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Assume that there are two economies, A and B. Economy A is experiencing an inflationary output gap, and economy B is experiencing a recessionary output gap.
a. Illustrate the two economies in labeled graphs.
b. Explain what will happen to wages and other factor prices in economy A and if this will increase or decrease firm's unit cost.
c. Given your answer in (b) show the effects on the AS curve. Explain what happens to real GDP and the price level.
d. Explain what will happen to wages and other factor prices in economy B and if this will increase or decrease firm's unit cost.
e. Given your answer in (d) show the effects on the AS curve. Explain what happens to real GDP and the price level.
f. Explain in which economy policy makers might use fiscal policy to restore the economy to its long-run equilibrium position and why?
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After specialization, suppose that Rob and Big trade with each other and Rob sends Big 127 cows. In order for both Rob and Big to benefit from trade, Big must send Rob more than: (round your answers to two decimal places)
Why does a government undertakes expansionary fiscal policy? What are the problems of undertaking expansionary fiscal policy?
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The HR manager of a large department store believes the number of resignations per week of casual staff can be approximated by a normal distribution
In this module, we focus on growing interest rate “spreads” as portending possible recession. In preparation for this discussion, research the issue of consumer confidence. Document one or more methods used to characterize and measure consumer confid..
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