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Assume aggregate consumer spending equals $5,000 when aggregate disposable income is zero, and when disposable income increases from $300 to $400, consumer spending increases by $70. What is the equation for the aggregate consumption function?
Fiscal policies can work only if private enterprises respond to them in certain way; if they respond in other ways, the policies fail. Explain and give examples.
The notion of rent controls can be somewhat controversial. What is the economic rationale for a city to enact rent controls? What are a few unintended consequences of rent controls in large cities? Be specific.
Explain what makes it the most effective economic system. Identify an example of the system being used in history. Explain what you perceive as the most effective economic system.
What is price-wage rigidity? Keynes assessment states that wage-price rigidity requires government involvement. Why? Why not?
Consider the following: wagner tool produces output according to q = 2k1/2 L1/2, where K is the amt of capital used and L is the amt of labor employed. wagner is constrained in the short run to use 16 units of capital. labor cost $8 per unit, capital..
In this economy, solve for national saving, investment, the trade balance, and the Equilibrium exchange rate. Suppose now that G rises to 1,250. Solve for national saving, investment, the trade balance, and the equilibrium exchange rate. Explain what..
Consider a low-wage labour market. Workers in this market are not presently covered by the minimum wage, but the government is considering implementing such legislation. If implemented, this law would require employers in the market to pay workers a ..
no government transfer payments, taxes of $210 million merits, a budget surplus of $60 billion merits, and investment of $100 billion merits. Illustrate what were its consumption and government expenditures on goods and services
A country that attempts to keep its exchange rate fixed will have a “devaluation” of its currency (or exchange rate) if persistent balance of payments deficits cause it to amass dangerous amounts of foreign exchange reserves. Would you please explain..
Shane is required by his employer to work a standard eight-hour work day. Suppose his marginal rate of substitution (MRS) for leisure and income is less than the wage rate at this level of work. Comment about the nature of Shane’s employment.
At the end of the life of the project, the equipment can be sold for a profit with salvage value of 11,000. The MARR is 6.0 percent. Calculate the present worth.
On the other hand, Nimrod is just as capable a hunter as ever; it takes him an average of only 2 hours to catch a deer. His fishing has suffered in the same way Grok's has, so that it also will take him 4 hours to catch a fish. What is the opportunit..
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