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During a recession, consumers may want to save more to provide themselves with a reserve to cushion possible job losses.
a) Use the Keynesian cross model to describe the impact of an exogenous decrease in consumption (i.e. a decrease in current C not due to a change in current disposable income) on the equilibrium level of income in the economy. Illustrate graphically. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curve shifts; and v. the terminal equilibrium values.
b) Will aggregate national saving increase? Explain briefly why or why not.
The bank and pays interest at the market interest rate of 4 percent. Is it correct to say that the cost to Mary of living in her house is less than the cost to John.
q1. consider a firm using a single variable input labor and a single fixed input capital. please explain what will
The economic model of a perfectly competitive market is very unrealistic because it predicts that firms in a perfectly competitive market earn zero profits in the long run. However, in reality, no firm would stay in business if it earned no profits. ..
If an author earns a royalty (income) of 10% of the total sales revenue of his or her book, and all the author cares about is maximizing money income on that book, then does the author prefer that the price of the book be greater than, less than, or ..
Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model.
Suppose that tax and aggregate expenditur income for an economy. Illustrate what is the change in taxes cause by an increase in government spending.
Suppose you have the following information about an economy: Checkable bank deposits: $300,000 Currency in bank vaults: $20,000 Currency held by the public: $40,000 Reserves held at the central bank: $20,000 Traveler's Checks: $10,000 Savings Deposit..
If a company gets rid of a coupon does this shift the demand curve or just move a point on the demand curve.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 110 - 0.25P, and the marginal cost of production is $160. Determine the optimal number of units to put i..
One disadvantage of the skimming pricing policy for new products is that
A change in the real one supply can result either from a change in the nominal money supply through Federal Reserve policy (holding the price level conatant) or from a change in the price level (holding the nominal only supply constant). the change i..
A patient visits a clinic. He incurs $5 in travel costs and has a copayment of $25. The clinics total charge is $75. The clinic spends $10 to bill the insurance company for the visit and uses resources worth $45 to produce the visit. The insurance co..
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