Refer to the figure above. If the engineer spends his entire time producing computer programs, how many computer programs can he produce?
A) 12
B) 30
C) 45
D) 50
D
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Which of the following is likely to shift the credit demand curve of a computer manufacturer to the left, assuming all else equal?
A) An increase in the scale of production B) A decrease in the scale of production C) An increase in the real interest rate D) A decrease in the real interest rate
Suppose an economy's money supply is fixed at $4,000 and its nominal GDP is $800,000. Calculate the velocity of money
What will be an ideal response?
According to the Taylor rule, which of the following will lead to the largest increase in the nominal federal funds rate?
A) a two percentage point increase in the target inflation rate B) a one percentage point decrease in the target inflation rate C) a one percentage point increase in output D) a two percentage point decrease in output E) a one percentage point increase in the inflation rate
Edgar only consumes protein shakes with his income, I. The price of shakes is p
a. What is Edgar's demand equation for shakes? b. Can protein shakes be an inferior good for Edgar? Explain. c. What is the price elasticity of Edgar's demand for shakes? Derive using calculus. d. What is the income elasticity of Edgar's demand for shakes?