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The government notices that there is an output gap and decides to increase government spending with a stimulus package of $4 trillion in hopes that it will spur growth and stop unemployment.
1. What is the new level of GDP (as determined by aggregate expenditure)?
2 Calculate the Keynesian Multiplier.
The price level now adjusts to get us to a new short-run equilibrium.
3 What is the new short-run equilibrium (price level and GDP)?
4 What is the new output gap?
5 Assume that the government is done spending (as is other autonomous expenditure items). What must change to get us to long-run equilibrium?
how has the haberlers theory of opportunity cost an improvement over the classical theory of trade
What is Nancy’s lifetime income as a function of her level of schooling, S? 2. What is Nancy’s lifetime income if she gets no schooling? What is it if she goes to school for all 60
Which element of the periodic table has the most characteristics and is used in everyday life?
TC = Q3 – 8Q2 + 68Q + 4
Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector
Sita expects her future earnings to be worth Rs. 100. If she falls ill, her expected future earning will be Rs. 25. There is a belief that she may fall ill with probability of , -
will post picture
a. The diagram above depicts the current position of a hypothetical economy using the Keynesian Income/Expenditure approach. If national income is currently at Y1 explain why this
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Ask quAsk qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the
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