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Draw a production possibilities curve for a hypothetical economy producing capital goods and consumer goods. Suppose a major technological breakthrough occurs in the capital goods industry and the new technology is widely adopted only in this industry. Draw the new production possibilities curve. Now assume that a technological advance occurs in consumer goods production, but not in capital goods production. Draw the new production possibilities curve
Suppose that the natural rate of unemployment in a particular year is 5 percent and the actual rate of unemployment is 13 percent. Use Okun's law to determine the size of the GDP gap in percentage-point terms.
If taxes were cut by $200 billion, the resulting spree would amount to Initial increase in consumption = 0.75 3 $200 billion = $150 billion ( a ) By how much does consumer saving increase initially ( b ) How large is the initial spending injection
Why is independence important in the central bank business? Should a central bank be independent? Define independence of a central bank according to the authors of the textbook.
Education is often described as a good with positive externalities. Explain how education might generate positive external benefits. Also suggest a possible action the government might take to induce the market for education to perform more effici..
Consider two economies with identical technologies and identical initial conditions but with different corporate tax rates, τ and τ' . Determine the relative income of these two economies (as a function of time).
The final exam is now available, and the student must do current research and use critical-thinking in responding to the question below
Why are the lines between the categories of financial firms becoming more blurred than in the past?
On the (admittedly unlikely) assumption that the interest rate before the money supply increase equals the long-run interest rate, is the long-run increase in the price level more than proportional or less than proportional to the money supply cha..
Suppose that a security costs $3,000 today and pays off some amount b in one year. Suppose that b is uncertain according to the following table of probabilities a) Calculate the return (in percent) fore each value of
Suppose the two firms merge into a single firm. The profit-maximizing price is $13 and the average cost is $12. Illustrate with a graph.
Elixir Spring produces a unique and highly prized mineral water. The firm's total fixed cost is $5,000 a day, and its marginal cost is zero. Table 1 shows the demand schedule for Elixir water.
An economy can produce a maximum of either 28 million tons of wheat or 7,000 automobiles, or various intermediate quantities, as depicted in the table below: Wheat (millions of tons) A=28,B =27,C= 25,D= 22,E =18,F= 13,G= 7,H =0 Automobiles (thousa..
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