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CONCEPTUAL
1. 'Since the long-run AS curve is vertical we can conclude that the total real output of a nation cannot grow in the long-run'. Comment on this statement.
2. "In the very short run real output is fixed, and therefore any increase in aggregate demand will simply increase the price level but not affect how many goods and services are produced in an economy." Comment on this statement.
3. Elaborate on the schools of thought prior to the great depression, in the 1960's, late 1970s and in the 1980 - 90s.
Consider a publisher who earns a profit of $1 per book sold. An advertisement that costs $400,000 would sell 80,000 books directly. To make the advertisement worthwhile, how many of the original buyers must each persuade just one other person to b..
An increase in TFP leads to an outwards shift in labor demand (recall this from our firm analysis unit), which, as long as the upward-sloping labor supply function does not shift, leads to an increase in the real wage.
a. What was the increase in GDP generated by Margret's activity? b. What are her certain contributions to consumption, investment, and net exports? c. What is the value of production that was newly created by margret's productive activity?
a. What is the amount of excess reserrves b.This bank can safely expand its loans by what amount c.by expanding its loans by this amount in part (b), its checkable deposits would expand to what amount (if all loans were made to checking account cu..
The gross domestic product (GDP) in a Fultonland in 2012 is $8 billion. The income received in 2012 by Fultonland residents from investment in Kingsland is $1 billion. The income received in 2012 by Kingsland residents from investments in Fultonland..
Explain how the consumer price index (CPI) is constructed and why it is an imperfect measurement of the cost of living.
Compute the average growth rate for each country over that period. What are some of the differences between those countries?
How has the sale of guns changed since the 9/11 attacks? Approximately how many guns are there currently in the US?
What are the key macroeconomic factors which affects the GDP growth of the advanced country and emerging/developing country?
Give at least 10 explanations for why firms might find it profitable to pay wages above the level that balances
Describe a real modern situation where similar issues arise, like a controversial film, a professor with controversial views, a business owner expressing a religious opinion in public, a business owner who has an employee who is "just different", ..
The economy is initially in long-run equilibrium. The AD curve shifts to the right and the price level rises. Assuming that the economy is self-regulating, the SRAS curve will shift to the left and the price level will rise even further.
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