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According to classical macroeconomic theory, money supply shocks are "neutral."
a. Explain what this means. Hint: see 5.7 of the textbook.
b. Based on that theory, how would a 5% increase in a nation's money supply affect its realwage rate (W/P), all else equal (up, down, or no change, and by how much)?
c. According to the quantity theory of money, how would a 5% increase in the money supplyaffect the price of goods and services (P), all else equal (up, down, or no change, and byhow much)?
d. To be consistent with both theories, what would have to happen to the nominal wage rate(W)? Explain.
A company that manufactures ultrasonic wind sensors invested $1.5 million, 2 years ago to acquire part ownership in an innovative chip-making company. How long would it take (from the date of the initial investment) for its share of the chip company ..
Show using appropriate graphs the optimal pricing of public transportation. In particular, show what the optimal pricing would be under a) no traffic congestion and b) some traffic congestion.
Review the following graph. If Mexico produces 300 million tons of food, it can produce _________ million units of clothing without specialization or trade. Each ton of food in Mexico has an opportunity cost of __________ units of clothing. image Cli..
In an unconstrained maximization problem: An activity should be increased if______exceeds______. An activity should be decreased if______exceeds______.The optimal level of activity occurs at the activity level for which______equals.
suppose bob considers borrowing 100 from sheila at a 10 percent interest rate. they both think that a 4 percent real
How is keyword this different than keyword super? What does the protected visibility modifier mean? How is keyword protected different than keyword private?
What were the 2 principal successful policies adopted by Franklin Roosevelt that brought an end to the Great Depression? How does the Federal Open Market Committee dier from the Board of Governors in terms of their composition and responsibilities fo..
Using the national savings and investment identity, explain how each of the following changes (ceteris paribus) will increase or decrease the trade balance:
After reading about the Solow growth model, which concludes that continued economic growth requires continual innovation, and Schumpeter’s dynamic growth model, does the combination of these two models provide an adequate model of technological chang..
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
How can indifference curve analysis be used to compare the effects of lump-sum taxes and price-distorting taxes? What is the excess burden of a price-distorting tax for an individual taxpayer?
According to the graphical method used in class, figure out how a decrease in government purchases (G) is going to affect the IS curve. Is decrease in government purchases an expansionary fiscal policy or a contractionary fiscal policy? Why?[Hint: Us..
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