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3a) Suppose nominal GDP rose from 6250 billion in 1995 to 6630 billion in 1996. If the GDP deflator rose from 125 to 130 during this time, what was the percent growth in real GDP? 3b) Given the data in part (a), what was the rate of inflation for goods and services produced in the U.S. economy? 5) Draw an Aggregate Supply/Aggregate Demand diagram that shows an economy operating at an output level higher than full employment RGDP. Label the axes and all lines on your diagram clearly. 6) Draw an Aggregate Demand -Aggregate Supply diagram that would represent an economy suffering from both a rise in its aggregate price level and a rise in its unemployment rate. (You will have to shift either the AS schedule, the AD schedule, or both schedules to illustrate this.) 7) Why do economists expect inflation to accelerate when u< NAIRU? 8) Agree or disagree with the following statement and explain your answer. "In 1950, RGDP per person in the U.S. was about $10,000. By 2000, RGDP per person in the U.S. was about $30,000. This implies that the living standard of the typical U.S. resident tripled in 50 years!"
Assume a country has a population of 61 million, of which 37 million are in the working age population. Of those, eleven million are not in the labor force and 23 million are employed. Determine the labor force participation rate.
Smaller multiplier means that the change in government purchases of goods and services or taxes necessary to close an inflationary or recessionary gap is larger. Explain this apparent inconsistency?
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What will happen to the amount of crime?
Define in general the term "internalize the externality" and explain its application in this case. Discuss a policy other than a tax or subidy that could cause individuals to internalize the externality. Explain briefly.
Zaneb is a high-school teacher and is well known in her community for her honesty and integrity. She is shopping for a new car and plans to borrow the money to pay for it from her local bank. Does Zaneb create any moral hazard or adverse selection..
robot x has a first cost of 84000 an annual maintenance and operation mampo cost of 31000 a 40000 salvage value and
How does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand? Do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry or in the lawn-car..
Charles pays $120,000 for a single-life annuity that pays him $11,000 a year for life.Treasury Department tables estimate his remaining life to be 15 years.
The Federal Reserve System is structured in such a way as to insulate monetary policy from the political pressures characteristic of the rest of our political system of representative democracy.
Which one of the following events could not have caused a shift from isoprofit line 1 to line 2? a. The employers share of the payroll tax rate has increased and the limits expanded. b. Firms structured fringe benefits so as to increase worker produc..
Explain why intermediate goods and services usually are not included directly in GDP. Are there any circumstances under which they would be included directly?
The demand curve for French plutonium shifts outward, at about the same time as the appearance of the foreign-exchange dollars. Illustrate what happens to the demand for French Francs.
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