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Assume that an economy is in the long-run equilibrium with the GDP deflator of 150 and potential output of $40 billion. Draw a typical aggregate demand-aggregate supply model using this information. Explain each curve/line.
a. The economy is experiencing a shock – a sharp drop of stock prices.
i. Show on the graph what happens in the short run. Explain.
ii. What type of output gap is this? Calculate the output gap.
b. Explain what will happen in the long run due to self-correction. Show the appropriate shift on the graph.
c. What problem is the economy facing?
d. The government decides to intervene. What policies should it implement? What is the goal of these policies?
e. What is the most challenging shock for the policy makers to deal with? Explain why.
q. 1. the article states starting about 1950 the relative returns for schooling rose and they skyrocketed after 1980.
What is the “ethic of giftedness”? What values does Sandel argue are realized in embracing this ethic? How would Sandel view uses of technological enhancement that are generally accepted (prosthetics, eyeglasses, etc…)?
Develop hypothetical supply and demand schedules for your good or service. Plot the schedules onto your graph and label the curves with D for demand and S for supply.
Suppose a linear demand function is estimated for good x as, Qd = 100 – 4*Px + 6*Py + M. where Px = $4, Py = $2, and M =10. M is the average income of consumers, measured in thousands of dollars. Suppose the end of the recession has increased the ave..
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Assuming other countries do not change their own trade policies, what would be the impact on the value of the dollar relative to other currencies? What would be the effect on the jobs in U.S. industries?
A company is considering replacing a machine that was bought six years ago for $50,000. The machine, however, can be repaired and its life extended by five more years. The seller of the new machine has offered a trade-in allowance of $15,000 for the ..
Due to the increased globalization of financial markets, we can expect all of the following, except:
Should the airline replace its night flight from LA with a morning flight as well as should the airline remain in business.
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