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In 1999, the Canadian economy was at full employment. Real GDP was $886 billion, the nominal interest rate was around 6 percent per year, the inflation rate was 2 percent a year, the price level was 110, and the velocity of circulation was constant at 10.
(a) What is the real interest rate?
(b) If the real interest rate remains unchanged when the inflation rate increases to 4 percent a year, explain how the nominal interest rate changes.
(c) What was the quantity theory of money in Canada?
(d) If the quantity of money grows at a rate of 10 percent a year and potential GDP grows at 3 percent a year, what is the inflation rate in the long run?
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
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Beatriz enjoys writing and uses a large amount of paper. Currently, paper costs 2 cents per sheet. The formula for her demand curve is S = 52500 – 5000PS, where PS is the price of and S is the number of sheets purchased. The governor of her state pro..
Explain what occurs when a new technology makes another one obsolete in terms of economic profit?
A perfectly competitive firm should produce in the short run as long as:
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In 2014, we predict the demand curve for a product will continue to shift leftward, which will tend to lower price and quantity. However, with a lower price, supply will also decrease, shifting the supply curve to the left. A leftward shift of the su..
Elucidate what impact on quantity demanded and supplied for cars will be if oil costs rise to $200 per barrel. Illustrate what about if extreme recessionary conditions prevail.
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