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The economy begins in long-run equilibrium. Then one day, the president appoints a new chairman of the Federal Reserve. This new chairman is well known for her view that inflation is not a major problem for an economy.
Note: You will not be graded on any changes you make to the graph, but you may use it to help you understand the scenario described.
Aggregate Demand Aggregate Supply LRAS Price Level Quantity of Output Aggregate Demand Aggregate Supply LRAS
As a result of this news, people will expect the price level to_____ , which, in turn, will cause the nominal wage that workers and firms agree to in their new labor contracts to be_____ than it would be otherwise. This_____ the profitability of producing goods and services at any given price level, which would cause the short-run aggregate-supply curve to shift to the______ . If aggregate demand is held constant, this shift in the aggregate-supply curve will cause the price level to______ and the quantity of output produced to______. (fill in the blanks).
The demand for good x1 is given by: (m/p1) - (p1/p2), where p1=1, p2=1, and m=10.Which of the following accurately describes the INCOME elasticity of demand?
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time? 1. Write your indiv..
How would you conclusion change for the winter months, if bad weather makes it likely for traffic jams on the highway to increase to 6 days per month?
Illustrate what salary would be required for the soldiers to be as well off as with the allowance.
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Now suppose one big firm comes and buys out all of the firms in the cartel. This monopoly somehow miraculously is able to perfectly price discriminate. How much will this firm produce? What will be the deadweight loss created by this monopoly?
Hypothetical cost and revenue curves for a computer producer. Illustrate at what price will the monopolist sell each computer.
Explain how was the second law and end-use analysis linked to socially constructed scarcity.
Economists discuss that there is an efficient amount of pollution abatement. Why is the efficient amount of abatement unlikely to be either zero or 100 percent?
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. What ..
Explain which intellectual property appears the most difficult for a business owner to protect. Provide support for your answer.
Consider the following game. You roll a six – sided die and each time you roll a 6, you get $30. For all other outcomes you pay $6. What is the expected value of the game?
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