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1. Draw a real expenditures curve on a graph showing a recessionary gap. Explain what happens to real GDP when it is initially to the right of the equilibrium point and why? Indicate two public policies that would be appropriate for addressing this situation. Explain their impact on your graph.
2. Draw a real expenditures curve on a graph showing an inflationary gap. Explain what happens to real GDP when it is initially to the left of the equilibrium point and why? Indicate two public policies that would be appropriate for addressing this situation. Explain their impact on your graph.
Moral hazard and adverse selection are both examples of a) the principal-agent b)externalities in consumption c)efficiency in markets
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
Determine the long-run marginal cost function for electricity generation and determine the short-run average variable cost and marginal cost at the output level in Part (d)
What is the level of equilibrium income in the economy and what is the value of the marginal propensity to expend?
Social welfare functions embody a normative conception of the relative importance of equity and efficiency'. With the aid of diagrams, illustrate and explain this proposition.
What is Nancy's lifetime income if she gets no schooling? What is it if she goes toschool for all 60 remaining years of her life? In words, describe the "cost" to Nancy ofchoosing to attend school for 1 additional year.
A production lot of 25 units required 103.6 hours of effort. Accounting records show that first unit took seven hours. What was the learning rate?
Determine what effect should each of following have upon demand for profitable music players in a competitive market?
Scarcity shapes decisions about how to distribute goods. Because resources are scarce consumers buy fewer good.
Assume that you are an advisor to the United States section of Justice, the agency with responsibilities that include, among others, the power to approve or disapprove proposed business mergers in the U.S.
What monetary policies do you think caused the crisis 2. What were the effects of the policies implemented in reaction to the crisis 3. Do you think the solutions worked in the short term? In the long term? Fiscal policies 1. What fiscal ..
Will firms in industries, in which high levels of output are necessary for minimum efficient scale, tend to have substantial degrees of operating leverage? Please explain.
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