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Suppose the Irish economy is at full employment. Suppose in a few months, the exchange rate of the Irish national currency, the punt, will decline, giving the Irish relatively less purchasing power in foreign markets. What will happen to the price level and real GDP in Ireland?
A. The price level will fall, and real GDP will rise.
B. The price level will fall, and real GDP will not change.
C. The price level will rise, and real GDP will rise.
D. The price level will fall, and real GDP will fall.
E. The price level will not change, and the real GDP will fall.
Consider again the 2 countries in the previous question. Suppose the U.S. and Mexico do not trade goods at all, but workers can move freely between them. Will free movement of labor have a similar effect on real wages as free trade of goods? Explain.
A market has linear market MC (might be supply) and demand curves. No one will buy the good if the price is above $200 and the firm will not produce the good if the price is below $20. Calculate the consumer surplus and producer surplus if this is a ..
Sketch the aggregate demand-aggregate supply model of the macroeconomic for the short run, assuming that the economy is in the expansionary phase of the business cycle.
Illustrate and explain how a government budget deficit can lead to a higher real interest rate. Discuss how the effect of a budget deficit on the real interest rate could be altered by an increase in private savings.
People in a community are voting on how much of a public good should be provided. Assuming that each person casts a truthful vote, which tax structure is most likely to yield the socially efficient quantity?
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/2Y1/2. Suppose consumption bundle A consists of 10 units of X and 10 units of Y, and consumption bundle B consists of 20 units of X and 5 units of Y. Consumption bundle A..
Plot residual by time and explain residual plot where you find any problem. Do we violate any 7 assumptions of OLS. If so, what are consequences.
Suppose that re are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. What is opportunity cost of producing a car in Canada.
As wages increase for Apple Workers, what happens to the price and quantity of iphones? As the price of drone phones decrease, what happens to the price and quantity of iphones? If the government taxes cell phones, what happens to the price and quant..
What are definitions for Social Democracy, Communism, Mercantilism, Institution, Informal Institution, Formal Institution?
Which of the following is the best definition of the short run?
A consumer with convex indifference curves moves along her budget line, closer and closer to the horizontal axis. As she is moving
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