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Use the following information to answer the next 3 questions.
Suppose we are in a short run equilibrium where IS=LM at some point A. A new presidential candidate has recently been elected and one of their campaign promises was to drastically decrease wasteful government spending and to never decrease taxes.
1. Draw the effect of a decrease in government spending in the IS-LM model. Upload a picture of your graph.
2. What happens to equilibrium output and the equilibrium interest rate?
3. Is it possible to decrease G but to maintain the same equilibrium output in the economy before the spending cuts? If so, how? (Drawing a picture might be very helpful). Upload a picture of your graph with an explanation.
You purchase a new smartphone for $650. Suppose that during one year, there is a 0.2 probability that you will drop the phone, a 0.2 probability you “send it for a swim” (drop it in water), and a 0.6 probability you avoid all accidents. If you drop t..
If tariffs, quotas, and subsideis each cause net welware losses, why are they so common, especially in agriculture among industrialized countries such as the United States and the European Union?
What factors are considered in calculation of the CPI? Explain your answer and provide a reference. Where would you find data on CPI and PPI for the U.S.? What does the current level of inflation tell you about the state of the U.S. economy?
Select a task that a program could perform over an array of items that would be used by a small business.
Approximately how much would it cost to insure the currently uninsured? Explain which costs are included and excluded in the estimates. It has been said that employer –based insurance is obsolete .Give an argument on each side of the question. Descri..
Visit the United States Consumer Product Safety Commission (Links to an external site.)Links to an external site. website. Click on "Recalls."
Suppose that Victoria and her friends are running a fundraiser by selling donuts. They want to know what will happen to their revenue if they increase the price of each donut from $0.80 to $1. What concept do they need to apply to find out their expe..
Derive, from first principles, the equilibrium level of income. Derive the Keynesian expenditure multiplier. If T = tY, derive the equilibrium level of income.
Consider both sides of the argument and come to a decision of whether to close the plant or continue to operate it. How would you explain to either the president or the CEO that he or she is wrong?
Suppose that production of very cool cars in Denmark (a small open economy) increases exports in Denmark. How does this event affect the Danish NX curve, the Danish real exchange rate, the Danish nominal exchange rate (the Danish kroner to be more pr..
By imposing trade restrictions on imports, the U.S. will eventually see an appreciation of the dollar that will reduce U.S. exports to other countries. and Why?
The Wall Street Journal (newspaper) of September 9, 2016, reported on recent increases in the price of gasoline. The article stated "higher prices for gasoline are decreasing the demand for gasoline." Which of the following statements accurately desc..
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