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1. Assume that the price of energy has increased significantly. Shift the AS line to show what would happen in the economy. What would happen to the price level? What would happen to real GDP?
2. Assume that labor prices (wages) decreased dramatically. Shift the AS line to show what would happen in the economy. What would happen to the price level? What would happen to real GDP?
3. Draw a new AS AD diagram with the equilibrium near the LRAS line. Assume that consumer confidence has decreased. Shift the AD line to show what would happen in the economy. What would happen to the price level? What would happen to real GDP?
4. On the same diagram show what would happen if there was higher government spending. Shift the AD line to show what would happen in the economy. What would happen to the price level? What would happen to real GDP?
Assume that gasoline retailing industry is perfectly competitive, constant expenses, and in long run equilibrium. If the government unexpectedly levies a 5-cent tax on every gallon sold by gasoline retailers,
In 1981, when regulations were holding the price of natural gas below its free-market level, then-Congressman Jack Kemp of New York said the following in an interview with the New York Times: ?
Determine if any change in the equilibrium quantity of Y or other direct effects of the exogenous shock affect the quantity that households desire to consume at any given real interest rate.
Demand and supply situtaions in the perfect competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination.
Many demographers predict that the United States will have zero population growth in the twenty-first century, in contrast to average population growth of about 1 percent per year in the twentieth century.
Bade & Parkin. (2015). Essential Foundations of Economics (7th Ed.). Pearson: Boston, Mass.
Assume there are initially 10 firms, each with a 10 percent market share. a. What is the initial HHI? b. What will the HHI become if two firms merge? c. What will the HHI become if three firms merge?
a) Calculate Betty and Trent's expenditures and their total expenditure.
Recently, students in a marketing research class were interested in the driving behavior of students. Specifically, the marketing students were interested if exceeding the speed limit was related to social activity.
What is the expression for planned aggregate spending?
The seven-year appointment for the governor of Bank of Canada a. Makes the governor the highest paid official in Ottawa. b. Is reserved for friends of the minister of finance. c. Is reserved for a novice. d. Has the role of insulating the governor..
Classical economists belief that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run.
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