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In the Macroeconomics book by Stephen Williamson (5th Edition) in the Appendix for Ch. 7-8 Problem 1 the problem asks: Suppose in Solow growth model that there is government spending financed by lump-sum taxes, with total government spending G=gY, where 0<g<1. Solve for steady state capital per worker, consumption per worker, and output per worker, and determine how each depends on g. Can g be set so as to maximize steady state consumption per worker? If so, determine the optimal fraction of output purchased by the government, g*
Derive the Aggregate Demand (AD) curve graphically, the experiment is to change Y in i-Y space and see what happens to P.
If actual output is beneath potential output, then fiscal policy advocates are most likely to emphasize: A) the supply-side effects of expansionary fiscal policy. B) the demand-side effects of expansionary fiscal policy
Three women are having breakfast: the CEO of a life insurancecompany, the CEO of a mortgage company, and a retired CEO. The morning paper has a headline:“Inflation rates expected to rise sharply!” For whom is this good news, and for whom is it badnew..
If a dealer of rare artifacts purchases a 2nd Century Roman Vase for $250,000 and sells it to a wealthy collector for $320,000 during a given year, how much has been added to GDP for that year? A. Nothing, because the vase was produced centuries ago...
Explain why dose not raise in aggreate demand translate into an increase in real GDP.
In the short run, prices may rise faster than costs. This chapter discusses why this might happen. Suppose that labor and management agree to adjust wages continuously for any changes in the price level.
What was the growth rate of real GDP between 1996 and 1997? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
Illustrate why is strategic interdependence important for the market structure of oligopolies. What happens in the market for oranges if there is a hurricane that destroys the orange crop.
From the regression output, estimate the demand function when income is $40,000 and price is $2 per gallon. Explain the result in terms of R-square, T-test, F-statistic, and signs of each X variables.
Most engineering students own a computer. What cost have you incurred at each stage of your computers life cycle Estimate the total cost of ownership. Estimate the benefits of ownership. Has it been worth its.
Explain why cannot nations like Greece or Spain use quantitative easing as a means to stimulate their economies.
Is the market demand curve in this graph elastic or inelastic Can you calculate the elasticity value in the $3 to $5 price range using the midpoints formula for elasticity El = (Q1-Q2)/(Q1+Q2) divided by (P1-P2)/(P1+P2) For the purpose of this cal..
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