onsider the following information C= 100+0.8Y I=20 G=20 X=10 M=5+0.02Y T=20+0.1Y A.Calculate the equilibrium level of output in four different type of economies. 1. Closed private economy 2. Open Private economy 3. Closed public economy 4. Mixed Economy B. Calculate the possible multipliers of the economy.
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Consider the following information C= 100+0.8Y I=20 G=20 X=10 M=5+0.02Y T=20+0.1Y
A.Calculate the equilibrium level of output in four different type of economies.
1. Closed private economy
2. Open Private economy
3. Closed public economy
4. Mixed Economy
B. Calculate the possible multipliers of the economy.
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Solved in 3 steps
- Tell whether each of the following goods is best characterized as (1) a private good; (2) a public good; (3) an open-access resource; or (4) a club good. briefly explain (a) A video game (b) Clean water (swimmable, fishable, drinkable) (c) Landscaping at a public university (d) News website (e) An electric utility (F) National defense (g) A laptop computerIce cream (millions of gallons per year) 4. 3. 24 2. 4. 6. Milk (millions of gallons per year) The figure above shows the production possibilities frontier for a country A combination of 4 million gallons of milk and 4 million gallons of ice cream is attainable and production efficient. unattainable and production efficient, ) unattainable attainable and production inefficient. More information is needed to determnine if the point is attainable or not.Bart and Lisa are kids. Their parents want to get a pet to keep them busy during a pandemic but they must choose between a dog and cat. Bart's value of the cat is $10 and his value of the dog is $40. Lisa's value of the cat is $30 and her value of the dog is $20. a. What is the efficient pet? [ Select ] ["cat", "dog"] Let's imagine that their parents flip a coin to decide who gets to choose the pet. Heads Lisa chooses and tails Bart chooses. b. If the coin comes up heads and there are no barriers to negotiation, what will Lisa choose? [ Select ] ["cat", "dog"] c. If the coin comes up tails and there are no barriers to negotiation, what will Bart choose? [ Select ] ["cat", "dog"] d. What if there ARE barriers to negotiation and the coin is heads, what will Lisa choose?…
- (Figure 15.10) At point G, the marginal cost of a pancake is 50 cents and the marginal cost of a bowl of cereal is also fifty cents. At this point, consumers are willing to trade 2 bowls of cereal for an additional pancake. Which of the following statements is (are) TRUE? Select one: A. The economy is achieving output efficiency because the MRT equals 1. B. The economy is not achieving output efficiency because the MRS is less than the MRT. C. The economy is not allocating its inputs efficiently. D. The economy is not achieving output efficiency because the MRS is greater than the MRT. the correct answer is B, please explain why?A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.Answer correctly and explain properly within 1 hour will give you positive feedback. The figure shows the trade-off between consumption and quality of the environment. Which of the following statements best explains the shape of the feasible consumption frontier? 100 Feasible consumption frontier (given abatement technology) Maximum level of consumption, zero abatement Feasible set E with zero abatement 50 Consumption of goods and services (billions €) The marginal rate of transformation increases as more consumption is given up. As we sacrifice more and more consumption, the marginal gains in terms of environmental quality increase. The diagram shows that the environmental gains from giving up consumption are large (and cheap) at the beginning. This is because it assumes that we adopt the most cost-effective technologies first. We care less about giving up some consumption when consumption is high (say from 500 to 450) than we do when consumption is low (say 100 to 50). Quality of the…
- Description Discuss the following statement by a leading economist: One of the mysteries of semantics is why the government-managed economies ever came to be called planned and the market economies unplanned. It is the former that are in chronic chaos, in which buyers stand in line hoping to buy some toilet paper or soap. It is the latter that are in reasonable equilibrium where if you want a cake of soap or a steak or a shirt or a car, you can go to the store and find that the item is magically there for you to buy. It is the liberal economies that reflect a highly sophisticated planning system, and the government- managed economies that are primitive and unplanned.In the graph above, a movement from point D to Point B is A. a movement from an efficient point to an inefficient point. B. a movement from an efficient point to another efficient point. C. a movement from an inefficient point to another inefficient point. D. impossible, since the economy could never have been at point D in the first place.What is static efficiency? Illustrate your answer with the aid of a well-labelled diagram. What is the difference between static efficiency and dynamic/intertemporal efficiency? In your answer, make sure that you mention the condition that must be satisfied for static efficiency to be attained. Also, mention the condition that must be satisfied for dynamic/intertemporal efficiency to be attained. What is an open access resource? Give an example of an open access resource. Explain why open access often leads to inefficient allocations.
- The figure shows the trade-off between consumption and quality of the environment. Which of the following statements best explains the shape of the feasible consumption frontier? 100 Feasible consumption frontier (given abatement technology) Maximum level of consumption zero abatement Feasible set E with zero abatement 500 Quality of the environment, E20 Which of the following is a use of the production possibility curve (PPC) in macroeconomics? a. Private income of a company is calculated on the basis of PPC b. The company decides to produce product A or B c. The economy finds solution to basic economic problems d. The company decides the price of the product using PPCboard of ec X C Infinite Campus y big sandy community co X 5) MyPath- Home https://ezto.mheducation.com/ext/map/index.html?_con3con&external_browser%=D0&launchUrl= Problem 07-01 (algo) The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 Good Price Year 1 Price Year 2 Quarts of ice cream 4. Bottles of shamp00 $ 4 21 3. Jars of peanut butter 4 $ 2 Instructions: Enter your answers as a whole number. a. What was the economy's nominal GDP in year 1? %24 b. What was its nominal GDP in year 2? Graw Hill Prev 1 of 1 JAN 1 10 N %24 %24