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Question: What is a very important piece of information to remember when determining the level of government spending to make the GDP gap zero? Responses The formula in the income-expenditure model is found at the point where the level of GDP/national income equals aggregate expenditure. The formula in the income-expenditure model is found at the point where the level of GDP/national income equals aggregate expenditure. The macro equilibrium in the income-expenditure model is found at the point where the level of GDP/national income equals aggregate expenditure. The macro equilibrium in the income-expenditure model is found at the point where the level of GDP/national income equals aggregate expenditure. The micro equilibrium in the income-expenditure model is found at the point where the level of GDP/national income equals aggregate expenditure.
What is the price elasticity of demand and how do you interpret an elasticity value?
The market price of organic spinach at a local farmers market increases from $1.20 per pound to $1.40 per pound. The quantity of spinach demanded falls from 800 pounds per week to 600 pounds per week. Use the ARC (mid-point) formula to calculate the ..
Discuss the validity and, where appropriate, the invalidity of each of the following statements, using examples to support your claims. A monetary policy that aims to minimize fluctuations in interest rates promotes financial market stability and thu..
An entrepreneur quits a job where she was earning $60,000 per year and starts her own business. In this business she is earning $20,000. What is the cost of the business? Suppose the entrepreneur is so happy being on her own that she thinks it gives ..
We know that individuals are not affected by inflation if income increases in the same proportion as prices do. This statement implies that the following budget constraints are the same: Find the s and y intercepts and the slope for both and graph th..
ECO550- Determine the equilibrium price and quantity. Outline the significant factors that could cause changes in supply and demand for the product.
Explain it surprising that the company's revenue increased when it decreased the average selling price of its phones.
A mathematical approximation called the rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. If real GDP per perso..
Illustrate what is expected value of sample information. Explain how much might physicians be willing to pay for a market study.
Economists recommend that crime policy have the goal of minimizing the "costs of crime", which include the social costs of the crimes themselves and the social cost of enforcing the criminal law. What is the general rule for determining whether a par..
Further suppose that the typical worker earns $210 in period 1 ad $330 in period 2; and that the interest rate is 10%. Assume the typical worker wishes to maximise their lifetime satisfaction. Is this consumer a saver or borrower? Explain.
What is a detailed business-related story that illustrates adverse selection and moral hazard? Short Essay
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