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Assume that there are no surprises, with all economic agents and the central bank having full information about shocks that are hitting the economy. Suppose that the central bank adopts a nominal GDP target, and interpret this in the model as a goal of maintaining some constant level of nominal GDP.
(a) Suppose that there is an increase in total factor productivity. What should the central bank do in response, given its goal? What are the effects on aggregate variables? Explain.
(b) Now suppose that there is a positive shift in the money demand function. What should the central bank do? Determine the effects on aggregate variables. Explain.
after the fourth you wince, "No more, the after-taste is getting to me. I need water." What economic principle does this scenario illustrate? Define the principle.
Joe won $365,000 a year for life in the state lottery. Use a labor-leisure choice analysis to answer the following: Show how Joe’s lottery winnings affect the position of his budget line. Joe’s utility function for goods per pay (Y) and hours of leis..
What approach can be taken in regression to account for qualitative factors or events?
How did Veblen relate the biological evolutionary (Darwinian) principles of variation, inheritance and selection, and Instincts to the cultural and institutional development of different societies and the social evolution of institutions?
A teacher invests $5,000 at the end of every year for a 30-year career.If this teacher wants to have $1,000,000 in savings at retirement, what interest rate must the investment earn? (Show Work)
What do you conclude about relationship between change in sugar price and change in candy price. Might this knowledge lead to improved forecasts.
Download and Read "Questions about Fiscal Policy: Implications from the Financial Crisis of 2008-2009." By N. Gregory Mankiw. After reading the article, answer the following questions: During the crisis of 2008-2009, the Obama's administration's stim..
A society has two people: 1 and 2. Person 1's true demand (marginal benefit) for a public good is given by P= 60 - 2G and 2's true demand is given by P = 120 -G. the total cost of providing G is TC = G^2. Calculate the total (net) benefit to society ..
The U.S. market for hand sanitizer is controlled by a monopoly (firm I, for incumbent) that has a total cost given by TC(qi) = 0.025qi^2. The market demand for hand sanitizer is given by P = 50 – 0.1Q. What are the incumbent’s profits if it commits t..
What happens to the money supply, interest rates, investment spending and GDP. Describe the impact of rational self-interest on each.
Suppose that a store will sell 2000 boxes of bananas a week at a price of $12 per box. If the store raises its prices to $15 per box, it will sell 1500 boxes. What is the elasticity using the original formula? What is the elasticity using the midpoin..
In designing health promotion efforts, it is important to set clear goals and measure how successful you are compared to the money and time you invest. This is known as: a. Objectivity b. Diffusion of innovations c. Accountability d. Two-step flow
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