two goods, X & Y. a) If the MRS between X and Y is 2 and the marginal utility of X is 20, what is the marginal utility of Y?
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the technology is now developing so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your can and automatically charges you for the use of the road. Explain how would this affect bottlenecks and..
Explain why would a chain such as Marriott tend to own its hotels in resort areas, such as national parks, where there is little repeat business, and franchise in downtown areas.
Use the two big questions of economics and the economic way of thinking to answer the following questions about the economic life of a homeless man.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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