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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.
a. How would you respond to the following scenarios?
b. 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. Please show illustrations showing the movement of the AS and AD curves.
1. A surprise increase in investment spending2. Catastrophic floods that cause a sharp food price increase3. A productivity decline that reduces potential output4. A deep depression in East Asia that causes a sharp decrease in net exports to the United States.
Describe the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
An increase in fiscal deficit spending financed by borrowing will not affect the national debt but decrease interest rates. Internal ownership of the debt refers to the portion of the national debt owned by government agencies.
If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $1000 deposit?
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
A price discriminating monopolist produces two products that exhibit the following price elasticities of demand and does anybody can have a dominant strategy? Explain.
Construct a table showing the marginal cost of production. What is the minimum price necessary for the company to supply ten thousand copies? How many copies would the company supply at industry prices of $5,500 and $7,000 per ten thousand?
As an worker of World Bank, you have been tasked to research one economic concern in an Asian nation and write a report on your findings.
Use gradient analysis to provide an estimate of eleven data points that seem to represent the MC curve over this range of outputs. Plot these data points and sketch in estimated MC and AVC curves that seem to best fit these data points.
Draw a graph to analyse the effects of 40 per cent tariff rate in Korea on the price, domestic supply of and demand for beef, and compare the situation with no tariff case.
Jet Set Travel, Inc. (JTI) has been hugely successful in the distribution of stylish, comfortable shoes for travel. Please describe how non-value added costs can damage the company, it sales, it costs, and it's value chain
How will the programs affect the debt? How will they affect private investment? Is crowding out a concern in the short versus long run as a result of the proposed policies?
Female shoppers generally value microwaves more than men and attribute greater value to the auto-defrost feature. There is little additional cost to incorporating an auto defrost feature.
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