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Part A. When government spending increases by $1, planned expenditures increases by $1
a) and the equilibrium level of income will increase by $1
b) and the equilibrium level of income will increase by $1 times the spending multiplier
c) and the equilibrium level of income will increase by less than $1
Part B. When taxes are cut by $1, planned expenditures
a) increase by less than $1, and the equilibrium level will increase by $1 times the tax multiplier
b) increase by $1 and the equilibrium level of income will increase by $1 times the tax multiplier
c) increase by $1 and the equilibrium evel of income will increase by $1 times the spending multiplier
Suppose the entire civilian labor force is 20,000 people and the number of unemployed is 2,000 people.
Suppose that 3% of the employed lose their jobs each month and 15% of the unemployed find a job each month, what is the steady-state rate of unemployment?
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Suppose your firm produces electricity by burning coal. Currently it buys central Appalachia 12,500 BTU per ton coal at the market price of $52 per ton.
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