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Consider the data in the following table for 1969 and 1970 (where the values for real GDP and potential GDP are in 2009 dollars):
a. In 1969, actual real GDP was greater than potential GDP. Briefly explain how this is possible.
b. Even though real GDP in 1970 was slightly greater than real GDP in 1969, the unemployment rate increased substantially from 1969 to 1970. Why did this increase in unemployment occur?
c. Was the inflation rate in 1970 likely to have been higher or lower than the inflation rate in 1969? Does your answer depend on whether the recession that began in December 1969 was caused by a change in a component of aggregate demand or by a supply shock?
Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable
Sort the items below according to whether they promote economic growth or inhibit economic growth-Price controls imposed on milk, The enforcement of trademarks, The government confiscating farmland, The presence of clearly defined property rights
a manufacturer of computer workstations has estimated the following demand for its productr2 0.68see 786f 21.25the
Points on Demand Curve Price(Per ounce) Quantity (Ounces per show)Compute the price elasticity between point D to point E and G to H. Instructions: Enter your responses rounded to two decimal places. Do not include a minus sign Use the mid-po..
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
Write the subsequent demand equation, with Qd as the dependent variable; Price, Advertising, Product Development, and Rel Price as the independent variables - important in determining quantity demanded? Justify the reasoning?
potatoes cost janice 0.50 per pound and she has 5.00 that she could possibly spend on potatoes or other items. if she
Discuss how banks make money, and are structured in respect to Asset, Liability and Capital Management - give examples.
The ratios of actual-to-maximum yield for each of these three crops under different irrigation levels are shown in the second table. Help Farmer Paul find an optimal cropping pattern so that he can maximize his profit for this year.
What specific elements from our learning this week would you include in your supply strategic plan if you were Rick Coyne and why?
A semiprofessional baseball team near your town plays two home games each month at the local baseball park. The team splits the concessions 50/50 with the city but keeps all the revenue from ticket sales. The city charges the team $100 each month for..
The least squares line for the data since year 1400 is shown on the graph. Is the slope of the line positive or negative? What does this imply? Consider cooperation use (x) as a predictor of average payoff (y). Based on the scattergram, is there ..
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