What is substitutes
Substitutes: The two goods for which a rise in the price of one good leads to a rise in the demand for another.
Commonly agreed-upon normative goals of macroeconomic policy do not include: (w) high employment. (x) price-level stability. (y) redistributing wealth through the rich to the poor. (z) economic growth. Can someone
What occurs to aggregate demand if the government budget is in deficit? Answer: The deficit budget raises the aggregate demand since the deficit budget signifies th
To begin with, let us recall our three-sector product-market equilibrium model given as C + I + G = C + S + TTo this three-sector model, we now add the foreign trade-the exports (X) and imports
Define the "full-employment" or "natural" rate of unemployment and give its approximate percentage rate as economists currently define it.
Question: Compare and contrast 'adaptive expectations' (Hubbard uses adaptive expectations) and 'rational expectations' in modeling expectations. Answer:<
Macroeconomics is a study of: (1) the economy as an entire or in the aggregate. (2) worldwide economic problems of individual households. (3) interactions among firms and households in one exact market or industry. (4) the rising income inequality wit
Methadone programs for addicts are intended at reducing illegal heroin traffic through: (i) decreasing the heroin supply. (ii) increasing the price of heroin. (iii) decreasing the demand for heroin. (iv) executing drug dealers. Hel
Individuals maximize the satisfaction whenever the marginal utilities of all goods are: (i) Precisely proportional to the consumer’s income. (ii) Maximized. (iii) Precisely proportional to the opportunity costs of consuming them. (iv) Equivalent
Describe functions of central bank? Answer: (A) Issue of currency: Central bank is the only authority for the issue of currency
What stage of the business cycle is our economy experiencing at present time? proof your answer.
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