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tester [92]
3 years ago
5

When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the price doubled consumer expe

nditures increased to $7 billion. Recently you read that this means that the demand curve for butter is upward sloping. Do you agree? Explain.

Business
1 answer:
blagie [28]3 years ago
4 0

Answer:

I agree

Explanation:

The demand for butter is increasing as price increases. This means the higher the price, the higher the quantity demanded. This is against the law of demand.

I hope my answer helps you

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Fiscal Policy
cricket20 [7]

Based on the economic data given, and the fact that the government is running a deficit, the equilibrium GDP will be 336.67.

If government spending is cut to balance the budget, the new level of GDP will be 321.67.

The effect of balancing the budget will be a decrease in GDP and a slower recovery from the recesssion.

<h3>What is the equilibrium GDP?</h3>

This is given by the variable "Y" so we can find the equilibrium GDP by solving for it:
C = 50 + .7(Y – T)

Y = C + I + G - XN

C = Y - I - G + XN

Solving gives:

Y - I - G + XN =  50 + .7(Y – T)

Y - 40 - 35 + 10 = 50 + 0.7Y - 14

Y - 0.7Y = 50 + 40 + 35 - 10 - 14

0.3Y = 101

Y = 101/0.3

= 336.67

<h3>What is the new GDP if government spending is cut?</h3>

Government spending will have to be cut to a size that would make it equal to taxes so government spending becomes 20.

New GDP becomes:

= C + I + G - XN

= ( 50 + .7(Y – T)) + 40 + 20 - 10

= 271.67 + 40 + 20 - 10

= 321.67

Find out more on GDP at brainly.com/question/1384502.

8 0
2 years ago
The right to go where you choose, the freedom of religion, and the freedom of choice are all examples of which type of citizens’
PilotLPTM [1.2K]
I think maybe B Im 90 percent sure
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3 years ago
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What is the primary way in which insurance allows you to be covered for a loss, even if you haven't had it for very long?
Viefleur [7K]

C. You share the risk with others.

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3 years ago
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Which statement is FALSE? Select one: a. Diluted EPS is never higher than Basic EPS b. Use of the "Treasury Stock Method" determ
7nadin3 [17]

Answer:

big pp

Explanation:

very small pp

6 0
3 years ago
You manage the worksheet shown below and it contains information for the company's 1500 employees,
marshall27 [118]

The best way for you to create the list of those who make more than $45000 a year and are full time is by using the filter option.

The filter option would be used to highlight the people that are in full employment. After this you have to use the sort to check the compensation column in order to establish those that make more than 45000.

The filter in a spreadsheet helps to put data in a particular category then arrange them based on the criteria that you selected.

The sorting method helps to arrange data based on ascending order or descending order.

Read more on brainly.com/question/15358155?referrer=searchResults

5 0
3 years ago
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