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Assume x and y are the only two goods a person consumes. If after a rise in px, the quantity demanded of y decreases, one could say
a. The income effect dominates the substitution effect. b. The substitutions effect dominates the income effect. c. It is still impossible to determine whether the substitution or income effect dominates. d. None of the above.
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
What takes place to the equilibrium price and quantity of ice cream in response to each of the following? Describe your answers.
Suppose that the assumption in key concept are satisfied. Show that X i is a valid instrument. That is, show that key concept 12.3 is satisfied with Z i = X i .
Describe the creation of money from excess reserves and multiple deposit expansion in banking system. How does the multiplier affect the supply of money?
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Use the aggregate demand-aggregate supply model to illustrate graphically the short-run and long-run impact of this decline on output and prices.
Explain all your answers below clearly, including brief definitions of each term.
Two identical firms face linear demand. Market demand is given by P=30-Q.Solve for Stakelberg equilibrium prices and outputs.
The economy of a country called Econoland is described by the following desired aggregate expenditure components (all figures in billions of $). For the purposes of this question, the first set of equations will be referred to as fiscal policy1.
Discuss the short-run movement toward equilibrium in the currency markets in a flexible exchange system.
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
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