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Problem
In 1973, there was an oil supply shock created by OPEC (the Organization of the Petroleum Exporting Countries). Your textbook describes the supply shock as a source of the recession which lasted from 1973-1975.
Now the price of oil is dropping. Let's look at what happens when the supply shock is favorable.
Use aggregate demand and aggregate supply to explain why current oil prices are so low. It is certainly good for consumers, but is there a downside as well?
When oil prices drop, who benefits and who loses? Why? How?
What is the cost to a firm in an oligopoly that fails to take rivals’ actions into account? Suppose the firm operates along demand curve D1, shown below, as if no firms will follow its lead in price cuts or price rises. In fact, however, other firms ..
What is the argument against attempting to balance the Federal Government budget rapidly at the present time via either deep cuts in Federal Government spending or sharpincreases in federal income tax rates?
Stacy Equipment Company for 20C: How much is the net change in cash account during the year?
Explain the trade-offs between system scalability and system transparency you may encounter when designing a large-scale system.
What are the potential consequences of a country having a large overall debt?
Suppose Congress wishes to reduce the budget deficit by reducing government spending. Use the IS-LM model to illustrate graphically.
A monetary policy that tries to minimize fluctuations in interest rates leads to a pro-cyclical monetary policy, thereby increasing the amplitude of the business cycle.
Assuming that her indifference curves for work and leisure are convex, show her equilibrium allocation of time between work and leisure per day. Show that it is possible to have more than one most-preferred outcome.
ECON 201- What is Japan's opportunity cost of one car? Suppose Korea decides to increase its production of cars by 18. What is the opportunity cost of this decision? In what product Japan has an absolute advantage?
If the orchard owner only wants to initially trade for hats and bread, the baker only wants to initially trade for hats and shoes, the cobbler only wants to initially trade bread and apples and the hat maker only wants to initially trade for apple..
The government can increase GDP in the short run by running a budget deficit. What are some long-term effects of deficit spending?
Illustrate what would be a monetary policy prescription to reduce or eliminate deflation. How would deflation affect your business or a business you are familiar with.
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