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Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent. The output ratio is initially 100 and the inflation rate equals 2 percent.
a. Based upon the preceding information, draw the short-run Phillips Curve.
b. 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.
c. Draw the new short-run Phillips Curve.
d. The government chooses to follow a neutral policy in response to this shock. What will be the growth rate of nominal GDP? What will be the new rate of inflation? What will be the output ratio?
e. If the government chose to follow an accommodating policy, what would be the new inflation rate? The output ratio? The growth rate of nominal GDP?
What is the profit-maximizing price-output combination and what are the levels of the profits and consumer surplus at that point? What is Dead-weight-loss?
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
Suppose that all other banks hold only the required amount of reserves. If Nan Bank Inc. decides to reduce its reserves to only the required amount, by how much would the economy's money supply increase?
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Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
Provide a report to management of the firm as to whether or not it should continue to operate at a loss?
Using the exchange rates and prices in the tables above:
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
Suppose there is an increase in risk aversion by wealth holders in the sense that, other things equal, they want to hold more of their wealth in money (bank deposits) and less in securities.
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