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Assume an open, mixed economy (C + I + G + X = real GDP) and an MPS of .2. Explain if it would be expansionary, contractionary, or useless to the economy to increase government expenditures by $50 billion and also increase taxes by $50 billion. Show your work.
President John F. Kennedy proposed a tax cut in the early 1960s. He said, "It is a paradoxical truth that tax rates are too high today and tax revenues are too low, and the soundest way to raise tax revenues in the long run is to cut tax rates now." In your own words, explain this statement.
The chance of someone in the family getting sick over the relevant time period is 20%. What is the expected value of V over the vacation?
Sandy is planning her consumption over five periods during which she expects her income to be 4, 10, 16, 12 and 8. What is Sandy's permanent income? What is Sandy's marginal propensity to consume out of a temporary increase that boosts first period i..
The U.S. economy fell into a recession in 2001 and then proceeded into a slow-growth recovery due to a decline in investment. A. Explain how a change in investment can have a big impact on GDP causing a national recession.
How much profit does an unregulated monopolist earn. How much profit would be earned if MC pricing were imposed
Illustrate what is each firm's equilibrium output and profit if they behave noncooperatively. Use the Cournot model. Draw the firms' reaction curves and show the equilibrium.
Suppose that you own a 25 year old movie theater in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theater with 4 IMAX screens and 20 more regular screens. Do you think that your firm (the small theater) ..
These forecasts for the Internet creating “perfectly competitive” markets were based on the competitive model we have presented in this chapter. Do you think the Internet has helped create more competitive markets or less? Why?
Explain how a bandwagon effect might speed up the rate at which DVD players are adopted by consumers. Do likewise for the case of cable television subscriptions.
Why are many consumers apt to be rationally ignorant about their options? Why would insurance coverage tend to increase rational ignorance? Why are so many economists opposed to licensure of medical facilities and personnel?
q.sometimes a bidder on a work contract may bid lower than what would maximize hisher profit from the contract and the
What will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
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