The table above shows Econland’s economy aggregate demand and aggregate supply schedules. Econland’s potential GDP is $400 billion. (6). What specific fiscal policy would you prescribe to close the gap? (7). What specific monetary policy would you prescribe to close the gap?
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The table above shows Econland’s economy aggregate
(6). What specific fiscal policy would you prescribe to close the gap?
(7). What specific
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- 1. What is Air Quality Index (AQI)? How is it calculated? Who uses information on AQI? 2. What is the current AQI of Greater Cincinnati? On average, how does Cincinnati’s AQI compare to other metro areas in the US? In the world? 3. Will the Greater Cincinnati area be better off (in terms of economic efficiency) if the air quality is improved? How would you know? 4. Did the pandemic have any effect on AQI of Cincinnati? Can you explain why?Please give a detailed solution with an explanation. Please double-check your sources and make sure the answer is 100% correct. Make sure ALL questions are answered too.Blank Answer #1:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #2:this year's pricesthe base year's pricesBlank Answer #3:value of all goods and services produced in the economy in the base yearcost of a given market basket of goods and servicesvalue of all goods and services produced in the economy this yearBlank Answer #4:this year's pricesthe base year's pricesBlank Answer #5:produced domesticallybought by consumers(1) Recent measurements have shown a significant deterioration in the quality of the Scottish seaside. Which of the following statements are compatible with this observation? A. The real value of GDP has increasedB. The real value of GDP remains the same C. North Sea oil wells have dried upD. The price of swimming costumes has gone down (2) The impact of Covid-19 on happiness is negative because A. it decreased economic activityB. it coincided with BrexitC. it forced social isolationD. it obliged people to develop new Information Technology skills(i) A is correct(ii) A and B are correct(iii) A and C are correct(iv) All of the above are correct
- 1. Inventory is: Group of answer choices a. the total amount of goods that a company produces now, regardless of whether they've sold it or not. b. the stock of goods that a company produced last year, but had to sell for below cost. c. the stock of goods that a company produces now, but keeps to sell at a future time. d. the stock of goods that a company produces and sells in a given time perio 2. The four categories of expenditure (spending) in the economy are wages, rent, interest, and profit. Group of answer choices True FalseSuppose U.S. drivers purchased $50 billion of ExxonMobil-produced gasoline during a recent year, with one-half purchased directly from ExxonMobil-owned gas stations and one-half from independent (or third-party) gas stations. Suppose further that ExxonMobil purchased the oil (which it refined into gasoline) from foreign producers for $20billion and that it receives 60 percent of the sales revenue that independent stations generate from selling ExxonMobil gasoline. In this case, the value added by ExxonMobil to U.S. GDP is $__billion.Assume that GBP|USD = 2.00 (rate chosen for math ease). After the passage of a significant tax increase in the United States, the United States stock market is expected to drop significantly over the next month while the British stock market is expected to show steady growth. As a result which of following is most likely in a graph of the currency market with GBP per USD (original equilibrium is USD|GPB = 0.50) on the vertical axis (quantity of USD on horizontal axis)? Drawing a diagram would be useful. A. The supply curve would shift left and the new price would be greater than 0.50. B. The supply curve would shift right and the new price would be greater than 0.50. C. The supply curve would shift left and the new price would be less than 0.50. D. The supply curve would shift right and the new price would be less than 0.50.
- The Consumer Price Index is subject to the substitution bias and me quality/new goods bias. Are the Producer Price index and the GDP deflator also subject to these biases? Why or why not?Agricultural price supports result in governments holding large inventories of agricultural products. Why do you think the government cannot simply give the products away to poor people?Question 1 (AV7.1) You have been employed as the chief economist for the economy SKL Land. The head statistician has provided you with the following information: Compensation of Employees 900 Consumption of goods 850 Corporate profits 400 Rent Income 125 Factor income paid to the world 325 Consumption of services 475 Factor Income received from the world 170 Residential investments 350 Indirect taxes 775 Non-residential investments 525 Subsidies 125 Government Expenditure 925 Depreciation 120 Imports 700 Net interest 75 Exports 300 Proprietors income 300 Calculate SKL Land’s GDP using (1) the Income and (2) the Expenditure Approach
- Graph and label as either direct or indirect the relationships you would expect to find between (a) the number of inches of rainfal per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets.The economy of Fantasia produces only 2 goods namely Shoes and Computers. The total productionand average prices of shoes and computers are displayed in Table 2 attached. (a) Compute the nominal GDP of Fantasia for 2019 and 2020 (hint: calculate the total value ofproduction in each year) (b) Compute the real GDP of Fantasia in 2020 using 2019 prices1.Graph and label as either direct or indirect the relationships you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets?