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What problems are associated with the U.S. federal budget process? What solutions have been offered to these problems? How do automatic stabilizers differ from discretionary fiscal policy tools?
Suppose instead that the goverment wished to raise GDP to 7,100, but it was unwilling to run a surplus or deficit. Therefore the change in government purchases would have to be matched by and equal change in taxes. What change in government purcha..
the following production table provides estimates of the maximum amounts of output possible with different combinations
In 2006, Willem de Kooning’s abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, “If a painting can be forged well enough to..
If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership influence the incentive of individuals to
Which of your current costs are implicit, and which are explicit and suppose The Breakfast Club, Inc. offers to pay $800/month to use the building
If a 3-percent increase in the price of corn flakes causes a 6-percent decline in the quantity demanded, what is the elasticity of demand?
Evaluate the "Accuracy" of the forecast for the "hold out period" using RMSE and MAPE error measures used from forecast period residuals and comment them.
consider the following table.quantity total cost0 162 174 186 198 2110 2712 3514 451 suppose that the price of
Is annual money income a good measure of economic status? Is a family with an $80,000 annual income able to purchase twice the quantity of goods and services as a family with $40,000 of annual income? Is the standard of living of the $80,000 family t..
Calculate and Plot using a spreadsheet the series for Real GDP and calculate and Plot using a spreadsheet the yearly % changes in Nominal GDP (i.e. [GDPt+1-GDPt]/GDPt)
Explain the nature of the deadweight losses that occur from a tariff.
Assume that the consumption of schedule for a private open economy is such that consumption C = 50 + 0.8Y. Assume further that planned investment Ig and net exports Xn are independent of the level of real GDP and constant at Ig = 30 and Xn = 10. Reca..
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