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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 the velocity is constant and the economy's output of goods and services rises by 5% 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?
Assuming that under cost controls rationing is as inefficient as possible while under the quota, the allocation is as inefficient as possible.
The demand for luxury goods is more price elastic than is the demand for necessities. Why do you believe this is the case or if you disagree explain your reasoning?
explain the difference among moving along a curve and shifting the curve. Assume a market is in equilibrium and the demand curve shift to the right, describe the market adjustment process in restoring equilibrium.
Why do economic include only final good and services in measuring GDP for a particle year! Why don't they include the value of the stock and bonds bought and sold! Why don't they include the value of the used furniture bought and sold?
Ben bakes bread and Shawna knits sweaters. Ben and Shawna both like to eat bread and wear sweaters. In which of the following cases is it impossible for both Ben and Shawna to benefit from trade.
Suppose that $2,000 is placed in a bank account at the end of each quarter over the next 15 years with the first deposit made 3 month from today. What is the future worth at the end of 15 years when the interest rate is 6% per year compounded quarter..
Suppose a public referendum is being held on whether or not to levy a tax on cigarettes. Currently, the supply of cigarettes is given by Qs = -120 + 28P. You estimate the demand for cigarettes to be Qd = 200 - 4P. What is the price elasticity of dema..
When you purchase and eat a hamburger, no one else can eat the same hamburger. When you download a file on the Internet, the file is still available.
Suppose you have a budget of $52 to spend of pretzels and beer. Your utility function is U = 15p + 18b – 0.5p2 – 0.5b2. The price of a small bag of pretzels is $2, and the price of a pint of beer is $4. Does the utility function indicate a relationsh..
In the Stackelberg model of oligopoly, the leader firm:
q1. a perfectly competitive firm has total cost function as followtc 2q2 4q 200a. what are the firms break-even
how will Kristine s consumption pattern and welfare be affected
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