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In his semi yearly testimony to the Senate banking committee past summer Alan Greenspan commented on the recent Fed funds rate hike in late June 2004: "With the growth of aggregate demand looking more sustainable and with employment expanding broadly, the considerable monetary accommodation put in place starting in 2001 is becoming increasingly unnecessary. In May, the FOMC believed that policy accommodation needed to be removed and that removal could be accomplished at a pace that is likely to be measured." Since then, the Fed has boosted its Federal Funds target from 1 percent to 2 percent and another increase to 2.255 is widely expected this month.
Why did the Fed begin to increase interest rates at a point in the economic recovery with concerns over terrorism and rising energy prices causing great uncertainty, the unemployment rate still at 5.7 percent and inflation outside of the energy sector still fairly low, although a bit higher than the 1.5 percent typical of the last few years. (The CPI advanced at an annualized rate of 2.6 percent in the first half of 2004 if volatile energy costs are excluded?) Explain your answer carefully and illustrate it with an AS/AD diagram.
Assume two firms, A and B, serve a market with demand D(p) = 100 - p. Assume that (i) they have identical cost functions, c(Q) = 5Q,
Illustrate what are the best goals for the Fed. Should it lean toward restraint or toward expansion.
You have been Employed through a private consortium of South African orange growers to predict the impact on the price and output of oranges under the following situation.
Examine the tools of fiscal policy also explain how they are used to reduce inflation or eliminate a recession.
Assume that you are the chief economic advisor to the president of the U.S..
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
The demand for salt is relatively price inelastic where the demand for pretzels is relatively price elastic. How can you best explain why
"Most of the firms spend considerable amounts of money on advertisement". Explain advertising elasticity of demand and its practical applications in this context.
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
Val Hawkins borrowed $15,000 at a 14% yearly rate of interest to be repaid over 3 years. The loan is amortized into three equal annual end-of-year payments.
Explain when is equilibrium achieved in the foreign exchange market. Why is foreign exchange hedging beneficial to an organization.
What do you think that Antitrust Department should punish Google for being a "monopolist". Did the author of the article think so.
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