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1. Illustrate the effects of the following developments on both the short-run and long-run Phillips curves. Give the economic reasoning underlying your answers.
a. a rise in the natural rate of unemployment
b. a decline in the price of imported oil
c. a rise in government spending d. a decline in expected inflation
2. Draw the short-run tradeoff between inflation and unemployment. How might the Fed move the economy from one point on this curve to another?
Assume the United States government is planning changes in economic and social policy to decrease wage inequality.
Draw indifference curves to represent the following types of consumer preferences-I like peanut butter, but neither like nor dislike jelly.
Write the equations for the IS and LM schedules. Find the equilibrium values for Y and r. Now assume the same figures as above but with a completely interest inelastic Investment (I). Write the new equations for the IS and LM schedules. Find the new ..
Illustrate what are automatic stabilizers. What are some examples. What are your thoughts about the limits of fiscal policy.
Assume that the price elasticity of demand for good. Describe how much consumption changes.
Elucidate if you expect the inflation rate to accelerate if the actual unemployment rate declined to a level lower than the "full employment" unemployment rate.
Suppose that the Fed's inflation target is 2 percent, potential output growth is 3.5 percent, and velocity is a function of how much the interest rate differs from 5 percent: %?V - 0.5 Ã (i - 5) Suppose that a model of the economy suggests
Compute the expected utility of each project and identify the preferred project according to this criterion.
China's entry into World Trade Organization is likely to create more competition in local and foreign firms, as well as provide China greater access to the market of exports.
The business world become more competitive. If we are to compete with firms in Singapore, Indonesia, and Malaysia, we must keep our costs down. Labor accounts for 75 percent of expenses.
Assume market demand and supply are given. Equilibrium price of X is $100 per unit then producer surplus is.
What is the maximum per unit that sellers are willing to pay intermediaries if hiring them saves buyers $8 in transaction costs c. Does your answer to Question 16a change if buyers pay $8 per unit to the intermediary but sellers offer to rebate pa..
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