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Use algebra to derive (i.e. show how one equation follows from the other), from national income account identities, the simple classical S=I model elaborated in Chapter 3 of Mishkin, using three assumptions: closed economy, small open economy, and large economy. Use three graphs, one for each case, suitably labelled, to explain how the economy might react to a decrease in the autonomous demand for investment. What will happen, in each case, to interest rates, GDP, I and S, and NX?
Suppose the wage rates of workers are based on the expected price level. If there is an unexpected increase in AD, it will cause the actual price level to increase. Then workers should raise their expected price level and negotiate a higher wage r..
Glen spends at least 40 hours a week at his place of business. If he closed the company, he could work for his competitor earning $50,000 a year. He also owns the building the company operates in and could rent it out for $12,000 a year if he closed ..
Event 1: The wages for all dental assistants increase, increasing the costs of inputs. Event 2: The government provides national dental insurance benefits for all U.S. citizens that cover 100% of the cost of all dental services. There are two effe..
Assume the ratio of deposits that banks hold in the form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.
The empirical evidence concerning the magnitudes of localization and urbanization economies.
Suppose that consumption depends on the level of real money balances (on the grounds that real money balances are part of wealth). Show that if real money balances depend on the nominal interest rate, then an increase in the rate of money growth a..
Early this year, thousands of Americans flocked to Apple's outlets to purchase iPad 2 sold by iconic brand. Long queues snaked outside many of Apple's outlets dotted over the states.
What will happen to Y (GDP), r (real interest rate), P(price level), and I(investment), in the short run ?The answer should indicate will these values increase or decrease in the short run.
Given production function Q= 100(L^0.5)(K^0.5), where L = labor hours per unit time, K=machine hours per unit time, and Q=output per unit time.
In the Middle Ages, goldsmiths took in customers' deposits (gold coins) and issued receipts that functioned much like checks do today. People used the receipts as a medium of exchange. Goldsmiths also issued loans by writing additional receipts ag..
Consider the RPM (resale price maintenance) model of consumer service. Show that the levels of customer service that emerge in equilibrium are below the levels that would emerge under vertical integration
Compare the equilibrium levels of consumption C, government spending G, and planned investment I in Parts g and h. Based on this comparison, why might some economists prefer expansionary fiscal policy while others prefer expansionary monetary polic..
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