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Suppose real GDP is growing at 2% per year, but that velocity of circulation is stable (not changing). Based on the Quantity Theory of Money, what will be the expected inflation rate, if the Federal Reserve System ( central bank) increases the money supply by 2% per year
Confronted with an adverse supply shock, an economy with rigid wages and prices would suffer
The market equilibrium wage is currently $12 per hour among hairdressers. At that wage 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no change..
Considering the following concepts such as GDP, unemployment, monetary and fiscal policy. Pick an recent newspaper article (New York Times, Wall Street Journal, etc.) that focuses on DELL INC. Describe the event and the issue for DELL INC. (summarize..
First suppose that there is no tax in the country Randland. A resident, Dagny, has an hourly wage of $50. How is it possible for Dagny to increase her hours worked after a tax? Graph the labor supply decision for Dagny on a daily income-leisure graph..
q1. when the price of ketchup rises by 15 the demand for hot dogs falls by 1 b are the goods complements or
Based on Figure 1, at equilibrium with free international trade in the market for calculators the price per calculator in Mexico is the world price P = $3.50. When the price is P=$3.50 what is the quantity supplied by Mexician producers, Qs and what ..
a. Calculate the firm's accounting profit in this year. Show all steps in any calculations. b. Calculate the firm's economic profit in this year. Show all steps in any calculations. c. Interpret what the economic profit tells the owner with respect ..
Consider these bundles: Bundle A: 2DVDs and 3 Cds; Bundle B: 3 DVDs and 1 CD; Bundle C: 1 DVDs and 3 CDs. Which of the following violates the assumption of non satiated preferences?
Explain how each of the following will affect money supply, money demand, the interest rate, the price level, and real GDP. Use 2 graphs for each (one showing what happens to the money market, one showing the AS/AD model) a. The economy experiences a..
The market for tennis shoes has a horizontal supply curve and a linear, downward-sloping demand curve. Currently the government imposes a tax of t on every pair of tennis shoes sold and does not tax other goods. The government is considering a plan t..
Sales of a desk lamp that wholesales at $4 per lamp have been disappointing. The contribution of each lamp sold is $1.5. It is planned to increase the advertising budget by $0.22 per lamp and to reduce the price in order to spur sales. Twice as much ..
Economists say that excess capacity in monopolistically competitive markets is "the cost to society of variety." What is the cost that economists are talking about, and why is this cost the result of having a variety of goods and services?
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