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Which of the following would NOT be associated with a favourable supply shock?
a. The short-run Phillips curve shifts left.
b. Unemployment falls.
c. The price level rises.
d. Output rises.
A machine tool , which has been used in a plant for 10 years, is being considered for replacement. It cost $10,000 and was depreciated by MACRS depreciation using a 5-year recovery period. An equipment dealer indicates that the machine has no resale ..
The newly established Bureau of Time Travel has been given authority to regulate time travel. If the bureau sets a price that allows Time Riders to earn a normal profit (that is, a fair return), illustrate what price will time travelers pay per tr..
Air transport for businesspeople and tourists
Suppose that the US in a steady state and that capital per worker in the US is equal to k*=10. The following picture shows the steady state of the US economy.Suppose a devastating hurricane hits the economy destroying 10 % of the capital stock so tha..
q.assume that we have a expenditure function of the form c 220 0.9timesyp where yp is permanent disposable income.
If an economy experiences a decrease in consumer spending, most economists believe:
Suppose the restaurant industry is perfectly competitive. All producers have identical cost curves and the industry is currently in long-run equilibrium, with each producer producing at its minimum long-run average total cost of $8.
The museums operated by the US Art Services department have suffered from substantial losses for past years. The price elasticity of demand for the museums is estimated to be 0.6. If the US Art Services department would like to increase its total rev..
Assume that the reserve requirement is 20 percent. Also assume that banks do not hold excess reserves and there is no cash held by the public. The Federal Reserve decides that it wants to expand the money supply by $ 40 million dollars. If the Fed is..
Explain how has American Express Leveraged its brand into customer segments and created value through different card and program offerings.
An alternative way for the government to encourage home ownership would be to offer a tax credit instead of a tax deduction. Explain how does this alter its budget if k=0.25.
How is it possible that in perfect competition some firms have economic profits equal to zero while others have a positive economic profit. Can they have a positive consumer surplus? Isn't it a contradiction?
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