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Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 5%, the growth rate of the velocity of money is 4% and that the real economic growth rate is 3%. Now assume that the Federal Reserve has decided to increase the growth rate of the money supply by 6% and that the Federal Reserve leaves the growth rate of the money supply at this elevated rate.
After the Federal Reserve increases the growth rate of the money supply, what is the growth rate of the velocity of money? Hint: enter your answer with a % sign
Explain why would elasticity of demand be important to you in determining the products on which the taxes should be levied.
Suppose that the U.S. government decides to charge beer producers a tax. Before the tax, 15,000 cases of beer were sold every week at a price of $7 per case. After the tax, 10,000 cases of beer are sold every week; consumers pay $9 per case, and prod..
Find an article (newspaper, magazine, or online) talking about any of the core issues or scarcity resources of economics. Use an article to answer the questions: What core issues or resources does the article talk about?
A person can choose to work any amount from 0 to 52 weeks per year at a wage of $1000 per week. Draw her annual budget constraint, representing total annual consumption versus annual weeks of leisure.
When the price of gasoline goes up demand for the Toyota Prius. Is this a violation of the principles of demand since gasoline is a complement to the Prius? Explain.
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
q. assume that capital goods are on the vertical axis of a production possibilities graph and that consumer goods are
In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets. Cite as many examples as you can of these types of businesses.
Phil the Pharmacist currently is working for the Gregory Pharmacy Company earning $40,000 in salary per year. He works 6 days per week and travels one hour in each direction to and from work each day. Phil values his own time at $9.00 per hour. For t..
Why is that the pre-trade production points have a bearing on comparative costs under increasing cost conditions but not under conditions of constant costs?
If marshmallows and graham crackers are complements in consumption, an increase in the price of marshmallows causes a(n)__ for graham crackers.
Which dominant Comparative politics theoretical approach might help us understand why US and Britain adopted Presidentialism and Parliamentialism governing systems?
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