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Starting with a positive output gap where aggregate demand is at a level less than full employment, assume that the annual Real GDP growth rate is equal to 2.5% and the annual supply side growth rate is equal to 2.5%. As a result:
Aggregate supply will grow equal to supply side growth and aggregate demand will keep pace. Therefore the output gap will remain constant.
Aggregate supply will grow equal to supply side growth and aggregate demand will grow at a faster rate. Therefore the output gap will shrink.
Aggregate supply will grow equal to supply side growth and aggregate demand will decrease. Therefore the output gap will increase.
Aggregate supply will grow equal to supply side growth and aggregate demand growth will be positive but grow at a slower rate. Therefore the output gap will increase.
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. Each ..
Bart Wurst runs the only hot-dog stand in a large park in a large boring town. On Sunday’s people in this town all sit in the park and sunbathe. For any t between 0 and 30, the number of people who are sitting within t minutes of Bart’s stand is 15t ..
Which of the following will not increase worker mobility?
In a two-sector (manufacturing and agriculture) specific-factors model:
We suggested above that an annually increasing renewal fee would be an efficient means of setting optimal patent life. Similarly, suppose that owners who wanted to restrict future use of their property had to pay a fee for each year that the restrict..
q.clarify the two different sources of earnings differences in the labor market. then separately for differences by
Assuming the policymakers do nothing, use the diagram below to show the effects of the consumer pessimism on aggregate demand.
What is the relationship between the output of a perfectly competitive market and the output of a monopoly, when both face the same costs (assume constant marginal cost) and the same linear demand?
HomeGrown is a small restaurant that specializes in serving local fruits, vegetables and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming operation. The two parties have decided to enter into a l..
In late 1991 two firms, Delta Airlines and the TRump shuttle, provided air shuttle service between New York and Boston of Washington. The one-way price charged by both firms was $142 on weekdays and $92 on weekends, with lower off-peak advance purcha..
Explain what happens to observed prices in posted offer and double auction markets as the number of sellers drop to 2. Explain what happens in these two markets as the number of sellers drops to only one seller. Explain why part (b) illustrates the f..
Participate in a discussion with your classmates regarding where you see the U.S. economy in its business cycle right now, as based on the economic concepts in the textbook. Now that we learned that the real business cycle results from fluctuations i..
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