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Terms in this set (6)
goods/services leaving the country
goods/services entering the country
Mountains, Rivers, Oceans...
A tax ($$) put on goods imported from other countries
A restriction (limit) on the amount of a good that can be imported into a country
Forbids (no go) trade with a country
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The price of a good is $10, and the quantity supplied is 300 units. For every$1 increase in price, quantity supplied rises by 5 units. What is the quantity supplied at a price of $22?
In the Keynesian cross model, assume that the consumption function is given by C=120+0.8(Y-T). Planned investment is 200; government purchases and taxes are both 400. a. Graph planned expenditure as a function of income. b. What is equilibrium income? c. If government purchases increase to 420, what is the new equilibrium income? What is the multiplier for government purchases? d. What level of government purchases is needed to achieve an income of 2,400? (Taxes remain at 400.) e. What level of taxes is needed to achieve an income of 2,400? (Government purchases remain at 400.)
Create a flowchart showing how the creation of money by the government to pay for a budget deficit can lead to inflation.
Draw a diagram depicting a firm that is making a profit in a monopolistically competitive market. Now show what happens to this firm as new firms enter the industry.