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Phillip’s Curve: For each of the following draw an AD/AS diagram and a corresponding Phillip’s curve assuming the following: (1) suppliers produce more goods and services when price increases; (2) actual GDP is 9,200; (3) full employment GDP is 10,000; (4) the natural rate of unemployment is 5.5%.
a) Show in both diagrams the effect of an increase in government purchases that pushes actual GDP up to full employment.
b) Again assume actual GDP is at 9,200, show in both diagrams the effect of the Federal Reserve Bank selling treasury bonds to banks.
c) Again assume actual GDP is at 9,200, in both diagrams show the long run effect if the government does nothing.
Average inflation rates tend to be higher in countries that have relatively weak judicial systems and property rights (remember chapter 1 and the importance of secure property rights?). Why do you think this is the case? Would you expect these countr..
Suppose that a store will sell 2000 boxes of bananas a week at a price of $12 per box. If the store raises its prices to $15 per box, it will sell 1500 boxes. What is the elasticity using the original formula? What is the elasticity using the midpoin..
Consider a large country importing good X in the international market. The country is large enough to influence the international price for good X. Let the initial international price of good X be $100, where the country imports 100 units and produce..
Discuss your opinion regarding whether unions are still relevant and necessary in today’s work environment. What other means might be used to ensure ‘‘employee voice’’ in the workplace?
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Explain why it costs the government (taxpayers) more to subsidize this..
Organizational behavior-A strong social and physical work context means that environment is supportive. Give real examples of how this works.
The effect of trade sanctions imposed on Iraq limiting Iraq's production of oil after the 1990 Gulf War on the oil market is best shown graphically with a price ceiling below equilibrium price.
Two firms are ordered by the federal government to reduce their pollution levels. What is the socially optimal level of each firm’s pollution reduction? Compare the social efficiency of three possible outcomes:
Bee keepers in your state have been complaining that the cherry orchard owners are killing bees when they spray cherry trees for pests. you estimate that the private marginal benefit your residents enjoy from cherry consumption is PMB=306-4Q and the ..
When conducting a rate of return (ROR) analysis involving mutually exclusive alternatives, the first step is to:
In 2009, the United States imposed a tariff of 35% on radial car tire imports from China. The tariff caused imports of these tires to drop from 13 million tires to less than 6 million tires in one quarter, and the average price of these tires to incr..
question 1nbspbusiness economics is a useful toolbox for understanding the business environment and making better
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