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1. (a) Suppose the government increases taxes. What would happen to the AE curve? Explain.
(b) Suppose consumers decide to spend less of every dollar of income earned then previously. What would happen to the AE curve? Explain.
2. List four reasons why analyzing the economy is not as precise as the multiplier model makes it appear.
3. The mpe for the economy is .67. Autonomous expenditures are $5,000.
a. What is equilibrium income for the economy?
b. Demonstrate graphically.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
Suppose that in the market for comic book illustrators the substitution effect dominates the income effect While visiting Comic Con.
Questions on Long-Run Labor Demand and Factor Substitutability, Own-price elasticity, Cross-price elasticity
Do the estimated coefficients have the required signs to yield a-shaped AVC curve? Discuss the significance using the p-values.
You are a member of the City Council of Mid ville , California, a town of 10,000 residents, comprised primarily of 'middle-class' blue-collar laborers.
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
What price should DD set to maximize profits? What would output be if DD acted like a perfect competitor and set P = MC?
Discuss at least 3 reasons why and how workers become unemployed (be specific about causes), and also cite 3 reasons unemployed workers finally land new jobs or get rehired.
What might be included in the "total cost" of acquiring and watching movie on DVD? What about the "total cost" of seeing a movie at the multiplex?
Suppose the domestic appliances industry faces severe foreign competition, and asks you to prepare a position paper its lobbyist.
Explain the three criteria that are used to determine whether a particular variable is a worthy candidate to be selected as an intermediate target variable of monetary policy.
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