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Illustrate a supply or demand curve shift for the following article... (Make only one shift).
Crude gets pushed under $38
The price of oil fell on Monday, January 12, 2009 as the weak economy has undermined oil demand. Light, sweet crude for February delivery fell $3.24 or 7.9%, to $37.59 a barrel. Last week, oil fell nearly $8 a barrel as a report from the Labour Department showed the nation\'s economy lost a total 2.6 million jobs last year. The December unemployment rate jumped to 7.2%, its highest level in more than six decades. To make matters worse, the price of oil lost more than half its value in 2008. The global economic slowdown has undermined demand.
Monday's decline comes despite recent reports that Saudi Arabia plans to cut output by up to 300,000 barrels per day below its previously announce target deduction. Members of the Organization of Petroleum Exporting Countries (OPEC) have been drastically cutting back supply in an attempt to stop the rapidly falling price of oil. But the strategy has had limited success as supply levels remain high and demand continues to deteriorate.
Use the aggregate demand-aggregate supply model to illustrate graphically the short-run and long-run impact of this decline on output and prices.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
Assume a 2 sector economy (where the two sectors are consumption and investment) where C= $100+ 0.9 Y and I=$50
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
Assume that the payouts of the game were changed (if necessary) such that it results in gamblers having a positive expected value.
What is the optimal level of production of wine decanters? Verify that this level of output maximizes not minimizes profit
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