MANKIW: PRINCIPLES OF MACROECONOMICS
MANKIW: PRINCIPLES OF MACROECONOMICS
8th Edition
ISBN: 9781337801782
Author: Mankiw
Publisher: CENGAGE L
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Chapter 1, Problem 8QR
To determine

The importance of productivity.

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The South African government has decided to introduce a substantial, above-inflation increase in the nominal amounts paid out in social grants each year. Making use of relevant diagrams (including an AD-AS model), discuss how this change may impact the price levels and GDP growth rates within the economy.
Suppose the government imposes a fuel levy, identify, and discuss at least two ways in which this increase might have an effect on GDP growth, making use of the assumptions of the Keynesian model of income and expenditure.
Can you please assist Suppose the Government of Botswana has decided to implement a national minimum wage, but they have not yet decided at which rate to set this wage. With the aid of two separate diagrams, discuss the possible implications of setting this rate (i) at and (ii) below the equilibrium wage rate, respectively.
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