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Suppose that this year’s money supply is $500 billion, nominal GDP is $10 trillion, and real GDP is $5 trillion.
a. What is the price level? What is the velocity of money?
b. Suppose that velocity is constant and the economy’s output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant?
c. What money supply should the Fed set next year if it wants to keep the price level stable?
d. What money supply should the Fed set next year if it wants inflation of 10 percent?
The human resource manager of the XYZ Company makes the following claim: “Our workers make an average of $500 per week. We produce $6000 worth of output each week using only 10 workers. That averages out to $600 per worker per week. We should therefo..
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Fill in the blanks below. In an unconstrained maximization problem: The optimal level of activity occurs at the activity level for which______equals. At the optimal level of activity,______is maximized, and the slope of______ equals the slope of_____..
Elucidate how each change mentioned in the article impacts upon the aggregate expenditure model.
The demand for cigarettes is price inelastic, but not perfectly inelastic. The supply of cigarettes is elastic, but not perfectly elastic. If there were no price controls or other complicating regulations, what would a model of supply and demand ther..
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The equation for the original demand curve is Q=50-6.25P. Find the new demand equation when demand increases by 20% (Round to one decimal place). Q=___ - ___P. Find the new equilibrium price and quantity after demand increases 20%. P= ___ Q=___
Illustrate what is the next best thing to sliced bread in your product or is your product the next best thing.
What effect each of the following events would have on LRAS? Would LRAS shift left, right or no effect? Explain why.
As we noted in class, most members of labor unions work in the public sector, industries that are regulated, or industries in which production is concentrated into a few firms. Consider a perfectly competitive industry with many firms that produce th..
Explain why monopolistically competitive firms frequently prefer non-price competition to price competition.
Using aggregate demand and aggregate supply analysis, explain the happy coincidence of both low inflation and decreasing unemployment in the United States during the roaring nineties
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