Using AD/AS and the Total Expenditure system, explain and graphically depict the effect of an increase in Government purchases of goods and services (G) when the economy is at full-employment. Distinguish between the short-run and the long-run effects of this fiscal contraction on output (Y) and the price level (P). Explain the adjustment process the economy goes through to get back to long run equilibrium
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As he explores his options, sergio notices that some opportunities appear to be riskier than others. when considering various opportunities, sergio should keep in mind that:
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Adds up the money earned by producers plus taxes paid to the goverment. a) income approach b) product approach c) expenditure approach
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Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. what fundamental economic question are they addressing by offering this range of items?
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Jaynet spends $50,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $95,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 35 paintings per year at a price of $6,000 each: a. what are her accounting profits? b. what are her economic profits?
Answers: 1
Using AD/AS and the Total Expenditure system, explain and graphically depict the effect of an increa...
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