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Suppose that real GDP is currently $13.4 trillion and potential real GDP is$14.0 trillion, or a gap of $600billion. The government purchases multiplier is 3.3, and the tax multiplier is 2.3. Holding other factors constant, by how much will government purchases need to be increased to bring the economy to equilibrium at potential GDP?Government spending will need to be increased by $__billion. (Enter your response rounded to the nearest whole number.)Holding other factors constant, by how much will taxes have to be cut to bring the economy to equilibrium at potential GDP?Taxes will need to be cut by $__billion. (Enter your response rounded to the nearest whole number.)
Define scarcity and Opportunity cost. Scarcity is the fundamental economic difficulty of having seemingly unlimited human needs and desires, in a world of limited resources.
Now suppose the price of coffee drops to $1. Will Billie be better off? How much coffee and tea will she buy now? What does the diagram now look like?
Provide brief but theoretically sound explanation for each of the following.
Fiscal policy also decrease the dollar like monetary policy.
Discuss and explain some example of supply and demand that you have observed in the real world. Be do not use the example for the questions below, use something else.
Principles of Macroeconomics- As a result of the Great recession, the FDIC made changes to embolden consumer confidence. These include: ensuring in full all accounts which do not earn interest regardless of balance and raising the standard maximu..
The amount by which a firm's revenue will increase as a result of hiring one more worker is called the marginal revenue product of labor. Would a firm hire another worker if the marginal revenue product of labor exceeded the market wage rate? Why ..
Edgemont Company had revenues of $230,000 and expenses, including income taxes, of $190,000. On December 31, 2005 Edgemont had assets of $350,000,
An investor wants to earn a yield of 9% from a 10,000 bond with a coupon rate of 6% payable semiannually. The bond's life is 10 years, and it was issued 4 years ago. The eighth payment will be made immediately after the purchase. What is the ma..
Assume that Microsoft is considering a merger. The possible merger faces some threats and that the industry desides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new scenario of expa..
Now what will your price be? How much deadweight loss will your firm created? After the election, you decide your firm is not making enough money. So you hire the lobbying firm C&E. C&E are able to convince regulators that you should set your pri..
Discuss actions the government could take to induce firms in this industry to produce the socially efficient level of output.
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