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a) If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that the MPC is: b) To eliminate an AD shortfall of $120 billion when the economy has an MPC of 0.8, the government should decrease taxes by:
What can you say about the relationship between marginal revenue and marginal cost for output rates below the profit-maximizing (or loss-minimizing) rate? For output rates above the profit- maximizing (or loss-minimizing) rate?
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
Give at least three explanations of why economic reasoning would argue that this is to be expected.
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
Consider the following Solow model of growth. Both population and work force grow at the rate of n=1% per year in a closed economy.
With the help of an AD-AS diagram, explain the effect on the price level and real GDP. Use an upward sloping AS curve and be clear about the interconnections among markets.
What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? Compute the approximate elasticity of demand (round off, two decimal places is close enough).
Suppose that this price cut was completely responsible for its raise in revenues from 460 million yen in 1966 to 640 million yen in 1967. Compute the indicated arc elasticity of demand.
If the reserve ratio is 15 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent of any newly acquired checkable deposits, then the relevant monetary multiplier for the banking system will be:
You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom:
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
What is the growth rate of nominal GDP in the economy?An adverse supply shock raises the inflation rate associated with every output ratio by 3 percentage points. Draw the new short-run Phillips Curve.
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