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Use the AD-AS model to answer this question. For each situation below assume that the AD-AS model is initially in long run equilibrium. Each answer must be supported with a diagram.
(a) Suppose that the government in this economy goes to war. What do you predict will happen to real GDP and inflation in the short run? Holding everything else constant, what do you predict will happen to real GDP and inflation in the long run? Explain your answer.
(b) Suppose the government reduces taxes and at the same time a new oilfield has been discovered inthe economy. Holding all else constant what do you predict will happen to real GDP and inflation in the short-run and the long-run. Explain your answer.
In 2014, "the United States exported $2.34 trillion worth of goods and services - an all time record. Exports from the US in 2014 equaled the entire gross domestic product of Brazil and exceeded all commercial output in India, Italy, or Mexico. Discu..
If banks desire to increase their lending, but the Federal Reserve is not adding reserves to the banking system, what will happen to the level of short term interest rates?
Assume a monopoly faces a linear demand curve given by q = 45 - p, where q is quantity and p is consumer price. (This means that marginal revenue function is MR = 45 - 2q). Marginal cost, MC, of producing the output is $5. By how much does the con..
what would be best advice to a person who wants to lean more about political issues. Watch only television news and commentary shows daily.
Consider the market for corn in the United States. Suppose that the mandated percentage of ethanol in gasoline is increased and at the same time a corn blight destroys a significant portion of the corn crop. Using a supply and demand diagram, show wh..
Compare and contrast the different Intel processors in Android phone and tablets.
A union is trying to form in a company that you are working at. When the union representatives come to you to pitch the union, they extol the uniqueness of their system, where you receive the benefits of collective bargaining, but if there comes a ti..
When traveling to other countries for business, it is important to know the male/female roles in each country. Not knowing these roles could cause problems in discussions and negotiations.
Identify the causes of the crisis, the steps the private and public sector took to resolve it, and what leaders should do to keep it from happening again.
Discuss the conditions under which the Federal Reserve influences the value of the dollar. Included in your answer MUST be an examination of how/why the Federal Reserve would sell dollars to banks ans well as how/why the Federal Reserve would buy dol..
Read the "Production and Cost Analysis in the Fast-Food Industry," Case for Analysis located below. Identify how the Law of Diminishing Marginal Returns set in for the production process, and how management responded to this situation.
Define the economic principle of opportunity cost and explain whether spending 17.9% of gdp is too much or too little to spend on healthcare.
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