Congratulations yet again. You’ve just been appointed chairman of the Council of Economic Advisers in Textland. You must rely on your research assistant for the specific numbers. He says income is $50,000, mpe is 0.75, and the president wants to raise output by $2,000.
Instructions: Enter your responses rounded to the nearest whole dollar amount.
a. Advise him.
(Increase/Decrease) government spending by $ or (decrease/increase) taxes by $
b. Your research assistant comes in and says "Sorry, I meant that the mpe is 0.67." You redo your calculations rounding intermediate calculations to the nearest whole number.
(Decrease/Increase) government spending by $ or (decrease/increase) taxes by $
c. You’re just about to see the president when your research assistant comes running in, saying, "Sorry, sorry, I meant that the mpe is 0.5." Redo your calculations.
(Decrease/Increase) government spending by $ or (increase/decrease) taxes by $.
Answers: 2
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Congratulations yet again. You’ve just been appointed chairman of the Council of Economic Advisers i...
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