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The following hypothetical situation and the assumptions of the Simple Keynesian model are to be used in answering this question.
The economic system is currently producing goods and services at an annual level of $900 billion. Household consumption is running at $500 billion; business firms spend their planned amount of $200 billion on new plant and equipment; and government is also purchasing goods and services at the $200 billion level. Net exports equal zero. The natural level of output is estimated to be $1100 billion.
Here is the question. Which of the following statements most accurately characterizes the condition of this economy?
a.It is in a state of equilibrium at the natural level of output and income.
b.It is in a state of disequilibrium where total output exceeds planned expenditure.
c.It is in a state of disequilibrium where planned expenditure exceeds total output.
d.It is in a state of equilibrium with accelerating inflation.
e.It is in a state of equilibrium with a sluggish economy.
q.equilibration is the process of moving between two equilibrium points as a result of some change in supply or demand.
As an advisor to the project manager, Derrick Westmuller, illustrate what set of procedures would you advise they adopt.
Supposed players 1 and 2 are participating in a first-price sealed bid auction with private, independent valuations. Each player's valuation of the object to be sold, which is assumed to be worth 0 to the seller, is either 0 or 2 with equal probabili..
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Explain how business activities and inventories for a manufacturing company, a merchandising company, and a service company differ.
Choco Dream is a firm that produces both dark chocolates as well as liquor chocolates. During a given? month, the firm uses its resources to produce both varieties.? Initially, the firm produced? 5,000 bars of dark chocolates and?4,000 bars of liquor..
U.S. exports as a percentage of GDP have increased, but have not nearly doubled over the last 50 years. The U.S. currently has a trade surplus. U.S. exports as a percentage of GDP have about doubled over the last 50 years. The U.S. currently has a tr..
Describe arbitration and discuss its advantages to litigation. Describe mediation and discuss its advantages to litigation. Describe two other forms of alternate dispute resolution and discuss their advantages to litigation.
Assume that this cost is set by an upstream wholesaler with monopoly pricing power.
How do you determine if a utility function is homothetic? I understand that definitions say that if the MRS depends only on the ratio of the two goods, then the utility function is homothetic. Yet I have trouble understanding how to actually apply..
Suppose that the U.S. noninstituional adult population is 230 million and the labor force participation rate is 67 percent. Illustrate what would be the size of the U.S. labor force.
Suppose government purchases amount is $3.5 trillion, transfer payments amount is $0.5 trillion, net interest payments are $0.25 trillion and tax revenue is valued at $2 trillion. Calculate the amount of the government deficit; Calculate the primary ..
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