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Suppose that a government that is the sole buyer of a crop offers farmers $2.00 per ton of maize (corn), while the market price across the border is $2.50 per ton. What will be the impact on the production of maize? Will it affect the production of other crops? Will the government likely be able to buy all the output?
Assume the USA and Canada are considering to trade. Assume there are only two goods in the economy: potatoes and rice. The table below illustrates what each country can produce in a given year.
The real growth in the output of the economy is +1.5%, inflation is 2.0%, what is the growth rate of money (the velocity of money is constant? What would happen if velocity was increasing by 1% What would make it increase?
Suppose two parties agree that the expected inflation rate for the next year is 3%. Based on this, they enter into a loan agreement where the nominal interest rate to be charged is 7%. If inflation for the year turns out to be 2%, who gains and who l..
Suppose, during the last year, in a closed economy (net exports=0), consumption expenditures were $20 billion, investment was $12 billion, government purchases were $20 billion, and the underground economy produced $10 billion worth of goods and serv..
What is labor market behavior? What are the positive and negative aspects of this? What is legislative environment in labor market behavior?
What is the difference between a medium of exchange and a store of value and what is the difference between commodity money and fiat money?
Japan has traditionally had an employment system characterized by a "lifetime" employment relationship between employer and employee and salaries that are based on length of service with the employer-starting low
Suppose in a closed economy, government spending is $60, business investments are $120 and consumers' spending is given as C = 120 + 0.85Y. What is the equilibrium level of output?
What types of inefficiencies and/or externalities arise in each renewable resource case that interferes with sustainable and efficient management results?
1. Explain whether the following statements are true or false. a. The marginal rate of substitution diminishes as an individual moves downward along the demand curve. b. The level of utility increases as an individual moves downward along the demand ..
What is the monopolist’s profit maximizing level of output?
Suppose the Fed decided to purchase $30 billion worth of government securities in the open market. What impact would this action have on the economy?
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