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The figure below defines an economy's aggregate demand curve and its short-runand long-run aggregate supply curves (labelled AD, SRAS, and LRAS, respectively). practically,the economy is in macroeconomic equilibrium.
Figure: A hypothetical AD-AS model
The government announces that households will pay more higher taxes.
a. Show graphically the effect on the short-run macroeconomic equilibrium. Write shortly all the essential steps.
b. What type of output gap do we have in this condition?
c. Show graphically the long-run self-correcting mechanism in the economy. Write shortly all the necessary steps.
d. Suppose that the government uses the fiscal policy to close the output gap. What type of fiscal policy the government should use to close the output gap. Show graphically the effects of the prescribed fiscal policy. Write briefly all the essential steps.
Assess the impact of transaction costs as they apply to the Coase Theorem. Evaluate how government assignment of property rights impacts free market exchanges.
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acceptedcapital structure theories
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the suitability of utilising a policy of tariffs and quotas given the case of perfect competition.
The government in the cross model Net taxes NT(Y) depends positively on real GDP in the cross model In this model when national income increase
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