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Consider a situation where, pressured by a conservative Congress to balance the budget, the government reduces public expenditure with no change in taxes.
a) What would be the effects of this policy (the decrease in government spending) on equilibrium output in the goods market? Explain how and why equilibrium output would be affected. Illustrate your answer in the appropriate diagram.
b) Discuss the effects of the decrease in government spending on equilibrium levels of output and interest rate in the economy using the ISLM model. Explain which market (or markets) is (or are) affected and which curve (or curves) shifts (or shift). Illustrate your answer with the appropriate diagram(s).
c) Given the effects derived in part (b) above, what would be the ultimate effect of the policy on investment? Explain.
Consider the iron ore production industry, and assume that there are just two producers, FM and BHP. Initially assume that both firms are identical in terms of their production costs. If the two firms can cooperate, what should they do in order to ma..
Suppose that you own a car wash and that its total cost fuction is: C= 20 + 2Q + .3Q^2, where C = total cost (in dollars) per hour and Q is the number of cars washed per hour. You receive 5 dollars for each car washed. What is the maximum profit that..
Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever. What is the maximum amount that she can withdraw at the end of each year?
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The U.S. government strongly encouraged unions to be formed in the early 1940s because they held the view that unions would help to
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The opportunity cost of a new public highway is the:
disposable personal income decreases by $50 billion and trade deficit is reduced by $15 billion. By how much has national income (Y) change.
Differentiate between the following common flow chart symbols (square, diamond, inverted triangle circle, and arrow) and give an example of each.
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