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Why is the long-run aggregate supple curve vertical? Explain the shape of the short run aggregate supply curve. Why is the short-run curve relatively flat to the left of the full-employment outp
An economy is inlong-run macroeconomic equilibrium when each of the followingaggregate demand shocks occurs. What kind of gap—inflationaryor recessionary—will the economy face after the sh
Suppose a profit-maximizing monopolist is producing 800 unitsof output and is charging a price of $70 per unit.
Statsia has only 20 hours per week that she can devote to trainingfor her race." which basic principle of individual choice does this sentence bestillustrate?
Writing a production function in terms of capital andeffective labor implies that the level of technology increases by 10%, thenumber of workers requiredto achieve the same level of output decreases b
Assume the Federal Reserve Board is undertaking anexpansionary monetary policy. Explain the detailsof how the expansionary Fed impacts each of the following:
A farm has 600 acres, andyou can plant either corn or soybeans (or both). An acre of corn gives $150 and anacre of soybeans gives $80. There are 2000 hours oflabor available; an acre of cornuses 4 hou
Monetary and fiscal policies are said to have“lags.” What are lags and why do they exist? How arethe arguments for and against active policy decisions affected bythese lags?
How are producers of the goods we consume supposed topromote societal well-being through the pursuit of profits?
Suppose the Value of the French Franc in terms of the dollar is 40 on October 12 and 45 on October 17. By how much has the Franc appreciated or depreciated against the dollar?
What roles do physical capital, human capital, technology, and natural resources play in influencing long run economic growth of aggregate output per capita?
Calculate how much higher U.S. labor productivity will be in the year 2028 (relative to 2008) if productivity growth falls to 1.4 percent per year, its average rate during the period 1973-1995.
Through its policies and institutions, how has the US influence US long run economic growth? Why might persistently large borrowing by the US government ultimately limit long run economic growth in th
Explain the relationship between savings and investment as well asthe relationship between private savings and government savings.What are the implications of the current saving behavior ofAmericans o
Describe the normal reasons why a currency undergoes asignificant depreciation and what were the importantcharacteristics of the Asian countries involved in the crisis?
Under certain circumstances, expansionary Fed policy may not have much of an effect on the rate of economic growth. Give a reason why, and explain?
Leaving aside any normative issues involved in this discussion,what would happen to the level of demand for union workers in theU.S. if the anti-sweatshop movement is successful?
Howdoes the supply and demand for labor relate to our economy? Why is labor considered to be a factor ofproduction? Why do some individuals earn more money thanothers in our economy?
Define the four Market Models that we discussed in this course. Give an example of each. In your opinion is onebetter than the other and why?
Explain how these twodemands can be combined graphically to determine total moneydemand. How is the equilibrium interest rate in the moneymarket determined?
Jodie earns 25,000 atthe end of year 1,when the CPI was 460. If the CPI at the end ofyear 2 is 504, what would Jodie have to earn at the end of year 2to maintain a constant real wage?What would she ah
We often find that for theSuper Bowl the quantity of tickets demanded is greater than thequantity of tickets supplied. This results in a shortage oftickets. How does the market resolve this prob
The long-run equality of price and minimum average total cost means that competitive firms will use the most efficient know technology and charge the lowest price consistent with their production cost
Suppose that the economy starts at equilibrium and the mpc = 0.8.What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete?
In 2008, the price of crude oil (per barrel) set an all-time record of approximately $147 and then sank to near $40 by the end of the year. Since crude oil is a resource that is used in many industrie