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How does the total effect of this $20 billion tax cut compare to the total effect of a $20 billion increase in government purchases? Why?
A slowdown in the economy increases unemployment and decreases output. As a result of this action, there will be an increase in the quantity supplied of loanable funds. an increase in supply the of lo
Say that investment increases by 20 for each interest rate drop of one percent. Say also that the expenditures multiplier is 3. If the money multiplier is 4, and each 5 unit change in the money supply
The following information is available within a Keynesian income-expenditure framework of the economy,where Yd is disposable income, t is the marginal tax rate and T is the government’s tax reve
The Marginal product of labor in production process is statistically estimated as MPL=10(K/L)^0.5 Currently the process is using 100 units of K and 121 units of L
Suppose a consumer buys 10 units of good X and 20 units of good Y every year. The following table lists the prices of goods X and Y in the years 2005-2007. Assume that these two goods constitute the t
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Fi
Suppose there are 60 million people employed, 10 million unemployed, and 30 million not in the labor force. what does the civilian noninstitutional population equal?
Derive the PPF for both countries and graph them and who is specializing in Bourbon according to Comparative Advantage?
The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
What is the range of possible Relative Wage Ratio under which trade based on comparative is mutually beneficial and who has the absolute advantage at producing Cigar?
An increase in the demand for notebooks raises the quantity of notebooks demanded, but not the quantity supplied.” Is this statement true or false
Build the time series for the Index of Openness (Export of Goods/GDP) using a spreadsheet and build the time series of Imports of Goods/GDP.
Classify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save. the effect of government regulations on auto emissions
Calculate and Plot using a spreadsheet the series for Real GDP and calculate and Plot using a spreadsheet the yearly % changes in Nominal GDP (i.e. [GDPt+1-GDPt]/GDPt)
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest.What is the opportunity cost of spendin
Discuss the sticky-wage model of aggregate supply, carefully identifying any assumptions made. How well does the sticky-wage model explain the observed behaviour of real wages over the business cycle?
Who has the absolute advantage at producing Cigar and who has the comparative advantage at Bourbon and who is specializing in Bourbon according to Comparative Advantage now?
Pham can work as many or as few hours as she wants at the college bookstore for $11 per hour. But due to her hectic schedule, she has just 19 hours per week that she can spend working at either the bo
Why does the Average Physical product curve slope downwards so soon? What's the relationship between Average physical product curve and Marginal physical product curve?
When factors of production are combined to produce a particular level of output, what would be the effect on total product when all factors are kept fixed and only one factor is varied
A project consists of 20 activities whose duration time estimates in days are given below activity duration activity duration
Consider a macroeconomy was initially at equilibrium level of real GDP. Using an aggregate demand and aggregate supply diagram or model of the economy, graphically illustrate and discuss the short-run
Three students have each saved $1,000 and each can invest up to $2,000. Here are the rates of return on their investment projects: Harry 5%, Ron 8%, and Hermione 20%.
Many prices, including wages, would not be reduced even when aggregate demand decreased.