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According to classical macroeconomic theory, money supply shocks are "neutral."
a. Explain what this means. Hint: see 5.7 of the textbook.
b. Based on that theory, how would a 5% increase in a nation's money supply affect its realwage rate (W/P), all else equal (up, down, or no change, and by how much)?
c. According to the quantity theory of money, how would a 5% increase in the money supplyaffect the price of goods and services (P), all else equal (up, down, or no change, and byhow much)?
d. To be consistent with both theories, what would have to happen to the nominal wage rate(W)? Explain.
A firm pays a wage of $40 per hour to 25 unskilled workers, $60 to semi-skilled workers, and $80 to 10 skilled workers. Find the weighted average wage paid by the firm.
Tim and Tom are twins. They live and work near the beach and are also partners in TnT, Inc., a bicycle messenger service. When deliveries are few, especially in the summer, Tom without telling Tim, rents the extra bicycles to tourists who want to exp..
What are some of the factors which affect the demand for goods and services? What happens to the demand for a good when each of these factors decreases? The market for hotdogs is currently in market equilibrium (Supply = Demand).Using Demand and Supp..
Jamaica is a small open economy that has a trade surplus. Use savings/investment diagrams to answer the following: Suppose the Government of Jamaica decides to raise taxes. How will the equilibrium amount of savings, investment, and trade balance be ..
Which of the following is the result of the "Great Compromise" between the small and large population states?
Ceteris paribus, which of the following will lead to a rise in the current interest rate on a Bond A?
When firms in a perfectly competitive market face the same costs, in the long run they must be operating
As France's revolutionary armies won victories across the European continent, what was the French government's policy toward the newly “liberated” lands? A It set up a system of military occupation and forced the peoples in those lands to become subj..
Anti nuclear activists sued the AEC over the Calvert Cliffs Environmental Impact Statement. In 1971 the Federal Court (via judicial review) ruled that the AECs must do what? Why is this significant?
Firm A and Firm B operate retail malls. Both are trying to determine whether to increase advertising budgets during the holiday season or to keep them constant. Because of contract cycles, Firm A will have to make a commitment regarding an advertisin..
Suppose that in our economy represented by sectors A and T as described in class (A is capital intensive and T is labor intensive; both produce under constant returns to scale), there is a positive production externality (for instance knowledge spill..
Weiland Co. shows the following information on its 2016 income statement: sales = $156,500; costs = $81,200; other expenses = $4,500; depreciation expense = $10,200; interest expense = $7,700; taxes = $18,515; dividends = $7,550. In addition, you're ..
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