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In a certain economy, the components of aggregate spending are given by: C = 100 + 0.9(Y - T) - 500r I = 150 - 1,000r G = 200 NX = 50 T = 100.
Given the information about the economy above, the immediate impact on aggregate expenditures of a one-percentage-point increase in the real interest rate (r) from 5 percent to 4 percent is ___, and the eventual impact on short-run equilibrium output is ______.
A) an increase by 150 units; a decrease by 1,500 units.
B) an increase by 15 units; a increase by 150 units.
C) a decrease by 15 units, a decrease by 150 units.
D) an increase by 150 units, an increase by 150 units
Suppose in the beer market the price is originally $3 per 6-pack (on Wednesday). When the price rises to $6 (on Friday), the quantity demanded for beer falls from 200 6-packs to 60 6-packs. Calculate the arc price elasticity of demand for six packs o..
A tobacco company is interested in hiring a salesperson to promote smoking cigarattes in nightclubs. The position pays a flat salary of $50,000, regardless of sales levels. During their first year on the job, what are the expected sales of Patty and ..
In the short run, real GDP will decrease when the price level falls due to:
Suppose an economy has overbuilt and suffers from excess capacity. A recession ensues due to firms cutting back on expenditures. Is deficient demand more easily remedied by monetary or fiscal policy? Choose one and also show a picture of this in a AD..
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Suppose the U.S. economy finds itself in a recession after a recent financial crisis and series of unfortunate international events. If the Federal Reserve wants to stabilize the economy, what should it do? Decrease the money supply to increase inter..
The United States is a net exporter of services to China. What does this imply about the magnitude of the deficit in the U.S. balance on goods and services with China compared with the size of the U.S. merchandise trade deficit with China?
calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
Suppose a bottle of French wine costs 70 francs. If the exchange rate moves from 6 francs /dollar to 7 francs / dollar, how much does the price of the wine change measured in dollars?
In a few sentences, what effect does the current supply and current demand have on this product.
Growth rates in follower nations such as South Korea also Hong Kong averaged about 10 percent every year.
Why is monetary policy chosen over fiscal policy as the preferred tool for stabilization policy? What does the government gain from controlling monetary policy? Why would they choose to delegate responsibility for monetary policy to an independent ce..
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