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Problem Set 6
Why is it possible to change real economic factors in the short run simply by printing and distributing more money? Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1-7% regularly.
Suppose the economy is in long-run equilibrium, with real GDP at $16 trillion and the unemployment rate at 5%. Now assume that the central bank unexpectedly decreases the money supply by 6%.
Suppose the economy is in long-run equilibrium, with real GDP at $16 trillion and the unemployment rate at 5%. Now assume that the central bank increases the money supply by 6%.
How might you determine whether compact discs and restaurant meals are in competition with each other and interpret the following Income Elasticities of Demand (YED) values for the following and state if the good is normal or inferior;
What if the town could commit to a strict enforcement policy and motorists believed that this policy would be used? Would the town wish to do so?
An economy begins in long-run equilibrium, and then a change in government regulations allows banks to start paying interest on checking accounts.
Use the principles of supply and demand to address a predetermined goal
Explain why the Monte Carlo simulation was unable to exactly replicate the per- centage of times the lowest priced station was found.
explain how rent seeking can lead to a drop in productin of goods and services.what role might the underground economy
Assume you run a pizza store and currently have two workers. If you hire a third worker, your output of pizzas per day rises from 55 to 65.
What are excess reserves? Why would banks keep them? How do banks current holdings of excess reserves compare to what they have historically held? Why?
To calculate the growth in GDP, use the compounding growth function
What is the maximum amount of new loans that this bank can make and assume that the bank makes these loans. What will the new balance sheet look like?
What is an externality and Provide at least three examples. How does one of the examples you provided affect the market outcome?
Run a regression of testscr on str and avginc, where testscr and str are as above, and avginc is a measure of the average household income in the school district. What is the estimated effect of str on testscr?
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