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Suppose that people finally realize that they must save a larger proportion of their income in order to retire and that they simultaneously begin to use new technology that allows them to reduce their holdings of real cash balances as a proportion of their income. Use the IS-LM model to illustrate graphically the impact of these two changes in household behavior on output and interest rates. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. the direction the curves shift; and v. the terminal equilibrium values.
Suppose the parameters of the IS curve are a ¯i = 0, b ¯ = 0.5, r ¯ = 3% and the real interest rate is initially R = 3%. Is the economy in its long-term equilibrium? Explain.
Why has the so-called common agricultural policy been a controversial issue for the European Union?
It is expected that the sales follow a normal distribution with a mean of 457,000 pencils. Estimate the standard deviation of this distribution.
Imagine that last year, Jennifer earned $80,000 in salary, and consumed $50,000 in goods and $23,000 in services. How could we best categorize the remaining $7,000.
A large importing country utilizes a binding import quota to support its domestic price. Suppose this country experiences a 25% depreciation of its currency relative to all other countries. Construct a scenario to show how this currency depreciation ..
A price taking firm has a production function given byf(K, L) = K.25L.25. The price of output is normalized to 1, and theprices of L and K are w and r. Find the profit maximizing amountof K and L and verify that the second-order conditions or suff..
What other economic factors are affected when taxes are raised or lowered, and how are they affected. Should the government increase tax rates on everyone as a way to equalize incomes and wealth.
Assuming that state funding for the universities is held constant, describe the conditions that will prevail if tuition is held below equilibrium price.
A new truck, manufactured by General Motors Corp. (GMC), stalled in rush-hour traffic on a busy interstate highway because of a defective alternator, which caused a complete failure of the truck’s electrical system. The driver stood nearby and waved ..
Assume an economy with an aggregate production function of the form Y = 1.5K. If the nation’s population grows at 5%, the rate of depreciation is 3%, and the savings rate is 8%, what is the steady-state output per capita level?
-Let's say you and a friend eat the same foods in the same amounts for the same period of time, but only one of you loses weight. How is that possible?
Contrast how the Endogenous growth theory differs from the Harrod-Domar growth model in the role that population growth plays in per capita income.
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