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Write a two-page essay on the role of automatic stabilizers. In your essay include comments on the following points:
a. What are automatic fiscal stabilizers? How do these stabilizers stabilize real GDP in the face of AD and AS shocks?
b. What is the role of the simple multiplier [ 1/{1 – MPC(1 – t) – m}] in stabilization of the swings in real GDP?
c. How the slope of the AD curve affects the stability of real GDP in the presence of AS shocks?
d. How the automatic stabilizers depend on the sizes of MPC, t, and m.
A federal land holding in Alaska can produce both oil measured in barrels and recreational services measured in wilderness days. Draw a PPF diagram with quantity of wilderness days measured on y-axis and quantity of oil barrels on x-axis. Identify th..
The payment to resource owners has to be equal to ____ in order to keep the resources in their current use. The term price maker
The LoJack car recovery system allows the police to track stolen cars. As a result, they not only recover 90 percent of LoJack-equipped cars that are stolen but also arrest many auto thieves and shut down many "Chop shops" that take apart stolen vehi..
As we become more aware of our impact on the environment, citizens and legislators are faced with decisions which impact local, state, and national economies. For example, government restrictions on construction due to effects on endangered species o..
Clearvoice is a wireless telephone monopolist in a rural area that serves 100 high-demand consumers, each of which has the following monthly demand curve for minutes of wireless service QHd = 100 − 100P, Which of the following per minute prices in th..
Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis? What is the difference between shutting ..
A monopolist practicing third degree price discrimination sells its product in Florida for three times the price it sells in New York. Price elasticity of demand in New York is -2, what is the price elasticity in Florida?
Suppose a union is the sole supplier of labor to all the firms in an oligopoly, such as the United Auto Workers is to General Motors, Ford, Chrysler, and so on.What is the subgame-perfect outcome of this game? How (and why) does the number of firms a..
A local video rental monopolist faces the weekly demand function D(P)= 1000-100P. The marginal cost of a rental is $4. Suppose the town government places a $1 tax on all video rentals. What effect will the tax have on the price the monopolist charges..
In principle, the antitrust laws are designed to promote competition and improve market efficiency. Given the work by Williamson (1968) and Demsetz (1973), explain why these laws may promote static efficient but fail to promote dynamic efficiency.
What is the capitalized equivalent amount worth, at 8% annual interest compounded semi annually, for a present initial cost investment of $50,000, a series of semi annual positive disbursement of $5,000 that extent to infinity, and in 12 years there ..
A mutual stock fund has grown at a rate of 16% compounded annually since its beginning. if it is anticipated that it will continue to grow at this rate, how much must be invested every year so that $60,000 will be accumulated at the end of 12 years?
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