Suppose that the economy is characterized by the following behavioral equations: C = 180 + 0.80Y, /= 140 G= 160 T= 110 Equilibrium GDP (Y) = (Round your response to two decimal places.)
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- Suppose that the economy of country 1 is characterized by the following behavioral equations: Variable Equation Consumption C=1234 +0.5 YD Investments I=1000 + 0.1 Y Government expenditures G= 100 Net exports Nx= 300-0.2 Y Where Y denotes the real GDP and YD denotes the disposable income (YD= Y-T). Suppose that the output gap in country is measured as -15000. What should be increase in government expenditure in order to close the gap and make the economy to reach its potential level of GDP?.The fundamental concept in behavioral economics is that due to psychological phenomena, individuals may behave in ways that were previously believed to be irrational according to classical economic theory. Choose T or F: a. True b. FalseWhy do behavioral economists consider it helpful to base a theory of economic behavior on the actual mental processes that people use to make decisions? Why do neoclassical economists not care about whether a theory incorporates those actual mental processes?
- Assume the following behavioral equations for a macroeconomy:C = 100 + 0.9Yd, I = 50, T = 100 and G = 40. Calculate the equilibrium level of output.Explain the difference between the policy preferences function and the indirect utility function.The horizontally oriented definition of DEMAND states that "demand is the quantitites of a good that buyers are willing and able to buy at various prices in a given time interval." Which of the following statements are TRUE? If I really like a good, it does not matter how much I am able to afford to spend on it. The demand for a good is a specific amount. Demand is a behavioral relationship expressing what quantities buyers would want and be able to buy at various prices. If I can't afford to buy a product at today's available prices, I do not have a demand. The demand is all the possible price quantity combinations Demand depends on the availability of supply. Demand is a relationship between price as a variable and quantity demanded as a variable. Demand is a flow and requires a time interval be be fully understood.
- What are the limitations of Samuelson general equilibrium model“According to the Random-Walk Hypothesis of Consumption under Uncertainty, individuals don’t need to optimise their consumption over time since the consumption is totally unpredictable” True or False?Given that the Mundell-Fleming model is one of the innovations of neoclassical economics, do the policy recommendations remain timely and relevant?
- Q1) Sales are a function of advertising in newspapers and magazines (X, Y). S = XY2 The price of advertising in newspapers and magazines is Rs.5 and Rs.10 respectively. The total budget for advertising is Rs.105. For maximizing sales, find out the best combination of advertisements in newspapers and magazines by using the Lagrangian multiplier. (Hint: Make equation of the budget line with the help of the above information).Which one of the following statements is false? Group of answer choices -The neoclassical model came to dominate economic thinking in the twentieth century. -The neoclassical model used solar energy as the primary input to production. -The neoclassical model takes a narrower view of human motivations than the behavioral model. -The idea of rationality is at the core of the neoclassical model. -The neoclassical model is the basis for Paul Samuelson’s textbook on introductory economics.Do neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly.