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Government's efforts to stabilize the business cycle through fiscal policy can destabilize the economy due to the presence of _______. lags in the process of crafting a budget appropriate to the circ
Two identical countries, Country A and Country B, can each be described by a Keynesian-cross model. The MPC is .9 in each country. How much is the government purchases multiplier for each country?
Suppose the relevant money-supply curve is the one labeled MS2; also suppose the economy's real GDP is 45,000 for the year. If the money market is in equilibrium, then the velocity of money is appro
Prepare a 2-3 page written Legal Issue Analysis of a newspaper or magazine article that discusses a legal aspect of a specific diversity issue (e.g., harassment, ADA, etc.).
Use the concepts of gross and net investment to distinguish between an economy that has a rising stock of capital and one that has a falling stock of capital. "In 1933 net private domestic investmen
Explain why relatively flat as opposite relatively steep labor demand curves are more consistent with the empirical observation that there are relatively minor changes in the real wage rate over th
Suppose the government sets a target price of $5 per bushel for any quantity supplied up to 1,000 bushels. How many bushels of corn are purchased by consumers and at what price? By the government?
A profit - maximizing firm in a competitive market is currently producing 100 units of output. it has average revenue of $10, average total cost of $8, and fixed costs of %200. What is profit? What
Explain briefly how a change to the following MS, MD, or P (ceteris paribus) would shift the LM function to the right. Include in your discussion whether the variable would have to increase or decre
Why are the price and output of firms 1 and 2 the same but different for firm 3? Is fixed cost relevant in their price determination or not? Discuss the advantage and disadvantage of cost structure be
What kinds of questions does economics address? What are the principles of how people make decisions? What are the principles of how people interact?
A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total cost of $36,000. The prevailing market price is $15. What will happen to the number of firms in the
Determine Consolidated's total profit function. Assuming that Consolidated is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels f
The Zinger Company manufactures and sells a line of sewing machines. Demand per period (Q) for a particular model is given by the following relationship:
Explain how a recessionary output gap would emerge in an economy where the long-run aggregate supply curve is persistently shifting to the right.
Illustrate Supply and demand curve. In the summer of 2006, Viennese artist Gustav Klimt's Portrait of Adele Bloch-Bauer was sold in new york for $135 million
Assuming a wholesale price of $50 per case, calculate the breakeven output quantities for each alternative. At a wholesale price of $50 per case in all states, and assuming sales at the projected lev
A fishing boat owner brings 50,000 fish to market and the market price is $4 per fish. Her average variable cost of 50,000 fish is $1 and the fixed cost of the boat is $100,000, what is her profit p
What are the short- and long-term economic benefits and costs associated with our current high federal government budget deficits? Do you think the economic benefits outweigh the economic costs, or
Compare and contrast these explanations of vertical FDI: the strategic behavior approach and the market imperfections approach. Which theory do you think offers the better explanation of the histori
The effectiveness of monetary policy depends on how easy it is for changes in the money supply to change interest rates. By changing interest rates, monetary policy affect investment spending and th
Comment on this trade off between equity and growth. How would you go about resolving the issue if you were the president of a small, poor country?
Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most accur
Terrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affec
How do we caculate the effects of real GDP on consumption expenditure and imports by using the marginal propensity to consume and the margianal propensity to import?