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Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale. a. The short-run aggregate supply (SAS) curve slopes upward because households spend more as their incomes increase. b. The long-run aggregate supply curve can never shift. c. Either a decrease in the nominal money supply by the Federal Reserve, all else held constant, or an increase in the price level, all else held constant, will shift the aggregate demand (AD) curve to the left. d. The Keynesian portion of the short-run aggregate supply (SAS) curve would be relevant during a recessionary situation. e. Stagflation occurs when the aggregate demand (AD) curve shifts out on the upward sloping portion of the short-run aggregate supply (SAS) curve. Part 2. Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale, using graphs to support your answer. You can create graphs by hand and take pictures and upload them with your answers, or you may use Word or Excel, and upload the file created by these software packages. a. If the real money demand is greater than the real money supply, interest rates must rise to reach equilibrium in the money market as institutions sell bonds to obtain more money. b. The federal government's control of the money supply, which influences interest rates, is the primary tool that policy makers use to impact the macro economy. c. A decrease in the reserve requirement decreases the money supply because banks have fewer reserves. d. The real money demand curve shows how households and businesses change their spending in response to changes in the interest rate. e. Both an increase in the nominal money supply by the Federal Reserve and an increase in the price level will cause the real money supply curve to shift to the right.
If we are able to increase our domestic energy production, and that allows us to import less oil from foreign countries, briefly explain what will happen to the GDP.
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship How does it graph What is a direct relationship How does it graph Graph and explain the relationships (other things equal) you woul..
Explain the nature of the deadweight losses that occur from a tariff. What is countervailing duty, why is it needed, and how does it work. What is the difference between a specific tariff and an ad valorem tariff.
Compare and contrast your local utility company with a local farmer (corn, soy bean, cotton, etc.). Why does your utility company always operate with price is greater than marginal cost whereby the farmer attempts to produce where price equals mar..
An economy is operating with output $400 billion below its natural rate, and fiscal policy-makers want to close this recessionary gap. The central bank agrees to adjust the money supply to hold the interest rate constant, so there is no crowding o..
It is 1932 and you are an economic advisor to President Roosevelt. what advice would you give the president in light of the economic problems facing the country?
Based on the demand curve for asparagus above, what is the relationship between asparagus and good Z? What is the equation of the demand curve for asparagus if the price of good Z is $20?
During the recession in the early 1990s, retailers observed that consumers were spending a lot more time searching for good bargains than ever before, which led the retailers to lower prices.
If inflation is expected to be 4% next year, rather than 2%, what will happen to nominal wages next year? Use your answers from parts 1 and 2 to explain how an increase in expected inflation will tend to affect the following year's actual rate of ..
Should price stability be the goal of monetary policy Explain your responses. Compare and contrast the impact of an unexpected shift to a more expansionary monetary policy under rational and adaptive expectations. Are the implications of the two t..
Which of your current costs are implicit, and which are explicit and suppose The Breakfast Club, Inc. offers to pay $800/month to use the building
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