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Fiscal policy and the short-run aggregate supply curve
1. Explain how fiscal policy may possibly affect the short-run aggregate supply curve.
2. How does classical economics explain its confidence in the ability of natural forces to return the economy to its potential level of real GDP?
3. What were the reasons for establishing the Federal Reserve System as 12 Reserve banks rather than a single central bank in Washington?
4. What is meant by the "independence" of the Fed? Is the Federal Reserve independent? Explain why or why not.
Read the following text and answer the questions below: Discuss the limitations of this model as an explanation of the effects of government expenditure on GDP.
You have been hired as a plant manager for a firm that produces widgets (Q) in Angola, Indiana. Widget production requires machine time (K) and labor time (L).
Last year, Pat and Chris occupied separate apartments. Each consumed 400 gallons of hot water monthly.
Define and describe the difference between the absolute advantage and the comparative advantage.
What takes place to the equilibrium price and quantity of ice cream in response to each of the following? Describe your answers.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
Suppose you're an economic advisor in charge of trying to raise a maximum level of tax revenue for the government. You consider taxing the suppliers in the market for corn, a major agricultural product in the United States.
For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
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