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During the recent recession, when countries around the world suffered high unemployment rates and the governments were experiencing huge budget deficits, economists debated whether to raise or cut taxes or to raise or cut government spending. Many argued that the governments could raise taxes on certain income groups and, at the same time, increase spending to give a boost to the economya) Let us consider a hypothetical example to examine the merit of this argument. Assume that an economy was in liquidity trap and its initial GDP was 10,000 billion dollars and the marginal propensity to save was 10%. Assume away the foreign trade sector. How much would be the change in income (GDP) if the government increased both spending and taxes by 20 billion dollars?b) Do you expect the same result to hold in the standard model where the IS curve and the LM curve are of normal shapes?
Explain why RELATIVE prices of two goods, both produced in each of two countries, will differ prior to any trade taking place ("autarky"). why profit-seeking will cause each country to specialize - wholly or partially - in producing one of the goo..
Find out the income elasticity of demand. Elucidate whether gas is a normal or inferior product.
Economic opportunities arise from nations which develop industries in which they have a comparative advantage.
Graphically illustrate the impact of an open-market purchase by the Federal Reserve on the equilibrium interest rate using the theory of liquidity preference and the market for real money balances. (Be sure to label:
Using a long-run Phillips curve, what is the effect on the unemployment rate if the inflation rate rises and people expect the rise.
The market for hog hats is competitive and demand is given through P=75-Q while supply is given by P=15+2Q. Determine the equilibrium price and quantity in this market?
Assume the construction of the $360M stadium is to be financed entirely with debt to be repaid over 20 years.
The Boca Raton Company announces that if it reduces its price subsequent to a purchase, the early customer will get a rebate so that he or she will pay no more than those buying after the price reduction. a.If the Boca Raton Company has only one ri..
The U.S Postal Service (USPS) is a monopoly because the federal government has blocked entry into the market for delivering first-class mail. Is the USPS also a natural monopoly How can we tell what would happen if the law preventing competition ..
What is the present value of $300 to be paid in two years if the interest rate is 12%? What happens to reserves at Third National Bank if one person withdraws $2,000 of cash and another person deposits $750 of cash?
Address whether any of these are a factor when looking at the future exchange rate among the United States and Egypt.
Dairy farm Industry a small producer of milk and cheese, has estimated the quantities of milk.
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