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Suppose that Congress enacts a significant tax cut with the expectation that this action will stimulate aggregate demand and push up real GDP in the short eun. In fact, however, neither real GDP nor the price level changes significantly as a result of tax cut. What might account for this outcome?
A 10% increase in the slice of pizza causes a 10% drop in quantity of both pizza and beer. Describe elasticities and the nature of the two products
Suppose that an economy has the Phillips curve. What is the natural rate of unemployment? Graph the short-run and long-run relationships between inflation and unemployment.
In year 1 the price level is constant and the nominal rate of interest is 6 percent. But in year 2 the inflation rate is 3 percent. If the real rate of interest is to remain at the same level in year 2 as it was in year 1, then in year 2 the nominal ..
Would you argue that large scale operations are more or less efficient or that they have too much market power? Do they reduce consumer choice? What is your position?
Hex Yahtzee is a game in which each person rolls six dice at once. The dice are ordinary 6-sided cubes, with a different number on each face. If exactly five of the six dice come up the same, the roll is called five-of-a-kind, and scores very well. W..
Illustrate what is the effect of this policy on the interest rate in the long run.
Romans utility function os U(x,y)=6xy. The prices of goods x and y are $12 and $15. The indifference curve is tangent to his budget constraint, where he is consuming 20 units of good x. How many units of good y must he be consuming?
The market demand function for corn is Qd = 15 - 2P and the market supply function is Qs = 5P - 6, both measured in billions of bushels per year. Suppose the government wants to raise the price to $4 per bushel. Describe both graphically and algebrai..
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choose what kinds of non-toxic, Describe a skimming price and a penetration..
A coupon bond has a face value of $1,000 and maturity 5 years. The required rate of return for the bond is 5%. The bond is sold at a price of $1,000 now. Calculate the coupon rate of the bond. Year by year, calculate the current yield and the capital..
________ refers to the additional revenue gained from selling one more unit.
On a set of axes, sketch a concave production frontier. Starting near the midpoint on the production frontier, use arrows to show that the nation incurs increasing opportunity costs in producing more of X (the commodity measured along the horizont..
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