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What effects would each of the following have on aggregate demand or aggregate supply, other things equal? In each case use a diagram to show the expected effects on the equilibrium price level and the level of real output, assuming that the price level is flexible both upward and downward. e. The general expectation of coming rapid inflation. f. The complete disintegration of OPEC, causing oil prices to fall by one-half. g. A 10 percent across-the-board reduction in personal income tax rates. h. A sizable increase in labor productivity (with no change in nominal wages). i. A 12 percent increase in nominal wages (with no change in productivity). j. An increase in exports that exceeds an increase in imports (not due to tariffs).
Landlords have been known to place bricks in the water tanks of toilets to economize water when price rises. Therefore, bricks are substitutes for water in this context.
Three arguments used to promote trade barriers are the national security argument, the infant-industry argument, and the dumping argument. Explain each of these arguments and evaluate whether each one has any flaws
If prices of x and y are doubled while the income remains the same, the budget constraint:
If the proposed textbook receives a favorable review, explain how should the editor revise the probabilities of the various outcomes to take this information into account.
When a binding price ceiling is introduced into a market, economists generally expect what outcome?
The flat-screen plasma TVs are selling extremely well. The originators of this technology are earning higher profits. What theory of profit best reflects the performance of the plasma screen makers?
Taxes on goods and services like alcohol, tobacco, and gambling winnings (and maybe someday sugary foods and marijuana) are levied to reduce consumption of such goods and to raise tax revenue (
According to our discussion in class, which of the following is true of the minimum wage in the U.S.?
Choose one country that has an undervalued or overvalued currency and explain a possible reason for this. Supply a counter response to a fellow student regarding the previous questions and provide your reason for why that country's currency is under ..
The equilibrium price and quantity of gasoline is $2.50 per gallon and equilibrium quantity is 15 million gallons. The price elasticity of demand is -0.5 and the price elasticity of supply is 1. The state legislates that a sales tax of $0.10 per gall..
Average cost includes both fixed and variable costs, whereas the marginal costs include only variable costs. Therefore, marginal cost is never greater than the average cost." Comment on this statement.
Conclude whether there is an arbitrage opportunity in the option market, using the put-call parity.
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