Econ question
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Use economic theory to explain the inflation movements and factors influencing it. Use relevant models to explain the impact of changes in fiscal and monetary policies in curtailing inflation.
WHAT IS THE CHANGE IN EQUILIBRIUM gdp CAUSED BY THE ADDITION OF NET EXPORTS?
Why the value of MPC is not greater than 1? Answer: This is because change in consumption can never be more than change in income.
Describe Okun's law? Give an illustration of how it works.
Determine the value of MPC whenever MPS is zero? Answer: Whenever MPS = 0, MPC = 1 – 0 = 1.
Explain with examples the reasons for exceptional demand curve
What is "demand-pull" inflation?
A tax will be backward-shifted totally when the: (i) demand curve is vertical and the supply curve is slopes up. (ii) demand curve slopes down and the supply curve is vertical. (iii) supply curve is perfectly elastic and the demand cu
What is Demand schedule and how it is associated to demand curve?
Describe cost-push inflation and its major source.
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