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Classical economists believe that supply creates demand—that the production of goods generates demand. People working and making salaries spend their money on goods. The production of goods (supply) creates purchases (demand). Keynesian economists believe that the economy works the other way around—that increasing demand increases supply. Producers increase their supply in order to meet an increase in demand.
In your posting, comment on the following question:
Which of the two views of the economy is correct? Does supply create demand or does demand create supply?
Explain why when using the expenditure method for determining GDP do we not include expenditure on intermediate goods, but when using the income method, we use the income of factors of production for both intermediate and final goods production?
Analyze these indicators and prepare a 3-4 page report elucidate the expected short-term impacts on firms in any one of the following five industries in terms of product sales.
A profit maximizing firm will continue to hire labor inputs as long as a) it pays the workers a low wage b) the workers are productive c) the demand for labor is low e) the marginal revenue product is greater than the wage rate
Imagine working at the Trading Desk at the New York Fed. Explain whether you would conduct open market purchases or sales in response to each of the following events. Justify your recommendation. The latest FOMC Directive calls for an increase in the..
What he didn't foresee was that number of T-shirt stores in South Padre would jump from roughly 10 to 40 within two years. Now he laments.
Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last worker in the U.S. is 500.
In describing confidence intervals on a mean, z and t intervals are frequently mentioned. How are z and t confidence intervals different? Choose one interval and give an example of how it could be applied within an operations or production environmen..
In a perfectly competitive factor market, a firm faces a(n):
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
Pat and Chris must independently decide whether to go to Naan n’ Curry or Top Dog at noon. Pat prefers Naan n’ Curry; Chris prefers Top Dog; and as BFF’s, they derive no jollies unless they eat together. Specifically, if they both choose Top Dog, Chr..
Suppose there is a bill to increase tax on cigarettes by $1 per pack coupled with an income tax cut of $500. Suppose a person smokes an average of 500 packs of cigarettes per year--- and would thus face a tax increase of about $500 per year from the ..
Consider this statement. “It is estimated that leaky pipes and dripping faucets are the source of hundreds of thousands of dollars of lost water each year. Business firms could reduce waste by inspecting more pipes thoroughly and repairing water leak..
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