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1. Assume a technological advance leads to lower production costs. Show the effect of such an event on national income, unemployment, inflation, and interest rates with the help of an AD-AS diagram. Assume completely flexible wages. How would your analysis differ (if at all) if wages were rigid?
2. In a classical world with technological change, if the nominal money supply is increased over time, how will the level of output and prices behave in the long run?
3. Comment on the following statement as true, false or uncertain and justify your answer with a diagram and a written explanation. "If nominal wages were more flexible, expansionary policies would be more effective in reducing the rate of unemployment."
4. "The unemployment rate is zero at the full-employment level of output." Comment on this statement. In your answer, discuss how the labor sector adjusts to an equilibrium after a price change.
Describe the role of a country"s central bank and the tools that a central bank can use to control the money supply, and explain how a central bank can use monetary tools to implement monetary policy.
President Obama pushed his massive fiscal stimulus package of $787 through the Congress and later passed by the House and Senate, whose centerpiece was spending most of this stimulus funds
Provide two terms which you have heard in the mass media, political arena, or in any other venue.
Discuss how your answer relates to the income and substitution effects of a price change from Knoxville food prices to Berkeley food prices.
The rates of server for performance monitoring were officially defined for 2008 also represents a reduction
Price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive because price minus cost equals marginal revenue. and marginal cost are the same in pure competition. is the same as average revenue.
The Fed should simply raise the money supply at same rate that full employment economy increase, and the government should desist from any stabilizing urges.
A large rear dump truck working in a coal mining operation under good conditions has a present purchase price, compute the estimated repair cost per operating hour.
Soft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose you're trying to sell a company a new accounting system that will reduce co..
Explain the relationship between a firm's short-run production function and its short-run cost function. Focus on the marginal product of an input and the marginal cost of production.
Explain how might a high school student's experience with inflation differ from an employed urban adult.
Explain why this strategy may in fact, be rational Also, identify at least two other strategies that might permit Argyle to earn higher profits.
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