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The U.S. Federal Budget debt exceeded GDP in 2013. The U.S. deficit reached $1.02 trillion, accumulated debt totaled over $17 trillion, and GDP reached $16.6 trillion. Net interest on the national debt is up to $246 billion per year. Use the U.S. Federal Budget excel sheet to create a plan for a revised U.S. budget. Specific focus areas include the following:
· Describe your general strategy with respect to creating a more balanced budget.
· Describe specific areas that you propose to increase and decrease as part of your revised budget plan.
· Describe anticipated concerns that other economic and community leaders might have with your proposed budget.
Defend and support your budget proposal against possible detractors. (between 300 words to 1000 words)
if a firm has monopoly power in the market for its output the marginal revenue product of labor a. is no different than for a competitive firm b. is less for each unit of labor than for a competitive firm c. continuously slopes upward instead of turn..
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Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back..
What is the underlying message of the following lyrics from Keynes? [Keynes] Public works, digging ditches, war has the same effect. Even a broken window helps the glass man have some wealth.
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Where P is the price of the product and Ps is the price of a substitute good. The price of the substitute good is $2.00. a. Suppose P = $1.00. What is the price elasticity of demand? What is the cross-price elasticity of demand?
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