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Which model can show both unemployment and inflation occurring at the same time?
a. aggregate demand and aggregate supply model with the three range aggregate supply curve
b. the keynesian cross model
c. both of these
1. Assume that inflation is currently 4% but the Fed’s inflation target is 2%. if the economy is currently at full employment, what should the Fed choose as a target for the federal funds rate?
Suppose we want to study the relationship between a household's income and its spending on "essentials". We've collected some data on a variety of households, some of which you see here: Income and Spending for four households Both Income and "Essent..
Three individuals have $1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9a0.1. The price of gum is $9 and the price of cigarettes is $12. What is the market surplus/shortage at a price o..
The manager of a Burger Doodle franchise wants to determine how many sausage biscuits and ham biscuits to prepare each morning for breakfast customers. The two types of biscuits require the following resources: Formulate a linear programming model fo..
what is the size of the bank's actual reserves. Required reserves are 10 percent of transactions deposits under the assumptions of the simple multiplier formula, then eventually the money supply will increase by.
Suppose that a monopoly producer of a patented software product (e.g. financialsoftware)faces the following demand function for its product: q^D = 1000 -2P. Now assume this market can be modeled as Perfectly Competitive. Determine and illustrate the ..
Suppose that every additional 3 percentage points in the investment (I / GDP) booat GDP growth by 1 percentage point. Assume also that all investment must be financed with consumer saving. The economy is now characterized by
As a car ages, maintenance costs usually increase. You estimate that maintenance costs for your car will be $300 a year for the first 3 years, $400 a year for the next 3 years, and will then increase by $50 a year for the remainder of the cars life. ..
Kept within sustainable bounds, trade deficits are not considered harmful by international economists. Why? To answer, define the trade balance equation of a country, and explain the economic justification of a country’s trade deficit.
Assume the elasticity of demand (Ed) at a price of $11 is 3.5, while the Ed at a price of $6 is equal to 1, while the Ed of a price of $3 is = .50. Explain/interpret what each of those answers means. Be thorough and be sure to discuss the impact that..
Suppose that you have a job paying $70,000 per year. With a 5% probability, next year your wage will be reduced to $40,000 for the year. What is your expected income next year? Suppose that you could insure yourself against the risk of reduced consum..
Suppose the market for fish (a normal good) in the U.S. is in equilibrium. Then suppose that the workers in the fishing industry successfully negotiate for a higher wage, while at the same time average household incomes in the U.S. increase dramatic..
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