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1. Suppose that rather than the declining demand assumed in Example 2.7, a decrease in the cost of copper production causes the supply curve to shift to the right by 40 percent. How will the price of copper change?
2. Suppose the demand for natural gas is perfectly inelastic. What would be the effect, if any, of natural gas price controls?
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
Frank Gunter owns an apple orchard. He employs 40 apple pickers and pays them $7 per hour to pick apples, which he sells for $3.50 per box. If Frank is maximizing profits
suppose Arnor and Gondor are two very similar countries that started out with identical population, technologies, etc. except that Gondor has a much higher mortality rate due to a more hazardous geographical location.
a. Anticipated changes in aggregate demand effect only the price level; they have no effect on real output. b. downward wage inflexability means that declines in aggregate demand can cause long lasting recession. c. Changes in money supply M increas..
Assume the economy is at short-run equilibrium and is in a slump. Ceteris paribus, what would you expect to happen to the money supply over time? Discuss in detail the money creation process in a fractional-reserve banking system.
Which of the following is an example of a demand shock? a) Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. b) Consumers become worried about job loss and buy fewer goods and services than expected.
If everyone were to obtain music and video content for free from websites such as MySpace, instead of paying Universal, what would Universal’s producer surplus be from music sales? What are the implications for Universal’s incentive to produce music ..
The federal government employs a budget plan over several fiscal years that results in significant increases in the national debt, with no relief or plans to deal with the problem.
Online research seems to be the best. They all have pros and cons of some sort. I would use online research to reach a certain demographic and have links from sites that my target market would visit. The benefits would be to gain information us..
Analyze the three different money models (the ATM model of demand for cash, the liquidity-preference model, and the dynamic model of money) to determine which model seems most appropriate for explaining the way money works to someone.
Suppose that a country's central bank has price stability as the primary objective. Describe how the central bank conducts monetary policy in times of rising energy prices
What shape did the short-run aggregate supply curve have during the 1930s, according to Keynes? Explain
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