In our four main macroeconomic models, which of the following statements is false? Our macro models are all short-run models The goods and services market is represented in all four models Output is a variable to be determined Output is an exogenous variable
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- Consider the given graphic: The change in the macroeconomic balance was caused by: O Increased consumer confidence O Increased business confidence O Decrease in business confidence O Increase in government spendingHow do the long-run model and the short-run model ft together? What isthe purpose of each model?Assume that an economy operates according to the sticky-wage model. The nominal wagewas set to make labor supply and labor demand equal when the expected price levelequaled 120 (as measured by the consumer price index).a. Use a graph of the labor market to illustrate what happens to the quantity oflabor employed if the actual price level over the time period when wages arestuck equals 110.b. Use a graph of the production function to illustrate how the quantity of outputproduced changes if the actual price level equals 110 when the expected pricelevel is 120.c. Given the unexpectedly low price level, will this economy be operating above,below, or at the natural rate?
- The long run macroeconomic performance of an economy can be reflectedfrom the changes of her major macroeconomic indicators. With appropriateinterpretations of the changes to these indicators, one can identify the inherentstructural features of an economy, and hence, identify her strengths andweaknesses. In about 250 words, write a short essay on ONE economy from the list below:i. Singapore;ii. The United Kingdom;iii. The United States.In your essay, describe the changes of major macroeconomic indicators fromthe last decade. Using them to illustrate major structural features of the choseneconomy. Based on the above, identify ONE inherent problem implied bythese structural features that might limit her macroeconomic performance inthe long run. Suggest ONE practical government policy in dealing with thisinherent problem.Changes in macroeconomic indicators can often be of relevance to business decision-making. For instance, changes in macroeconomic performance reflected in indicators can impact things such as firms profit forecasts, expected sales growth, expansion plans, etc.Assume you are employed as a business analyst with the large Australian based mining company. Identify and discuss how each of thefollowing macroeconomic issues may be relevant to the firm:a) A world-wide economic slow-down.b) Appreciation of the Australian dollar relative to other major currencies.c) The government abolishes subsidies to the mining industry.The Black Death: In the middle of the fourteenth century, an epidemic known as the Black Death killed about a third of Europe’s population, about 34 mil-lion people. While this was an enormous tragedy, the macroeconomic con-sequences might surprise you: over the next century, wages are estimated to have been higher than before the Black Death.(a) Use the production model to explain why wages might have been higher.(b) Can you attach a number to your explanation? In the model, by how muchwould wages rise if a third of the population died from disease?
- a) What are some of the main assumptions behind the H-O (Heckscher-Ohlin) model. b) What is/are the assumption(s) of the H-O model in regards to demand? How does (do) this (these) deviate from the Classical School assumptions? c) Examine the Stolper-Samuelson Theorem in conjunction with the H-O model and the factors of production.The U.S. economy is initially in short-run macro-equilibrium. Assume that, in the face of Covid-19, firms’ costs increase as they must comply with safety regulations to keep their employees safe at work. As a result, we observe the following in our economy: Question 31 options: a) Both the price level and real GDP decrease b) The price level increases and real GDP falls c) The price level falls and real GDP increases d) Both the price level and real GDP increase.Suppose that the following headlines appeared in a newspaper. Which would most clearly represent a macroeconomic issue? Select one: O a. "United Workers Union to Strike April 15" O b. "Central Bank Raises Interest Rates" O. "Fanny's Freeze Dried Prunes to Lay Off 50 Workers" O d. "Auto Dealership to Cut Prices"
- Now suppose I (inventories) decreases by $80 billion as a result of a macroeconomic shock. Modify your macroeconomic model to reflect this change ceteris paribus and answer the following questions (questions 21 - 25). - At GDP of 7400 1. Inventories are in surplus by 80 2. Inventories are in shortage by 80 3. Equilibrium is achieved by the macroeconomy according to the Keynesians 4. Inventories are in surplus by 160 - At GDP of 9000 1. Inventories are in surplus by 80 2. Inventories are in shortage by 320 3. Equilibrium is achieved by the macroeconomy according to both the Keynesian and Neoclassical economists 4. Inventories are in surplus by 160 - At GDP of 8200 1. Inventories are in surplus by 80 2. Inventories are in shortage by 320 3. Equilibrium is achieved by the macroeconomy according to both the Keynesian and Neoclassical economists 4. Inventories are in shortage by 4000 - At GDP of 8200 1. Inventories are in surplus by 80 2. Inventories are in shortage by 320 3.…Discuss one macro economics effect of covid 19 and what are the proposed solutions to address this macroeconomic impact. what are the challenges to overcome this problem from a macroeconomic perspective?. Consider the macroeconomic model of a two-sector economy (i.e. no government or trade) using standard notation. Assume that the consumption function is linear, i.e. of the form: C = a +bY . It is known that when ? = 110, the value of consumption, C , is equal to 160.8, and that when ? = 170, the value of C is 207.6. (a) Determine the consumption function and derive the savings ( S ) function for the model. What is the marginal propensity to consume? (b) Determine the equilibrium level of national income when planned investment ? = 255.