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Some politicians have suggested that the U.S. enact a constitutional amendment requiring that the federal government balance its budget annually. Explain why such an amendment
If a dealer of rare artifacts purchases a 2nd Century Roman Vase for $250,000 and sells it to a wealthy collector for $320,000 during a given year, how much has been added to GDP for that year? A. Not
Suppose a four sector economy C=200+0,65Yd calculate the values of MPC, MPM, MPT
State the commodity in which each country has absolute advantage and identify the commodity of comparative advantage for each country and indicate the gains to Zambia and Tanzania if the two countries
President Obama campaigned on the theme that he was going to reduce taxes for 95% of working Americans. Why would such a campaign promise be difficult to put into practice?
Keyenes consumption function appears to explain consumption over the short run but not consumption over the long run - why?
In the two sector economy where there is no personal tax,how is personal income related to personal consumption expenditures and personal savings?
GDP rises from 6 trillion in 2001, base year, to 12 trillion in 2008. the gdp deflator is 180. Find real GDP in 2008. Find the percentage increase in real gdp between 2001 and 2008.
In comparing two otherwise identical industries X and Y, an economist finds that labor demand is more elastic in industry X. Which of the following would support this finding?
U.S. real gross domestic product increased from $10 trillion in 2000 to $15 trillion in 2010. During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to 1
Briefly explain how each of the following changes the money supply.a. the central bank buys bonds b. the central bank raises the discount rate
Amos Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Amos to make 10 equal annual payments of $15,582, wi
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q.
Because of a recession, the inflation rate expected for the coming year is only 3%. However, the inflation rate in Year 2 and thereafter is expected to be constant at some level above 3%.
Assume that the real risk-free rate, r*, is 4% and that inflation is expected to be 8% in Year 1, 6% in Year 2, and 4% thereafter. Assume also that all Treasury securities are highly liquid and free o
If the fed does not respond to this event what will happen to the price level?
You worked for extra pay on a holiday and therefore missed out on your neighbors’ barbeque. People face trade-offs. You had to miss the barbeque to get something else that we liked.
In long-run equilibrium, most firms (the ones that remain from the original 298) will earn the normal % rate of return.
Under the expectations hypothesis, if long-term yields are higher than short term yields, does this mean that future long term rates should go up, down, or stay the same?
Explain the impact of time on the elasticity of market supply and discuss the role of profits and losses in a purely competitive market.
Contrast the role of constant-cost, increasing-cost, and decreasing-cost industries in determining the shape of a long-run market supply curve.
Explain the decision by price takers to continue to operate, temporarily shut down, or go out of business, when faced with price below average total cost.
Discuss the conditions that characterize pure competition (a price taker market) and explain how and why price takers maximize profits at the quantity for which marginal cost, price, and marginal reve
Explicit costs and implicit costs,economic profit and accounting profit, and