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Inventories are stocks of goods and raw materials held to facilitate business operations. According to the national accounts system, changes to inventories
Suppose that a small, closed economy opens its markets to trade. If the world price of good X is greater than the domestic price of good X we can predict that
a. From this information we know that the government is currently operating with a ________ and that the economy has a trade _________. b. What is this economy’s consumption function with respe
Given this information, what is the unemployment rate in Novia? Show how you found your answer for full credit.
Suppose that something happens in this market and after all adjustment to this event, the market for bananas finds itself at a new equilibrium price of $60 and a new equilibrium quantity of 6.7 unit
Given the above information, which country has the comparative advantage in producing fishing boats? Explain your answer.
Suppose that you are given the line X = 2Y + 10. You are also told that for every Y value the X value has now increased by 10 units. Write the equation for this new line. In your answer show all of
Holding everything else constant, in the simple Keynesian Model presented in class, when aggregate expenditure is greater than production, this reduces the level of inventories and in the short-run
The level of autonomous consumption and the MPC in this economy are, respectively:
Draw a graph of the consumption function with respect to disposable income. Measure consumption spending on the vertical axis and disposable income on the horizontal axis. In your graph indicate the
Suppose the amount of capital in Sambia increases to 225 units due to the enactment of legislation by the government that encourages investment spending. In words describe how this change in capital
For each of the following scenarios determine the effect on GDP of the described event. Then, explain the reasoning behind your answer.
Question 1. This set of questions is meant as a review of supply and demand shifts. For each question assume the market is initially in equilibrium.
You are given two pairs of coordinates that lie on a linear relationship. The two pairs of coordinates are (x, y) = (20, 5) and (15, -2). You are asked to find the equation for the line that these t
Mason graduated from technical college in June 2014 and spent the month of June visiting the West Coast. In July he began to search for a position and so far he has applied for twenty jobs but has n
Question 1. Use the simple Keynesian model developed in class to analyze the economy described by the following information.
i. Who has the comparative advantage in the production of radios? ______ ii. Who has the absolute advantage in the production of radios? ________ iii. Who has the comparative advantage in the producti
Given the above information, calculate the final weighted score for each of these individuals. For full credit show all of your work in an orderly and easy to follow manner. Make sure the grader kno
Draw a graph of the consumption function measuring consumption spending on the vertical axis and GDP, or Y, on the horizontal axis. In your graph make sure you identify the values of any intercepts
Use the graph below of an economy's aggregate production function to answer the following set of questions. Assume that capital and the level of technology is held constant in the graph.
For each of the following scenarios you will be asked to evaluate the impact of this information on GDP for the economy.
Suppose the market for soap is initially in equilibrium. Then the price of labor used to manufacture soap decreases. Holding everything else constant, what happens to the equilibrium price and quant
Assume that there are no other resources involved in the making of cookies and pies and that both Bert and Ernie have linear production possibility frontiers.
Suppose that a small, closed economy opens its market for bananas to trade and that its closed domestic price for bananas is lower than the world price for bananas. Given this information domest
Given the above information, assuming that autonomous consumption and the marginal propensity to consume are constant, find an equation for consumption as a function of disposable income ( Disposabl