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multiplier is the effect of change in GDP due to a change in aggregate expenditure and we know that when AS slope upwards it becomes steeper and steeper until it become vertical representing the long run. the more steep AS becomes the more irresponsive or in elastic the AS becomes to a change in aggregate expenditure as the economy is already near or at full employment level of production hence the multiplier effects weakens
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1) The existence of persons working in the underground economy and not counted in the workforce will lead to an official unemployment rate that is: A) overstated. [because the official unemployment figures will include some of the people working in the underground economy as not working and hence unemployed although they are actually employed. This will happen if these people are not counted both in the workforce and in the unemployed category. If they are not counted in the potential gross workforce (persons in working age) but included in the unemployed category, then the official unemployment figure will overstated. ] 2) In periods when GDP fails to grow at its normal rate, the actual unemployment rate will be ________ than the natural rate of unemployment. C) higher [ Other options do not make sense: slower than normal rate of GDP cannot increase or change the employment rate for actual unemployment to either the same or lower than or more variabe than the natural rate] 3) Suppose that the CPI in a country was 180 in 2003 and 230 in 2004. The inflation rate between those two years was: A) 27.78%. [Inflation is calculated as {(230 - 180)*100/ 180}%= {50*100/180}% = 27.78%] 4)Workers often have ________ contracts and so their wages are ________. C) long-term, sticky [Trade unions generally want that the wages are not lowered (downward sticky) for relatively long periods with clauses for renegotiation]
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which of the following is true of the relationship between price and marginal cost under monopolistic competition? a. P=MC at all levels of output b. P=MC only at the profit-maximizing quantity c. P>MC at the profit-maximizing quantity d. P
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Georgia and Lauren are economics students who go to a karate class together. Both have to choose how many classes to go to per week. Each class costs $20. The accompanying table shows Georgia's and Lauren's estimates of the marginal benefit that each of them gets from each class per week. quantity of classes 0 1 2 3 4 laurens marginal benefits of each class $23 19 14 8 georgia marginal benefits of each class $28 22 15 7 Use marginal analysis to find Lauren's optimal number of karate classes per week b. Will Georgia be willing to go to the same number of classes per week that are optimal for Lauren?
Economics questions, need help ASAP!!!?
For a given increase in demand, just how much will the price rise? For a given rise in price, just how much will supply increase? And how long will it take for the supply to increase? Consider the following: 1. The supply of 1-acre lots in Manhattan, no matter what the price. Ditto for the supply of oil when the existing oil fields are pumping as fast as they can and reserves are running out. Or the supply of passenger pigeons (or other animals hunted to extinction) 2. Even for simpler demands such as apartments, hotels, office space, etc. Just how long does it take to respond to the demand? Even grain such as corn and wheat takes a while to grow. 3. Then there are goods for which the supply simply can't increase: more than one original Mona Lisa? the supply of tickets to a specific concert at a specific venue? 4. And the goods for which the suppliers do not want the supply to increase: fancy restaurants want to stay exclusive; they don't want to grow large enough to let more people in. Ditto for providers of some other luxury goods. Some over-simplification is inevitable, but why so much when common sense tells you it ain't so?
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1. By interdependence what is meant is trade between countries, and by implication, that countries won't provide for all of their needs. Therefore they will HAVE to trade. Countries will tend to specialize in certain areas. An advantage is that with worldwide trade goods can be produced cheaply. The consumer seems to benefit--witness the cheap goods the US and Europe gets from China. A disadvantage is that home industries die out, many workers must be reskilled to work in areas still available at home. 2. The financial crisis that began in the US ended up affecting the world's economy. With globalization, the world's economies are interconnected, and something that affects one major economy will affect both small and large countries alike. 3. When money is taken away from people, it gives people less incentive to work. And when people are simply given handouts they have little incentive to work. In a socialist country like Sweden, you don't find many enterprising business people, since wealth is taken away by the state in the form of high taxation. Even their tennis champs move to places where taxes are cheaper. People need an incentive to WANT to improve their lives. Poor people need an incentive to work, and better educated people need an incentive to put their ideas into action. Neither the extremes of Sweden or Somalia is my ideal.
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3. Which of the following correctly describes the effects of a restrictive monetary policy according to the Keynesian theory? A. A decline in the money supply raises interest rates, which decreases aggregate demand. B. A decline in the money supply lowers interest rates, which increases aggregate demand. C. An increase in interest rates increases the amount people want to save, which decreases aggregate demand. D. An increase in tax rates reduces consumption spending, which decreases aggregate demand.
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In some countries due to high corruption levels some fiscal resources intended to stimulate economy just comes to companies for certain people consumption, thus wasting these resources (low efficiency). Other thing - wrongly applied fiscal tools can be spend on import instead of stimulating domestic economy (most economies are opened and have high resource-mobility) so wages from these fiscal expenditures can be spend on foreign labour-force, materials and/or services can come from another country instead of spending for local producers. Political business cycle relates to certain political party plans (politics) - it might depend on how party affects society and how they really care for society. For instance - they can work hard for economy (or pretend to work and use more advertisement) only before elections to get more votes, but after elections just enjoy gained political power to satisfy their personal interests by the cost of rest society (in many countries politicals are elected for 4~5 years). It sort of cheating. Another example of political business cycle - is when political programs changes to different course for same political party on when another party come into power. So they are changing their priorities thus rejecting support for one segment of economy and redirecting fiscal tools to another part of economy in accordance to new political program. Sometimes such measures are rational and sometimes very-very doubt-full.