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Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 4%, the growth rate of the velocity of money is 3% and that the real economic growth rate is 5%. Now assume that there is a negative real shock. After the negative real shock, the inflation rate in the economy is 7%. Now assume that the federal government decides to increase government spending in order to combat the situation resulting from the rise in oil prices. After the increase in government spending, the growth rate of the velocity of money is 8%.
1. After the negative real shock, what is the the real economic growth rate?
2. When the federal government decides to increase government spending, the ______ curve shifts?
Explain how each of the following actions will affect the level of planned investment spending and unplanned inventory investment. Assume the economy is initially in income–expenditure equilibrium. There is a reduce in the expected growth rate of rea..
During the period of time that a local university takes phone-in registrations, calls come in at the rate of one every two minutes.
Courts have almost always allowed companies to make employment decisions based on economics. For instance, even companies making money can lay off employees if it can be proven that the primary reason for so doing was economic (and as long as there i..
Over the past decade, medical costs have increased more rapidly than other prices. In order to illustrate how rising medical costs have affected consumer alternatives, let X represent the quantity of medical services, and let Y represent the quantity..
The marginal cost pricing model calculates a markup over marginal costs using estimates of the price elasticity of demand. Will any other pricing strategy result in higher profits?
Which of the following does NOT determine the long-run level of real GDP?
Equilibrium in the market occurs at a price of $2,500 and a quantity of 10,000. Draw the demand curve that must exist if consumers bear the entire burden of a $500-per-TV tax imposed on this market
During the 2008 financial crisis and the subsequent recession, how did major U.S. banks respond to the actions of the Federal Reserve? How did those monetary policy actions affect U.S. businesses and households? How were the actions of the Federal Re..
Assume that a country is growing at 5% per year. Now the saving rate decreases leadingto a new lower growth rate of 3.3% per year. How will the change in standard of living over time be impacted by this change in the saving rate and therefore the gro..
Suppose a monopolist’s costs are described by the function C = 200 + 2Q2, and it faces a demand curve of Q = 240 – p. If it cannot price discriminate, what are the profit-maximizing price and quantity? What are profits?
Which of the following would shift out (or shift down or shift right) the supply curve for fluorescent light bulbs?
A number macroeconomic variables decline during recessions. One of these variables is the GDP. What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in the..
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