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Consider an economy in which the money supply consists of both currency and deposits. The growth rate of the monetary base, the growth rate of the money supply, inflation, and expected inflation all are constant at 10% per year. Output and the real interest rate are constant. Monetary data for this economy as of January 1, 2013, are as follows:
a. What is the nominal value of seignorage over the year?
b. Suppose that deposits and bank reserves pay no interest, and that banks lend deposits not held as reserves at the market rate of interest. Who pays the inflation tax (measured in nominal terms), and how much do they pay?
c. Suppose that deposits pay a market rate of interest. Who pays the inflation tax, and how much do they pay?
When control risk is assessed as low for assertions related to payroll, substantive tests of payroll balances most likely would be limited to applying analytical procedures
Assume that two rms (A and B) produce identical products in a market. The (inverse) market demand curve is P = 240 -Q where Q is total output from both firms Q = qA + qB. Firm A has a total cost function TCA = 100qA and firm B has total cost funct..
In addition, assume that there is an annual subsidy to the student provided through state funding in the amount of $10,000 (that is, this is part of the total cost of educating the student, but is not included in the tuition cost or any other cost..
Suppose that some variable is growing at constant rate. a. Prove that the natural logarithm of that variable is a linea r function of time. b. Find the intercept and slope of the linear function in part a.
A recent college graduate got a job and began a saving account. He authorized the bank to automatically transfer $75 each month from his checking account to the savings account. The bank made the first withdrawal on July 1,2007
For the prostate data of Chapter 3, carry out a best-subset linear regression analysis, as in Table 3.3 (third column from left). Compute the AIC, BIC, five- and tenfold cross-validation, and bootstrap .632 estimates of prediction error. Discuss t..
Plot graphically the demand and MR curves for each market, and also show GGC's combined marginal revenue curve (?MR) and its MC curve. Show graphically the quantities that should be produced and sold, and the prices that should be charged, in each..
S&B Manufacturing Inc., a manufacturer of packaging products is attempting to select a short run strategy which maximizes the long run value of expected future profits. Their long run value will depend upon their competitor's response. The control..
The demand in the cake market is Qd =500 - 10p and unrestricted supply is Qs = 100 + 10p. Suppose the government imposes a baker's license that reduces cake supply to Q¢s =10p. Calculate the numerical values of the following:a. Price that cons..
Discuss a famous person, past or present, who you consider to be an example of a creative person in your field and discuss why.
Suppose the national-income model: Y = C + I + G C = a + b(Y - T)(a > 0; 0 0; 0
If the elasticity of demand for cocaine is -.2 and the Drug Enforcement Administration succeeds in reducing supply substantially, causing the street price of the drug to rise by 50%, buyers will spend less on cocaine.
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