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MAKE-UP ASSIGNMENT FOR QUIZ 1
1. Indicate whether the following statements are true or false and briefly explain your answer.
a. Actions by government to increase spending and by the central bank to increase the money supply will cause interest rates and GDP to rise. b. Policies which reduce energy supplies and/or raise their production costs will cause the aggregate price level to rise, national output to decrease and unemployment to rise. c. If chartered banks invest their excess reserves in assets other than loans, the money supply will decline.
2. Indicate how each of the listed variables(GDP, consumption and interest rates change in each of the following separate events. Briefly explain.
a. The recent strengthening of the Canadian dollar causes exports to decline and imports to rise. b. Provincial and the federal governments in upcoming budgets restrain spending and/or raise taxes in order to move back to fiscal balance c. The Bank of Canada has moderately tightens monetary policy in the next twelve months.
The variables are Canadian GDP, interest rate, and consumption
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This reduction in demand will push the equilibrium price and quantity back to its original level. Since the equilibrium price remains unchanged, smokers will consume the same number of cigarettes" Do you agree or disagree with this view?
A needy family of a mother and three children currently receives cash benefits that average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline. After that, for each dollar earned..
It is proposed that Congress pass a fiscal stimulus package that includes tax rebates for individuals. Is this Keynesian or Monetarist policy. What do you think tax rebates would stimulate the economy.
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Explain how does the marginal price for a product like this differ from a product like automobiles. What relevance might there be to this difference.
A consumer of two goods faces positive prices for both goods and has positive income. Her preferences over consumption of good 1 and good 2 are represented by the following utility function: u(x1; x2) = 1 - (x1 4)^2 - (x2 3)^2
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The table above has the market demand schedule in an industry that has two firms in it. The marginal cost of this product is zero because these two firms have exclusive ownership of the resource and it does not cost any additional amount to produc..
Suppose that the federal government’s annual budget deficit is $250 billion and that the Fed’s holdings of government securities increase by $10 billion over the year. How much of the deficit was monetized?
Explain how these actions would affect the money supply, interest rates, spending, aggregate demand, GDP, and employment.
Indicate whether every of the following statements is true or false, and explain why. If a statement is false or true, please give a full explanation as to why that statement is correct or not.
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