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A closed economy can be described by the long-run classical model:
Y = 12K1/3L2/3
C = 7600 + 0.8(Y - T) - 800r
I(r) = 4000 - 200r
Note: r is measured in percentage points (i.e., if r = 5, then r = 5%). Keep your answer to 2 decimal places if needed.
In this economy, there are two productive factors, K and L and both factor inputs are fully employed. The stock of capital and the supply of labour are equal to 8000 and 3375 respectively. Initially, government spends 12% of long-run output on final goods and services, and it runs a budget deficit of 380.
Suppose data indicates that future sales will be higher than expected. To prepare for higher than expected future sales, firms increase their investment via autonomous investment rising by 5%.
Explain, in words only, why autonomous investment increases.
Describe an externality not listed in the chapter. Is it positive or negative? Who is the economic decision maker, and who bears the external cost or benefit?
Suppose the state of California needs to increase tax revenue. The government is considering raising the per-unit tax on consumption good in order to generate more tax revenue.
Describe the importance of continuing education. Using the company selected, describe the support it provides its employees for continuing education.
Two months later, Mrs. Dodge split the workforce into two specialty groups, appointing Betty as the supervisor of one section and taking the other for herself. Betty's group consisted of three people: the two newest, whom she had trained, and one ..
Create your NAB company name and explain its significance. Develop your company's Mission Statement and provide a rationale for its components.
Barney has a snow removal business. The price he charges for snow removal is $10 for each driveway. He clears 20 driveways during the week.
Suppose the capital gains tax rate were cut from 20% to 15%, which boosted the stock market by 5%. Assuming that 20% of the additional gains were realized.
While starting salaries have fallen for college graduates in many of the top hiring fields, there is some good news for business undergraduates with concentrations in accounting and finance (Bloomberg Business week, July 1, 2010).
Suppose both of these events took place at the same time. Combine your analyses of the impacts of the iPod and the tariff reduction.
Many engineers work in state governments, and some are in high-profile roles as legislators, department commissioners, and so on.
Analyze your client company's suppliers in terms of their abilities to meet the demand of customers during steady-state and peak operations.
How do rates of violent victimization vary with age? Victimization rates are generally similar for older and younger adults.
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