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1. At equilibruim GDP:a. savings = investment, but aggregate demand does not equal aggregate supply.b. savings = investment, and aggregate demand = aggregate supply.c. savings does not equal investment,and aggregate demand does not equal aggregate supply.d. savings does not equal investment, but aggregate demand = aggregate supply.2. Each of the following supports the classical theory of employment EXCEPT:a. say's law.b. wage-price flexibility.c. the interest mechanism.d. government spending programs.3. An illustration of the term "automatic stablizer: is provided by:a. the tendency of tax collections to rise as the economy moves into a recession.b. the tendency of tax collections fall as the economy moves into a recession.c. increases in tax rates as the economy moves into a recession.4. The mulitplier effect occurs because:a. as savings level increase, a greater pool of loanable funds is available for investment spending by business.b. increases in income cause a chain reaction of spending by many business and individuals.c. increases in income cause tax revenues to increase, thereby stimulating increases in government spending levels.d. business copy the spending decisions of their competitors.5. Which of the following is NOT an example of a fiscal policy lag?a. decision.b. monetary.c. impact.d. deficit.
An increase in the minimum wage could increase employment but decrease income. reduce employment and decrease income. increase employment and increase income. reduce employment but increase income.
What is the short-run effect on the exchange rate of an increase in domestic real GNP, given expectations about future exchange rates? i. Explain why exchange rate overshoots when money supply increases in the short run.
Discuss the background of Federal Reserve's Chairman Ben Bernanke in detail including his educational background to his accomplishments to his role in running the Fed. What is his legacy regarding the Federal Reserve?
The steady increase in demand for home computers has resulted in the massive increase in demand for web access, yet, the price of access has been steadily declining.
How does the Heckscher-Ohlin theory differ from Ricardian theory in explaining international trade patterns and the theory demonstrates how trade affects the distribution of income within trading partners. Explain.
Explain the difference between a monopoly and an oligopoly, and a cartel and provide an example of a monopoly, an oligopoly, and a cartel.
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
Find the quantity, price and profits in equilibrium. Calculate the consumer surplus. Are consumers better off or worse off in this situation than in (a)?
New Light Corporation has just created a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, New Light is expected to experience a 15% yearly growth rate for the next 5 years.
n a competitive market, all customers pay the similar price for the goods and services. Using the idea of consumer surplus, describe why each individual would be willing to pay a higher price
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
What is the "current macroeconomic situation" in the U.S. as of 2013 (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies would be appropriate at this time
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