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Suppose that the U.S. government and Congress approve a policy to target a decrease in the government deficit.
(a) Using the closed economy model, which policy would achieve this goal (choose one for your analysis)? Hint: A decrease in G or an increase in T
Now assume the U.S. as a large open economy. Use the LOE model to state and explain what the long run effects of this policy will be on:
(b) The U.S. interest rates, investment, net foreign investment, real exchange rates (ε) and trade balances (NX).
(c) Show graphically the effects of this policy on the U.S. market for loanable funds and on its foreign currency market. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curves shift; and v. the new long-run equilibrium values.
A copier company want to expand production. It currently has 20 workers who share eight copiers. 2 months ago the firm added 2 copiers, and output increased by 100,000 pages per day. One month ago, they added 5 workers and productivity also increased..
Harper is spending a three-day weekend at a beach property. Upon arrival, Harper bought a quart of ice cream and must divide consumption of the quart over each of the three days. Her instantaneous utility of ice cream consumption is given by u(c)=c^0..
Consider an economy inhabited by overlapping generations of two-period-lived individuals, each of whom receives an endowment of y in the first period of life and none in the second. The population of newborns grows as follows: Nt = nNt−1, where n > 1..
Economic inequality compares the share of the _____ in society that is received by different groups; such as comparing the share of income received by the _____ to the share of income received by the ______.
Sometimes stores have sales that limit the quantity you can purchase at the sale price. If you buy more than the limit, you pay the full price. Assume that your local grocery store is having a sale on yogurt where the first 5 are on sale for $1.00 pe..
If it decreases the price to $63, what should be the quantity sold? Will revenue increase? Why? Show all work
The ________ suggests that when real GDP equals potential GDP, quantity of money increases and brings equal percentage in the price level. Velocity of circulation, equation of exchange or quantity theory of money
A firm has the exogenous cost function C(Q) = 354Q-30Q^2 + Q^3. Compute the marginal cost function. Compute the average cost function. For the remaining parts, assume that the demand for the firm’s product is D(P) = 25- √P. Calculate the inverse dema..
In the morning newspaper, you read an article stating that as a result of the instant monopolization of the local cell phone market, consumers’ surplus fell by $2,000 due to lower equilibrium output, and by $3,000 due to higher prices charged in the ..
Elucidate why there is a relationship between price elasticity of demand and the effects on total sales revenue.
There are concerns about an increase in unemployment due to the slowdown in manufacturing. a) What effect would an increase in the unemployment rate have on the equilibrium wage?
Suppose that annual income from a rental property is expected to start at $1,000 per year and increases at a uniform amount of $50 each year after the first year for the 10-year expected life of the property. Assume an interest rate of 10%/year. Assu..
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