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7. Answer Parts A, B, and C completely. (40 points)
Part A. Suppose your local Congress representative suggests that the federal government should not intervene in the baseball ticket market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought? Why? What position would the opposing school of thought take on this issue? (Be brief-you can answer this in two or three brief paragraphs.)
Part B. Any change in the economy's total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works.
Part C. You are told that 50 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $15 billion.
Describe the economic impacts of subsidizing beef, pork, corn, soybeans, rice, and wheat on U.S. food prices and food prices in other countries, and how any negative impacts can be minimized.
Derive an equation to find end of year future sum F that is equiv to a series of n beginning-of-year payments B at interest rate i. Then use the equation to determine the future sum F equivalent to six B payments of $100 at 8% interest.
What do you conclude about who bears the primary burden of the tax-buyers or sellers? Briefly explain the economic sense of this out- come in this particular context.
Describe how the Economics principles of opportunity cost, factors of production, scarcity, and production possibilities interact to determine to what extent a nation's Gross National Product grows within a particular year
Analyze the following situation and describe (a) the argument the plaintiff would most likely pursue, (b) the argument the defendant would most likely pursue, (c) the rationale a judge might use to decide the case, and (d) what could have been don..
An increase in aggregate demand is most likely to be caused by a decrease in: (a) the wealth of consumers. (b) consumer and business confidence.
If the economy was experiencing a severe recession, which of the following combinations of monetary and fiscal policy actions would be most appropriate?
If the total cost of producing 20 units of output is $1000 and the average variable cost is $35, what is the firm's average fixed cost at that level of output?
A consumer has a budget of $200 to spend on bowling (b) and tutoring sessions (t). Assume that each game of bowling costs $16 and each tutoring session costs $20. The consumer derives utility from tutoring sessions and bowling according to the utilit..
a pure monopolist determines that at the current level of output the marginal cost of production is 2.00 average
With an unprofitable rural hospital that was offered a contract at a lower price, what are major economic concepts that are important in making the right decision?
In considering materials for a retail package (one that will be displayed on the shelf in a retail environment), discuss the advantages and disadvantages of using paper packaging and the advantages and disadvantages of using plastic packaging for thi..
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