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The Circular Flow Model with Government is another important model for students to understand.
a. Please explain what the model shows us.
b. List and explain the assumptions of the model.
c. List and explain the characteristics of each component – be thorough.
d. Thoroughly explain how each component of the model interacts with the other components – be thorough.
One July, the United States sold aircraft worth $1 billion to China and bought aircraft worth only $19,000 from China. During the same month, however, the United States bought $83 million worth of men's trousers, slacks and jeans from China but sold ..
The central bank lowers discount to rise the nation's monetary base. The country has highly mobile international capital markets and a fixed exchange value system.
Illustrate what is the value of the equilibrium exchange rate. Assume the demand for dollars increases by 300 billion at each exchange rate.
The nation of Isolani forbids international trade. In Isolani, you can exchange 1 car for 5 motorcycles. In other countries, you can exchange 1 car for 4 motorcycles. These facts indicate that
"Devoting a larger share of national output to investment would help restore rapid productivity growth and rising living standards." Do you agree with this claim? Explain, using the Solow model.
Does the GDP deflator do a better job than the CPI in measuring the cost of living
When the farmer makes this discovery, what happens to the opportunity cost of wheat, measured in bushels of corn?
The Mundell-Fleming model takes the world interest rate r as an exogenous variable. Let's consider what happens when this variable changes. What might cause the world interest rate to rise? In the Mundell-Fleming model with a floating exchange rate, ..
Discuss the effect of the following public policies on the supply of labor. If there is a difference, discuss how the effect varies over time (e.g., now versus in the future) or across different groups of people. Allowing a tax credit for childcare e..
The supply of labor generally is considered to be downward-sloping because the opportunity cost of leisure decreases as wages increase. The marginal income tax rate is a person's tax burden as a percentage of total income. The recession that began wi..
U.S. is currently suffering from underemployment and excessive current account deficit. What measures can U.S. take to move away from its present situation towards internal and external balance? Consider rules of Bretton Woods and policy tools. Do yo..
Until a few years ago, U.S. cars exported to Japan had the driver controls on the left side (as in the United States). The Japanese (like the British), however, drive on the left side of the road, so Japanese cars sold in Japan have the driver contro..
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