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The graph to the right shows a situation in which the economy was in equilibrium at potential GDP (at point A) when the demand for housing sharply declined. What actions can Congress and the president take to move the economy back to potential GDP? A.Increase the money supply. B.Increase government spending or decrease taxes. C.Decrease government spending or increase taxes. D.Both A and B using the line drawing tool, show the results of these actions on your graph. Label your new line(s). Then, using the point drawing tool, identify the new equilibrium point and label it C.
There are 3 firms producing mercury emissions, with heterogeneous marginal abatement costs: Suppose the EPA adopts a command-and-control regulation permitting each firm to emit just 20 tons per year. i) Calculate the cost of compliance for each of th..
Eggebeen et al. (2010) found that men who at some point in their lives as fathers are more likely to have altruistic social relationships and be involved in community service organizations. The result was reported in the popular press (Jacobs 2009) a..
Price discrimination: Shooting Star Books is a small publishing company that specializes in science fiction books. Assume that the marginal cost and average variable cost of printing books is $0 per book, and there is not fixed cost. The annual deman..
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -6, while group 2’s is -4. Your marginal cost of producing the product is $50. Determine your optim..
Do you think enlightened self-interest is a contradiction in terms or is it a valid basis for all action? Evaluate whether our laissez-faire free-market economic system does (or should) operate under this philosophy
Use the classical theory of distribution to predict the impact on the real wage and the real rental price of capital of each of the following events. A technological advancement improve the production function
In Taxland, the first $5,000 earned per year is exempt from taxation. Between $5,000 and $20,000, the tax rate is 10 percent. Between $20,000 and $50,000, it’s 15 percent. Above $50,000, it’s 25 percent. You’re earning $75,000 a year. How much in tax..
Which of the following equals the market value of all final goods and services produced in an economy, stated in the prices of a specific base year?
Suppose the fisher hypothesis holds for an economy that has an expected real interest rate of 2 percent. For each of the expected inflation rates of 0,2,4,6, and 8 percent, calculate the nominal interest rate and the after tax expected real intere..
State Z’s automobile manufacturing industry is one of the largest and most highly regarded in the world. The industry is concerned that it may lose some of its domestic market share to inexpensive, low-quality cars manufactured in newly industrialize..
A news article in the Edmonton Journal on December 2014 stated that, “The province is looking at cutting 70 of the Alberta Law Enforcement Response Team’s 280 positions to save money.” Explain the basic idea behind using a statistical instrument (or ..
You have a manufacturing plant in Brazil. Your labor cost per hour to manufacture a polo shirt is R$5.99 BRL (Brazilian Real). Will your cost of production increase or decrease if the Brazilian Real appreciates (gains value) compared to the US Dollar..
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