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Assume that there are no surprises, with all economic agents and the central bank having full information about shocks that are hitting the economy. Suppose that the central bank adopts a nominal GDP target, and interpret this in the model as a goal of maintaining some constant level of nominal GDP.
(a) Suppose that there is an increase in total factor productivity. What should the central bank do in response, given its goal? What are the effects on aggregate variables? Explain.
(b) Now suppose that there is a positive shift in the money demand function. What should the central bank do? Determine the effects on aggregate variables. Explain.
Describe the Schumpeterian notion of "creative destruction"
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Their banks are holding back credit so it is harder for businesses to invest and for consumers to spend
Assume that the market for beef is described by the following two equations: Q = -150 + 150*P and Q = 1200 – 120*P, where Q represents quantity and P represents price. The government institutes a $3 price ceiling in this market. With the new rule ful..
If a nation exported much of its output but imported little, would it be better or worse off? How about the reverse; that is, exporting little but importing a lot?
Recall the Application. The British Experience with water privatization showed that:
A typical firm in a constant cost industry and a perfectly competitive market made negative economic profits last period. This period, Select one: a. the firm will produce the same amount. b. the firm's profits will decrease. c. market price will dec..
Which of the following is NOT a reason why there are economies of scale?
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There are increasing returns to size whenever increasing the output of the business results in: At the output level where MC is just equal to ATC:
The law of demand states that as the price of a good rises, _____. A movement along a demand curve can be attributed to a change in: Which of the following best defines supply? When quantity demanded of a good exceeds the quantity supplied at the pre..
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