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Suppose individuals own all businesses and economic resources, government does not tax or spend, and the business sector produces 500 units at an average price of $1.50 per unit.
a. What is the money value of output?
b. What is the money income of individuals?
c. Find consumer spending when individuals spend 90 percent of their income.
d. What money revenues are received by the business sector from consumer spending?
e. What is the relationship of the cost of producing output and the money receipts of businesses when there are only consumer expenditures? What should happen to the level of output?
Suppose the consumption function is c = $400 billion + 0.8y and the government wants to stimulate the economy. By how much will aggeregate demand at current prices shift initially (before multiplier effects) with A $50 billion increase in governm..
Recognize three well-founded reasons supporting the potentially beneficial role for government intervention in the workings of private marketplace.
When Coca Cola introduced a new, low calorie version of Coca Cola called C2, despite a major marketing effort, sales of C2 were weak and by the fall many doubted that the product would last. Coke's experience with C2 illustrates the economic conce..
Explain what the new equilibrium point means in terms of GDP and the price level. Based on your understanding of the current health of the economy, was this program successful? Why do you say this?
Does this production function display increasing, constant or decreasing returns to scale and find the corresponding minimum cost function assuming that w 1 and w 2 are given.
1. Consider two metropolitan areas, one that has many small school districts and one that has only a few large school districts. In a paragraph, what are the efficiency and equity effects of introducing a voucher system likely to differ across these ..
The Burrito Barn is considering a price reduction on the Firegut Burrito. Giuseppe, the proprietor of Burrito Barn, has recorded sales data at different price levels over the last year. He is quite confident that no other demand factors, such as c..
Suppose that the return on domestic bonds held by foreigners in country i are subsidized at the rate s and that returns on domestic bonds held by residents of country j are taxed at the rate.
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
What is the nominal exchange rate in 2013? What is the expected nominal exchange rate for next year? Which currency will appreciate? What is the real exchange rate in 2013? What is the economic meaning of the real exchange rate?
Constrained optimisation model
(Money Supply Versus Interest Rate Targets) Assume that the economy's real GDP is growing. a. What will happen to money demand over time b. If the Fed leaves the money supply unchanged, what will happen to the interest rate over time
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