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In this question, C = consumer spending, Y = income, r = the rate of interest, and P = prices. From the expression C = C(Y,r,P), we know that:
A) C is the product of Y, r, and P
B) any change in C must be caused by a change in P
C) changes in C will cause changes in Y, r, and P
D) Y, r, and P are independent variables
Explain the effectiveness of the exchange rate regime being used in terms of achieving macroeconomics objectively in South Africa and discuss any four macroeconomics objectives which can be used to judge the performance of the economy.
Why is there unemployment even when the economy is at "full employment"? What are some "costs of unemployment"?
The Law of Supply movement along the curve due to the price effect occurs because people can buy only so much of a product.
Estimate your firm's short-run production function. Do the parameter estimates have the appropriate algebraic signs Are they statistically significant at the 5 percent level b. At what point do you estimate marginal product (MP) begins to fall
Explain why does the magnitude of price elasticity differ in a and b above, although the same set of price-quantity combinations are used to compute the price elasticity of demand
Assume that the following table describes prices, incomes, and every person lobster consumption in three U.S. cities.
What is the contribution of the growth of total factor productivity growth (dA/A) to that growth? What is the contribution of a faster rate of capital growth compared to labor force growth α[dK/K - dL/L] to increases in Y/L?
Assume that a price support system for cotton requires the federal government to pay farmers $3,000 for each acre to not plant cotton. How would you shift either the supply or demand curve for cotton to describe the effect of this action? In your a..
Which characteristic of the production possibilities reflects the law of increasing cost: its shape or its length ?
Illustrate what role does economics play in your personal and organizations decisions. Give an example of the role of economics in decision making.
In the Case Study on international reserves, we asserted that except in the case of a reserve currency system. Explain by contrasting the case of a gold standard-type system and a reserve currency system.
The following show data on investment rates and output per worker for two pairs of countries. For each country pair, calculate the ratio of GDP per worker in steady state that is predicted by the Solow model, assuming that all countries have the s..
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