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Negative Supply Shocks – How often are negative supply shocks, i.e., leftward shifts of the AS curve, which we’ll also discuss next week, associated with recessions? Plot on a quarterly basis since the beginning of the series the real price of oil – measured as the ratio of the nominal price of oil (FRED code: MCOILWTICO) to the U.S. Consumer Price Index (CPIAUCSL). (Make sure to convert index into a price level by dividing by 100. In other words, your transformation should use the equation “a/(b/100)”, where “a” is the price of oil and “b” is the CPI.) Identify recessions that may have been triggered, in part, by an oil price shock.
Gomez runs a small pottery firm. He hires one helper at $12000 per year,pays annual rent $5000 for his shop, and spends $20000 per year on materials. Calculate accounting cost, economic cost, accounting profit, economic profit for Gomez pottery firm,..
You are a lawyer working with the International Court of Justice in The Hague in the Netherlands. Your task is to review a recent decision by a U.S. judge regarding extraterritoriality. What factors most influenced your decision? Do you know of any I..
The market for DVD rentals in Dallas, Texas, is estimated to be P= 10-0.002Q. Marginal cost (MC) of rental is equal to $2. Where PD is the price (per DVD in $) for DVD QD is quantity of weekly rental. The marginal revenue (MR) for rental is equal to
Consider a state debating how to finance emergency road and bridge improvements. Among the possibilities are increased fees on driver’s licenses, a personal property tax on motor vehicles, a tax on automobile parts (including tires), and a higher tax..
Unemployment caused by a contraction in the economy is called
We found GDP in 2010 was roughly $15,000 billion. You learned in Chapter 1 that GDP fell by approximately 3 percentage points in 2009. Use the simplest model of fiscal policy from Chapter 3 to answer the following. How many billion dollars did GDP fa..
What are the two types of information available to complete the budget? Describe the benefits and disadvantages of them and give an example of each.
Are monopolies and oligopolies always bad for society? Provide real world examples of where this may be the case to strengthen your position. Provide at least one example of a case where having a monopoly or oligopoly may actually benefit the society..
What are the differences between “the quantity demanded” and “changes/shifts in demand?” What exactly are the ceteris paribus variables? Identify five such variables in the demand for Lexus automobiles and explain how those might shift the demand cur..
Graph and label the Lorenz curve for a country in which 1/4 of the population earns 3/4 of the income, 1/2 of the population earns 1/10 of the income and 1/4 of the population earns 3/20 of the income. Assume that every individual within each class h..
Which of the two nations has better prospects for the future and why. Provide a reasoned opinion.
Suppose your local espresso bar makes the following offer: People who supply their own half-litre carton of milk can buy a cup of cappuccino for only $1.50 instead of the usual $2.50. As a result of this offer, the quantity of cappuccino sold goes up..
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