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Question: The marginal propensity to consume (mpc) is 0.8. In addition, government spending increases by $200 billion and lump sum taxes fall by $100 billion. What is the total change in the equilibrium real GDP, if the price level is fixed in the short run?
Consider an economy that is operating at full-employment level GDP. Assuming the MPC is 0.90, predict the effect on the economy of a $50 billion increase in government spending balanced by a $50 billion increase in taxes.
In June, the Biden administration called for a federal gas tax holiday. Who is actually paying the gas tax, consumers or oil companies? Explain.
Joe owes Willy $5,000 from an old gambling debt. Joe knows that there is no way he can repay the debt in the near future. He asks Joe if he will take a $25,000 life insurance policy that has a cash surrender value
The fiscal policy makers of Leverett want to adjust taxes to maintain the exchange rate at its previous level. What should they do If they do this, what are the overall effects on saving, investment, net exports, and the interest rate
1. when the demand line is perfectly elastic there is no deadweight loss after taxation.2. firms must not operate if
Describe and graph (using AD/AS framework) an example in today's news of fine tuning economy. Assume the MPC in an economy is 0.8, the APC is 0.8 and disposable income is $9 billion. If disposable income increases to $14 billion, what is the new le..
What lessons does the history of oil provide for judging how successful the world will be in navigating a course to a carbon free energy society?
Quotas and Tariffs Suppose you were in charge of trade policy for the United States. Would you recommend that we increase or decrease trade barriers.
Use the graph below to illustrate the initial equilibrium, dynamic adjustment, and medium-run equilibrium. In your graph, illustrate the equilibrium
Consider the market for ABC Company's stock. What should happen to the stock for this company if there is a rumor that the company is set to merge with another very profitable company?
Analyze the importance of the Fed for the United States economy. How important is the Fed to help stabilize the direction of the economy?
For which tasks, or situations, might they best be applied? Do you think that AI systems will someday play a greater role in the design of databases and data warehouses? Why or why not?
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