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The late 1990s in Canada was characterized by substantial economic growth with little inflation; that is, potential real GDP increased with little, if any, increase in the aggregate price level. Describe what must have been happening to Canadian aggregate demand, short run aggregate supply, and long run aggregate supply.
Kelson Electronics, a manufacturer of VCRs, estimates the following relation between its marginal cost of production and monthly output: MC = $150 + 0.005Q. What does this function imply about the effect of the law of diminishing returns on Kelson's ..
Suppose we look in the newspaper and find the following rates: the rate on 1-year securities is 4.65%, on a similar 2-year security 6.24%, and a 3-year security 6.67%. If the unbiased expectations theory of the term structure of interest rates holds,..
Many people believe that Congress will eventually have to reduce Social Security benefits in order to reduce the budget deficit. Although most of the changes would not take place until later, assume for the purpose of this problem that Social Securit..
Suppose that a firm’s production function is Q = min{K, L}. Currently, the wage is w = 8 and the cost of capital is r = 8. What is the minimum cost method of producing Q = 40 units of output? Suppose that wages fall to w = 4. Keeping total cost the s..
Suppose a large number of new immigrants enter the labor market. Assume this increase in the supply of labor provides a drag on wage increases: wages rise by less than the prevailing rate of inflation over the next year. Use the short-run model to ex..
You purchased a bond for 9500 dollars. The bond matured in 4 years and you sold it for 111,000 dollars. The par value (face value) of the bond was 10000 dollars. Interest payments were made every 6 months. The personal rate of return you received (so..
Elucidate how a temporary decrease in the U.S. money supply affects the money and FOREX markets. Label your short-run equilibrium point B and your long-run equilibrium.
For each firm within an industry, T = X(X - 1)2 + 25X; where T is the long-run cost of the firm, and X is the firm's level of output. For the industry as a whole, Y = 34 - p; where Y is total consumer demand for the industry's product, and p is the p..
The economy slips into a recession and the government is thinking of providing a stimulus package to boost the aggregate demand. Which of the following is most likely to increase the aggregate demand, all else the same? Increase taxes Reduce transfer..
1. Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
Popular movements like "buy/shop local" seem to contradict the principle of specialization according to comparative advantage. How does the theory of comparative advantage influence your opinion on these movements and why?
If the interest rate rises from 10 to 12%, compute what will happen to his consumption levels in period 1 and 2.
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