MACROECONOMICS: PRIVATE AND PUBLIC CHOICE, Fifteenth Edition, reflects current economic conditions, enabling students to apply economic concepts to the world around them. The up-to-date text includes analysis and explanation of measures of economic activi

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Option (a): When the temperature reduces from 80 degrees Fahrenheit to 50 degrees Fahrenheit, water...In an economy, ‘J’ will get $5,000 by trading used car to ‘S’. In this case, by getting $5,000, ‘J’...An increase in the price of pork would lead to a fall in the quantity demanded of pork. This would...An increase in the demand for housing leads to an increase in the demand for goods and services. To...In the market, if the payment is not demanded for the goods and services, then the potential...The public choice analysis uses the economic methods and tools to analyze political problems in an...The gross domestic product (GDP) measures the final value of the goods and services produced by a...The major phases of the business cycle are business peak, contraction, recessionary trough, and...Table-1 shows the value of nominal GDP and the GDP deflator as follows: Table-1 Nominal GDP...

The components of the aggregate demand are consumption, investment, government spending, and net...The components of the aggregate demand are the consumption expenditure, government spending,...According to Keynesian view, the equilibrium output is determined at the point where the aggregate...For discretionary fiscal policy, there will be a problem of appropriate timing which may fail to...The liquidity of an asset refers to its ease and quickness in converting itself into cash without...Money is considered as the medium of exchange for goods and services. The important reasons for...The role of the government and the central bank is necessary to stabilize the economy and achieve...According to the economist Robert Lucas, to achieve the growth of real income, the growth of real...Table-1 shows the data of per person GDP level of different countries in 2014 as follows: Table...Every economy has their own natural resources, which are being used for the production of goods and...The exchange rate is the rate at which the currencies are traded with each other. It can be...The tax will reduce the efficiency because taxes are the burden imposed by the government on its...Social insurance is a government program that provides social security and aid from any losses, such...People can choose a diversified portfolio to get a high return with low risk. If an individual only...According to Keynes, only the government intervention with increasing spending can stimulate the...The recession of 2001 induces the Fed to adopt highly expansionary monetary policy. As a part of...During 1920s, the stock market grows up rapidly. It hits the history of growth and achieves its peak...The national debt is the amount of debt that the government owes to the public as well as to other...

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