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Describe the behavior of consumption, investment, labor, productivity, wages, the price level and the money supply over the business cycle both in terms of correlation, magnitude and lead vs lag. Give the economic intuition of the results on consumption, investment, productivity, wages and price levels.
When the price of sugar was "low," consumers in the United States spent a total of $1 billion annually on its consumption. When the price doubled, consumer expenditures actually increased to $3 billion annually.
Is it possible for a college professor to receive economic rent If so, how would the amount of economic be measured Note that economic rent in the labor market is sometimes referred to as quasi-rent in order to distinguish it from the return that ..
Discuss why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.
A) What is the real value of output (Q) Now assume that the Fed increase the money supply by 10 percent and velocity unchanged. B) If the price level remains constant, by how much will real output increase
An inflation shock is a disturbance to the usual behavior of inflation that shifts the IA line. A supply shock is a change in the natural rate of output. Graph the long and short run effects of a positive inflation shock and a negative supply shoc..
Describe why government regulation is required, citing the major reasons for government involvement in a market economy.
Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
Proponents of these subsidies lobby government and argue that these subsidies are justified because there are positive externalities from people owning homes instead of renting. Perform a Google search to find what externalities these proponents c..
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
Consider a country called Hitech where new arrangements for making payments, such as credit cards and ATMs, have been enthusiastically adopted by the population, thereby reducing the proportion of income that is held as real money balances. a) Ass..
Monopolies are inefficient because A. a monopoly firm must compete, and competition is expensive B. a monopoly firm will always produce where price is equal to average total cost C. inefficiency is a barrier to entry D. a monopoly firm has no ince..
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