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Explain why the balanced budget multiplier is equal to one (i.e., if government spending increases by 10 billion and taxes increase by 10 billion, equilibrium GDP increases by 10 billion). In your explanation, you may assume that the increase in government spending (ΔG) is 10 billion, the corresponding increase in taxes (ΔT) is 10 billion, and the Marginal Propensity to Consume (MPC) is equal to 0.8. What would provide more stimuli, a 10 billion dollar increase in government spending or a 10 billion dollar tax cut?
From one year to the next nominal GDP rises and the GDP deflator falls. Which of the following exclusions from GDP suggests that GDP is underestimating our material well-being? Full employment is typically associated with:
The tragedy of the commons is an economics theory by Garrett Hardin, according to which individuals, acting independently and rationally according to each one's self-interest, behave contrary to the whole group's long-term best interests by depleting..
Suppose a small firm that selles their output in a competitive market, and then there is an unexpected in demand for their product. What are the important effects for the firm and markets to operate?
Swagelok Enterprises is a manufacturer of miniature fittings and valves. Over a 5 year period, the costs associated with one product line were as follows: first cost of $30,000 and annual costs of $18,000. Annual revenue was $27,000, and the used equ..
Hot or Cold: Is Communicating Anger or Threats More Effective in Negotiation. Are threats or anger more effective in negotiation? Please discuss the authors’ findings on the issue, and provide your own input based on the experience.
Long-run total cost Select one: a. is tangent to short-run total cost when short-run total cost is at its minimum. b. represents the lowest possible cost of producing a given level of output. c. All of the answers are correct. d. is always equal to o..
What product characteristic refers to the situation where consumers place higher value on a product if other consumers also use it?
Discuss the reasons companies such as Under Armour or Calvin Klein might use an in-house agency rather than an external agency. Why might a company change from using an in-house agency and hire an outside agency? Do you think they will continue to ha..
The percentage effect which increase in output will have on the profit made from producing and selling commodity Alpha will be.
An economy produces 2 goods soda a beer. Fully explain why the marginal cost function in the beer industry derives from the marginal benefits of the soda that is given up when beer is produced.
Use the AS-AD model to describe what would happen to the price level and to the equilibrium level of aggregate output in the short run in the following situations: The Fed buys bonds in the open market during a period of low unemployment and no exces..
President Bill Clinton assigned his wife to task of developing a national health insurance plan to increase availability of medical care for poor. How would one determine opportunity cost of proposal.
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