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“The Phillips curve and the aggregate supply curve are two sides of the same coin.” (Mankiw P. 406, 8th Edition). Suppose the natural rate of unemployment is 6% and the expected rate of inflation is 5%.
a. On a single graph, draw the short-run and long-run Phillips curve.
b. Compare and contrast the effects of an unanticipated and anticipated increase in the money supply growth rate.
c. Why is the natural rate of unemployment sometimes referred to as the non-accelerating-inflation rate of unemployment (or NAIRU)?
A firm’s production function is given by: f(L,k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
q1. the number of taxicabs in motorville and the taxicab fares are regulated. the fare currently charged is 5 a ride.
The current exchange rate between the Japanese yen and the U.S. dollar is 120 yen per dollar. At current prices, a basket of goods that costs $100 to produce in the U.S. would cost ¥11,000 to produce in Japan. What is the current real exchange rate b..
An American consumer buys a French luxury product in New York. In the U.S. balance of payments accounts, this transaction directly appears in
Disinflation may cause
Your income last year accounts to $77,000.00 tax bracket are as follows :$0 - 20,000 pays 5% Above $20,000 to $50,000 pays 10% above $50,000 pays 15%. How much is your tax at the end of the year using 15% proportional income tax? How much is your tax..
After two quaters of increasing levels of production, the CEO of Canadian Fabrication and Design was upset to learn that, during this time of expansion, productivity of the newly hired sheet metal workers declined with each new worker hired. Explain ..
Decrease in demand is represented by a
List three examples of government price controls other than those mentioned in the chapter. For each example, explain why government enacts the price control.
It is obvious that US fiscal policy makers cannot manage balancing the budget every year, As an alternative, Balancing the budget over the business cycle requires
Discuss the strategy at HK Disneyland in the context of standardization versus differentiation of attractions.
In the founding documents of the United States of America - in this case the Articles of Confederation and the Constitution - does the use of checks and balances seem to provide for the protection of a pluralistic system of government with multiple a..
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