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Suppose that this year the money supply is $500 billion, nominal GDP is $10 trillion, and Real GDP is $5trillion. All underlying work must be shown to receive full credit
a. What is the price level this year?
b. What is the velocity of money this year?
Suppose that velocity of money is constant and the economy’s output of goods and services (Real GDP) rises by 4 percent each year.
c. What will happen to nominal GDP and the price level the next year if the Fed keeps the money supply constant?
d. What will happen to the nominal GDP and price level if the Fed increases the money supply the next year by 10 percent the next year?
e. What money supply should the Fed set the next year if it wants an inflation of 10 percent?
f. If the velocity of money and the economy output are constant ( as the classical economists believed) , what happens to the price level when the money supply increases from $1trillion to $4 trillion?
Define inference and assumption, and then explain the relationship between the two. Provide two examples of inferences that you made from assumptions that you have.
Growth rates of per capita GDP: Compute the average annual growth rate of per capita GDP in the each of the cases below. The levels are provided for 1980 and 2010, measured in constant 2005 dollars.
An American is considering relocating their Oregon facility to Nicaragua. The current exchange rate is 1 U.S. dollar (USD) to 25 Nicaragua Cordobas (NIO). The current wage rate in Nicaragua is 200 NIO per hour, and the U.S. wage rate is $15/hr. If th..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Are Carl's preferences monotonic? How do you k..
how many standard errors it is away from zero. If it is not very far from zero n we might ignore it; if it is far away from zero n we might consider it important. But how far is ‘far'.
If your neighbour returns from a shopping trip saying that she got a lot of consumer surplus from her purchases
Analyze a situation in which both parties entering into a contract could benefit, economically or otherwise, from slightly ambiguous language contained in the contract.
You are in a meeting to discuss two possible acquisitions. The discussion of one results in considerable debate. One group presents credible arguments that the purchase encompasses the possibility of significantly larger profits after the acquisition..
The demand curve for rutabagas is a straight line with slope 23 and the supply curve is a straight line with slope 2. Suppose that a new tax of $3 per sack of rutabagas is introduced.
The multiplier, or the change in equilibrium GDP that will occur per any change in spending, can be determined by calculating the fraction of any change in income that survives all of the leakages and goes on to start the next round of spending.
The US auto industry is characterized by a high degree of unionization. What would happen to unemployment in the US auto industry if the firms in the US auto industry were no longer unionized?
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -5, while group 2’s is -3. Your marginal cost of producing the product is $40. Determine your optim..
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