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Problem
1. Suppose policymakers in a closed economy are concerned about inflation and want to increase the interest rate without changing the level of real GDP. What kind of policy mix would you recommend and how would your policy mix affect the components of GDP? Explain your answer and the adjustment processes that take place with the help of an IS-LM diagram.
2. In the short-run, the effect of an expansionary fiscal policy on the output level is very large when money demand is relatively insensitive to the changes in the interest rate. Do you agree or disagree with this statement? Why? Use appropriate diagram(s) to explain your answer.
3. Suppose an economy characterized by flexible prices and rigid nominal wage in the short-run. Using Aggregate Demand-Aggregate Supply framework, discuss the short-run and long-run effects of a decrease in money supply on the price level, real GDP, nominal wage rate and real wage rate.
Elucidate three general economic principles along with being able to identify three to five macroeconomic indices e.g.GDP,CPI. I must also be able to make an evaluation and develop a forecast from the article.
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
If the income elasticity for designer scarves is 2.5, how would a 10% increase in income impact the consumption of scarves?
Can you please provide an example of the market where government has imposed a price ceiling or a price floor and use demand and supply analysis to elucidate the consequence on that market.
How many bushels of corn are purchased by consumers and at what price? How many bushels of corn are purchased by the government and at what price? How much does the program cost the government? How much revenue do corn farmers receive.
Can you explain the previous answer (question 1) with what we talked in class? What happens to the real interest rate on theloanable market?
i) Define an indifference curve? ii) Illustrate and clearly explain the nature of indifference curves for perfect substitutes and for complementary goods? (b) Explain the property of convexity to the origin of an indifference curve?
What is the settlement technique in which a neutral person, the mediator, meet with each side to try to find a solution that both sides will accept.
Utilize the Heckscher-Ohlin and factor proportions framework with two factors, skilled and unskilled labor.
In August 2002, preliminary information showed that payroll employment increase 39,000, household employment increase 429,000, and the unemployment rate fell from 5.9 percent to 5.7 percent.
Suppose you regress the log of the wage rate on the logs of education and experience and the dummy variables for gender, race, and union status.
a economists often argue that a temporary increase in government purchases -say for military purposes-will crowd out
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