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Please answer each of the questions below in short-answer format. Write your responses in complete sentences. Your answers to each question should include 2-3 paragraphs (125-250 words).
1. What shape did the short-run aggregate supply curve have during the 1930s, according to Keynes? Explain.
2. What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
3. What are the macroeconomic consequences of a budget deficit when the economy is operating at full employment? Be sure to discuss the effects in the short run and long run.
4. Suppose that the Fed purchases $1 million in bonds in the open market. Explain how the money supply can increase by more than $1 million.
5. What happens to the price of bonds when the Fed sells bonds? What happens to the interest rate? What happens to the money supply?
In the case of logarithmic utility, Cobb-Douglas production, and delta=1, what is the equation for kt+1 as a function of kt? Comment on whether you find this surprising.
If the price of a good decreases, the substitution effect shows the increase in the quantity of the good demanded, holding income constant.
Suppose the government seeks to find the best it can do (in terms of minimizing expected costs in a dominant strategy mechanism). What is the mimimum expected payment the government must make?
You have been assigned the responsibility for developing the mitigation phase of the community's Emergence Management Plan. Your supervisor gives you specific instructions that the Mitigation Phase should not overlap any of the other phases of the..
It is important that we all understand the issues and variables involved with installing point-to-point communications. You WON'T be required to memorize the Fresnel Zone or earth bulge formulas; however you WILL need to know the principles regardi..
Find the equilibrium price and quanitity. If the curent pice of te product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation, and what would you expect to happen in the market?
Dinkel Manufacturing Company accumulates the following information relative to jobs started and finished during the month of June 2008.
Find out the equilibrium price, the equilibrium quantity, the output supplied by each firm and the profit of the firm in the short run.
Elucidate how the market for corn would be affected if ethanol, a corn derivative was used to fuel cars in the United States.
Do you think lotteries have both micro and macro economic effects or only micro. how do lotteries change what and for whom goods and services are produced.
How would multiplying a positive constant to a linear demand function affect its own-price elasticity of demand? In particular, how would the elasticity of demand of \(Q_{x}=a+bP_{x}+cP_{y}+dI\) at a point compare with the elasticity of demand..
1. Which of the following industries comes closest to the model of perfect competition?
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