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Suppose that in Korea the velocity of money is constant, real GDP grows by 6% per year each year, the money stock grows by 9% per year, and the nominal interest rate is 7%.
a) Using the quantity theory of money and the Fisher relation, what should be the inflation rate and the real interest rate in Korea?
b) Suppose the central bank of Korea decides to lower inflation by lowering the money supply growth rate to 8% (all else constant). Now what would be the equilibrium values of inflation and the real interest rate?
Which of the following is an example of a demand shock? a) Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. b) Consumers become worried about job loss and buy fewer goods and services than expected.
Why does an initial $400 billion annual decrease in consumption spending make income fall by more than $400 billion per year. Explain why an initial change in planned aggregate expenditure results in a much larger change in equlibrium income.
At a price of $5 the profit-maximizing output for a perfectly competitive firm is 1,000 units per year. If the average total cost is $3 per unit, what will be the firm’s profit? If the average total cost is $6 per unit, what will be the firm’s profit..
in the old days lighthouses were built along the coast to prevent ships from runnung around on the rocks in unfamiliar
How much will firm 1 earn if it convinces the mayor to decrease the medallion fee by $40,000 (F = – $40) so that the medallion fee is entirely eliminated?
Reference Paul Bohannan's work among the Tiv, and explain the consequences of the appearance of money on Tiv modes and spheres of exchange. Secondly, what critiques have been brought to bear on Bohannan's explanation
Economists often study and evaluate economic policies by country or region. As an economist, evaluate different regional trading arrangements. Select one regional trading arrangement and describe three economic effects of the arrangement. Plea..
One of the major problems facing Cisco Systems and other direct sellers is
consider an economy in which taxes planned investments government spending on goods and serves and net exports are
Ronald Coase points out that a market failure does not arise simply because people ignore the external cost of their action. What other condition is necessary What did Coase consider to be the efficient solution to a negative externality
In developing a vaccine for a dangerous new strain of flu virus a pharmaceutical company incurs a very high fixed cost. The marginal cost of delivering the vaccine to patients, however, is negligible (consider it equal to zero). The pharmaceutical..
Evaluate this statement: " profit-maximizing firms lack an incentive to provide job safety, and consequently, the federal government must intervene legislatively to protect workers against unsafe working conditions that will surely result."
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