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The Recession of 1990-91 The story of the 1990-91recession begins in mid-1990, when Iraq invaded Kuwait, a major oil producer. During this conflict, Kuwait’s oil was taken off the world market, and so was Iraq’s. The reduction in oil supplies resulted in a rapid and substantial increase in the price of oil, a key input for many industries. From the second to the fourth quarter of 1990, oil prices rose from $14 to $27 per barrel. a. Make an assumption that in year 1990, the U.S economy was initially in long-run equilibrium b. Use simple AD –AS graph, illustrate and explain verbally how the U.S. economy moved in recession of 1990-91. c. Indicate potential output(Y*) actual output (Y), price level (PL). What type of unemployment was present? d. What was so specific about the recession of 1990-91? Explain e. If the economy is self-correcting (no action form government), what forces would bring the economy back to the full employment level of Real GDP? Explain verbally and illustrate graphically f. If monetary policy is used to eliminate the economy problem in 1990-91, explain what type of monetary policy will be an appropriate to cure the economy. g. Is there any dilemma the Fed might face in the case of 1990-1991 recession while choosing the appropriate monetary policy?
Suppose that the City of Detroit enacts a rent control law that reduces all current rents by 10%. Give the short run effects of the law: If the Detroit apartment rental market is competitive. Explain whether there is a shortage of apartments, a surpl..
Discuss Soutwest Delta airlines merger and describe the competitive environment within the industry. Is there a dominant firm.
Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks are done man..
The market demand function is Q=80-p. Describe the profit maximizing input use, the output price, and the monopolist's profit.
q.given the demand function of a monopolistq 100 - pand the cost function faces himherc 100 80 qa. find out
Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accurately fit?
Your group's assignment is to write a Business Project Proposal for the new small organization you are about to start. Information Systems is an integral component of your new venture. Use APA format when writing your paper. Your business proposal..
Suppose that you are a borrower with a project that has a rate of return of 6.8%. You submit a bid to borrow $1,000 at an interest rate of 5%, and a lender accepts your offer. After you fund your project and pay back your loan, what is your gain or l..
A unique aspect of a market economy is that consumers and firms change their behavior largely in response to:
The world's top for manufacturers on inexpensive random access memory chips, a key component of all consumer electronic devices, agreed to fines and jail term for several executive because of 1999-2002 price fixing. Use a suitable diagram to explain ..
A natural spring flows exclusively on Ben's property. Residents of nearby Dry Gulch believe that minerals in the stream give the water special medicinal value. The graph below shows the demand for Ben's Miracle Water, the corresponding marginal reven..
In the space below, draw the new Keynesian sticky prices model. Label completely and correctly. Next, suppose there is an output gap. Suppose the government chooses to use scal policy to close the output gap. Illustrate this approach. State why each ..
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