Consider an economy at long-run macroeconomic equilibrium. Now, suppose that economy experiences 10% economic growth.

a. Show the economic growth on a graph.

b. If aggregate demand increases by 15% over the same timeframe, show the effects on price level and real GDP on the same graph as part a.

c. List four factors that would cause the aggregate demand increase mentioned in part b.

Lesson 3.3 DB - Wages and Supply and Demand

Please answer both questions to receive full credit for this assignment.  

Use your Unit 3 Notes Guide to help you craft your answers.  

Be sure to remember to use economic evidence from the lesson to support your opinion.

1. How do we decide how much each person in society should be paid? Why do some jobs receive high wages while others do not? Do wages reflect what types of jobs our society values?

2. View the supply and demand graph below. Analyze how jobs are affected by supply and demand. In the last five months, we've seen a lot in the news about supply, demand and unemployment.  

Using what you know about supply and demand and labor, explain how changes in supply and demand couple impact employment and jobs.

Apply the
augmented Philips curve policy lesson to the suggestion that the SARB prints the money. Make use of
graphs and explain what the impact might be on output and inflation.

Fiscal Policy Response: Student must recommend the Federal Government use Expansionary Mode of Fiscal Policy to deal with the Recession. The student must recommend several specific items for the government to increase its spending in order to inject money into markets and get businesses spending money, as well as putting labor back to work to put money in their pockets to spend as well. Additionally, student must recommend the government LOWER PERSONAL AND BUSINESS INCOME TAXES. This will make both Consumer and Gross Private Domestic Investment Spending INCREASE. As three parts of total spending increase, AD shifts to the right, real GDP increases, which causes unemployment to decrease. If these work as stated, the economy will move into recovery in the business cycle.

Explain the two theories of constitutional interpretation, Originalism and Living Constitution. Which theory do you agree with most? Explain your reasoning.

Suppose a company incurs the following costs:

Labor $800

Equipment $400

Materials $300

It owns the building, so it doesn’t have to pay the usual $900 in rent

(a) What is the total accounting cost?

(b) What is the total economic cost?

(c) How would accounting and economic costs change if the company sold the building and then leased it back?

Fully explain the components of the Zippo standard as they are used to establish or refute minimal contacts regarding out-of-state Internet company defendants.

After a complaint is filed, the complaint and summons are served on the defendant. What is the summons, and what constitutional mandate does service of the complaint and summons satisfy?

Briefly describe the elements of the transaction processing cycle.

Explain how economic growth can happen? What are some of the needed resources? what makes technology very important? Should policymakers push for more consumption as a way to stimulate economic growth?

Please answer each question above on a separate line/paragraph.

Applying the Efficient Market Hypothesis (EMH) to capital budgeting, which of the following statements is correct?   

Group of answer choices

In an efficient market the NPV for projects should on average be positive.

Existing large firms can be considered evidence that the EMH is true.

Existing large firms may exist because they may not have played the game long enough meaning they may still go insolvent.

Firms can be considered to be a collection of projects; and existing firms a collection of negative
NPV projects.

If firms produce new information or technology, this could never be a reason for a firm to produce a NPV.

The editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicate that 10% are huge​ successes, 20% are modest​ successes, 40% break​ even, and 30 % are losers.​ However, before a publishing decision is​ made, the book will be reviewed. In the​ past, 99 %of the huge successes received favorable​ reviews, 60% of the moderate successes received favorable reviews, 50 % of the​ break-even books received favorable​ reviews, and 30 % of the losers received favorable reviews. Complete parts​ (a) and​ (b).

a. If the proposed textbook receives a favorable​ review, how should the editor revise the probabilities of the various outcomes to take this information into​ account?

-The probability that if the proposed textbook receives a favorable​ review, the book will be a huge success is _________ (round to 3 decimal places as needed)

-The probability that if the proposed textbook receives a favorable​ review, the book will be a modest success is_________(round to 3 decimal places as needed)

-The probability that if the proposed textbook receives a favorable​ review, the book will break even is ________ (round to 3 decimal places as needed)

-The probability that if the proposed textbook receives a favorable​ review, the book will be a loser is _________(round to 3 decimal places as needed)

b. What proportion of textbooks receives favorable​ reviews?

-The proportion of textbooks that receive a favorable reviews is_______ (round to 3 decimal places as needed)

In each case below, identify the effect on the demand for ice cream. a. An increase in the price of sorbet (substitute) b. An increase in the price of ice cream cones (complement) c. A decrease in consumer income d. A decrease in advertising by the producers of ice cream e. A decrease in population

Suppose a consumer has 60 hours per week to allocate between work and play, and the hourly wage rate is $30. She chooses to have 20 hours of leisure and 40 hours of working. The government imposes a $10 per hour income tax. With the tax, the consumer chooses to have 25 hours of leisure.

On a graph with “leisure hours per week” on the horizontal axis and “consumption in dollars” on the vertical to illustrate your weekly budget constraint, illustrate your weekly budget constraint. Label with numbers and indicate the endowment bundle, the optimal bundle before tax, the optimal bundle after tax and tax revenue collected by the government.

PLEASE INCLUDE THE GRAPH LIKE THE QUESTION ASKS

What are the main components of money supply? (b) How can the Bank of Ghana use its prime rate, open market operations and the required reserve ratio to control money supply? c). State and briefly explain the main objectives of monetary policy? d) What is the relation between the required reserve ratio and the money multiplier?