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1. Consider an economy in which its residents spend 90% of each additional dollar they earn and the government increases its spending by $400. Calculate the total effect on output (or aggregate demand)
2. The government reduces its spending by $4000 in an economy where households save 25% of each additional dollar they earn.
Calculate the total effect on output (or aggregate demand).
3. The government increases taxes by $6200 in an economy where households spend 92% of each additional dollar they earn.
On a production possibilities? frontier, 500 pounds of apples and? 1,200 pounds of bananas can be produced while at another point on the same? frontier, 300 pounds of apples and? 1,300 pounds of bananas can be produced. Between these? points, what is..
What are automatic fiscal stabilizers? How do these stabilizers stabilize real GDP in the face of AD and AS shocks? o What is the role of the simple multiplier [ 1/{1 – MPC(1 – t) – m}] in stabilization of the swings in real GDP? o How the slope of t..
Julie spends all of her $60,000 salary on vacationing and remodeling projects. Her typical vacation costs $2,000 and the remodeling projects cost $4,000 each. What two conditions must be met for Julie to be maximizing her utility? solve the condition..
Assume that a country has a fixed exchange rate, but that the rate is above the rate that would occur if the central bank did not intervene to maintain it. That is that the desired "e" is greater than the "e" that would occur without central bank int..
Describe the current European union its expanded membership and its problem and prospects for year 2015 what keeps so many disparate countries together"? is there a European identity? will they continue to expand? What issues will dominate the coming..
Suppose that in a certain market the demand function for a product is given by 10p + q = 2500 and the supply function is given by 40p − q = 380. If the government levies a tax of $3 per item on the supplier, who passes the tax on to the consumer as a..
When several people died because of poisoned capsules of Tylenol pain reliever, strict government regulations were enacted to control the packaging of retail pharmaceuticals. Would private markets have reached the same result?
the technology is now developing so that road use can be priced by computer. A computer in the surface of the road picks up a signal from your can and automatically charges you for the use of the road. Explain how would this affect bottlenecks and..
In a Cournot equilibrium, where both firms produce positive amounts of output, which firm do you expect to produce more. Explain your answer.
There is a life-saving drug for Hepatitis C (Sovaldi). It can cost up to $84,000. There is one and only one provider of it. You are around the dinner table with your family this weekend and your family knows you have been taking Health Economics. wha..
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately be ..
Average visits per week equal 640 when the copayment is $40 and 360 when the copayment is $60. Calculate the percentage change in visits, percentage change in price, and price elasticity of demand using 640 and $40 as the denominators for percentage ..
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