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1. The following question comes from Krugman and Wells, Economics (4th Ed.), Ch. 27, Q7.
Explain whether the following government policies affect the aggregate demand curve or the short-run aggregate supply curve, and how.
(a) The government reduces the minimum nominal wage.
(b) The government increases Temporary Assistance to Needy Families (TANF) payments, government transfers to families with dependent children.
(c) To reduce the budget deficit, the government announces that households will pay much higher taxes beginning next year.
(d) The government reduces military spending.
Illustrate what has presidents immediately under the principles of immediate wants of the nation also mandate from the people.
Let money income be $10 while the price of good 1 is $2 and the price of 2 is $1. Draw a budget line. Now draw the new budget lines according to each of the following changes in prices and income.
Suppose the own price elasticity of demand for good X is -3, its income elasticity is 2, and the cross price elasticity of demand between good X and Y is -5. Determine how much the consumption of this good will change if:
Consider the following market with 3 ?rms where 1 ?rm has a substantial market share (theleader), and the other 2 ?rms are the minor competitors (followers). All ?rms, however, share thesame technology with the costs MC = 5. The demand is P = 120 − 3..
The price elasticity of demand for urban transit fares has been estimated to lie between -0.1 and -0.6. Based on these results, give an economic argument for raising transit fares. What political arguments might local governments and transit authorit..
What would happen to the required return on the company's stock?
Given the global financial crisis of 2007–2009, do you anticipate any changes to the systems of fixed exchange rates and forward contracts in the near future? Are the changes you envision strictly procedural or regulatory, or do you believe that some..
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Using java create variables to store these values. Devise with good names for these variables. In addition to creating the variables, set the values as follows:
For the term paper, you are required to pick a current economic topic that relates to the material we have covered or will cover in this course.
Which communist theorist is most closely identified with the communist party as a revolutionary force?
The size of government in the U.S. accounts for about one-third of Gross Domestic Product (GDP). Speculate on the major causes of such a change.
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