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Q. What are your predictions for the economy of Thrifty peg based on the following policy scenario:1. Suppose the government decides to increase taxes. What happens to total output, disposable income, consumption, public saving, private saving, and national saving? (1) Assume Ricardian Equivalence does not hold,(2) Assume households consume a constant fraction (MPC) of current income in current period where MPC is defined as the marginal propensity to consume out of income and is between 0 and 1.
2. Output, total hours worked, and average labor productivity all are procyclical. Which variable, output or total hours worked, increases by a larger percentage in expansions falls by a larger percentage in recessions?Average labor productivity = output ÷total hours worked, so that the percentage change in average labor productivity equals the percentage change in output minus the percentage change in total hours worked.
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
The United Nation's Department of Economic and Social Affairs, Population Division, tracks the total number of foreign-born people by nation.
Assuming no other changes, if balances in money market deposit accounts increase by $50 billion and small-denominated time deposits decrease by $50 billion.
Store maximizes profits and the price elasticity of demand for milk is -2 for coupon users, what is the price elasticity of demand for non-users.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
The government wants to increase real GDP demanded to $15 trillion at the given price level
Find Equilibrium GDP (Y). If potential GDP is 1950, is the economy in a recessionary or inflationary gap. Suppose that the MPC, falls to 0.75, so C = 0.85DI. Find Equilibrium GDP.
DHL prides itself on having its own staff of more than 300,000 people spread across the globe, instead of relying on local agents.
Changes in disposable income affect government purchases and the government purchase function. How do changes in net taxes affect the consumption function.
Why do proponents of active policy recommend government intervention to close an expansionary gap. Some economists argue that only unanticipated increases in the money.
Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
What was the accounting profit for the new business. What was the economic profit or loss. Explain your calculations for both questions.
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