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Suppose that the economy moves from point A to point B because of increases in costs of production. The central banking authorities respond to the decline in output by implementing an expansionary monetary policy, which causes a further increase in the price level. Costs of production now rise again, however, shifting the economy from point D to point E. The central banking authorities again respond by implementing an expansionary monetary policy, and so on, so that continued increases in aggregate demand cause continued increases in the price level.
Policymakers decide to put a stop to this inflationary spiral. Which of the following might a monetarist economist suggest?
Pursue only a contractionary monetary policy.
Stop the repeated increases in the money supply.
Pursue policies that increase both the money supply and investment.
Target a higher interest rate.
What do we refer to the extra output or change in the total product caused by the addition of the one more unit of variable input?
In class, we discussed a first price sealed bid auction with two bidders. Each bidder’s valuation v was a random draw from the interval [0, 1] according to the uniform cumulative distribution function F(v) = v for 0 £ v £ 1. Now suppose there are n ≥..
The business cycle is really inevitable and will occur no matter what. So what is the point of macro policy? (Make sure you know what “policy” means)
The initial cost of a piece of equipment is $10,000, and it has a salvage value at the end of its 10 year life of $1,000. Maintenance cost is estimated to be $500 the first year and increase $50 per year to the end of its 10 year life. If the company..
What do we know about the proportion of peanut butter to jam held by Bob in any equilibrium? If Adam held all of the peanut butter in the initial endowment, is it possible that he end up with nothing in the equilibrium?
A mechanical engineer must recommend an A/C system to a commercial building owner. The owner intends to own the building for at least 10 years. A chilled water system has a design life of 10 years, an initial cost of $60,000, and annual operating cos..
Suppose coal is only to be extracted over two periods. The inverse demand for coal is estimated to be P = 300 - Q, where P is the price of coal and Q is the quantity demanded. The marginal cost of extraction is given by MC = 2Q. What level of extract..
Identify at least three such factors that, in your view, should be included in the GDP calculations; then elucidate and illustrate how could they will help to improve the GDP as a tool for measuring the well-being of a nation.
Charles Smith is a senior production engineer who has worked for 18 years since he graduated from college. Yesterday in the mail, he received a report from the U.S. Social Security Administration. Charles never thought much about social security; he ..
Define and discuss the concept of Corporate Communication. Select an organisation and then identify and discuss the issue that are continuous risk for the survival of the organization.
Your company generated $3.7 million revenue in 2013. Annual costs/depreciation are as follows: cost of goods sold that year was $800,000; salaries and wages that were paid were $1,000,000; advertising costs were $30,000; depreciation was $50,000; oth..
Which of the following is example of moral hazard?
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