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Answer whether the following statements are true or false, explaining your answer in each case.
A. Given full and accurate measurement, and assuming there are no subsidies or taxes, we should get the same estimate of total economic activity whether we measure the value of production output, the level of factor incomes or spending on goods and services.
B. A closed economy is one with excessive levels of unemployment.
C. The calculation of value added is a way of measuring output without double counting.
D. Gross national product at current prices is a measure of real economic activity.
E. The Keynesian model suggests that output is mainly demand-determined.
F. Unplanned inventory changes are the signal to firms that there is disequilibrium.
G. The multiplier in our simple model tells us how much output changes when aggregate demand shifts.
In the 1970s people had become accustomed to high inflation. In 1979, Bank of Canada decided to fight inflation and decreased the money supply growth rates.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
Compute the coefficient of price elasticity for the price ranges given in the schedule and complete the first column of the table. What do you notice about the algebraic sign of the values you have just computed? Why is this so?
The supply curve for labor is S L = 100W, where W is the market wage. The marginal revenue product curve for the firm is D L = -50W + 450.
Throughout this course we have discussed the 'agency problem' - i.e., when the interests of owners and managers are not properly aligned.
In a perfect capital market, advices for a corporate financial manager on making capital structure decisions.
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
You are a budget analyst in a California State legislative budget committee and have been asked to prepare a policy brief on the budget issue for the state.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
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