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Ernie the Economist runs the federal reserve. He believes that expansionary monetary policy is necessary to avoid recession.
Using a graph of a labor market and a graph of an aggregate production function, show and explain what happens in the situations below. Be sure to illustrate what happens to the quantity of labor, w
a. What are the labor force and unemployment rates in 2007? b. What is the frictional, structural, and cyclical unemployment in 2007? What is the natural rate of unemployment in 2007?
Which country has the absolute advantage in the production of sweaters? Which country has the absolute advantage in the production of t-shirts?
(a). If these two equations were graphed in the same graph, would they intersect? Explain your answer. (b). Can you give a condition for two linear functions to have an intersection point?
If we use the factor payments approach to measuring GDP, which entries would you combine to get a measure of GDP?
Suppose a small country's domestic demand and domestic supply curves for apples are respectively represented by P = 16 - 2Q and P = 8 + 2Q. The market is opened to international trade, and the world
Problem 1. What was Bavarialand's growth rate of Nominal GDP from 2000 to 2001? a) 170% b) 70% c) 60%
Suppose that banana farmers in this market invent a new technology to grow bananas, so they can now produce more bananas at every price than they could before the invention of this new technology. H
Consider an open economy. In this economy net exports equal zero and the government is currently operating with a budget deficit. In this scenario, investment is less than private savings.
How will a government budget deficit affect the equilibrium real interest rate, as determined in the loanable funds market?
When a price floor is imposed in a market and the price floor is set above the equilibrium price of the good, then
Provided that we use the "value added" approach to calculating GDP, which of the following missing table entries are correct?
Graph Real GDP and the employment level for this economy. Please measure real GDP on the y-axis and employment on the x-axis. For this question it is fine to present your answer as an Excel Graph
What is the opportunity cost of producing maple syrup (in terms of apple pies) in Canada? What is the opportunity cost (in terms of bottles of maple syrup) of producing apple pies in Canada?
Are there any restrictions on the possible values of C‾ and MPC ? If so, list them and briefly explain why these restrictions are imposed.
Consider the following labor market for some economy: labor demand is given by w = 170 – 3L whereas supply of labor is characterized by the equation w = 30 + L . In this setting w and L are th
After 1945, suppose that the government implements a preferential tax scheme for women that encourages entry into the labor force. Briefly dis- cuss the possible effects on the unemployment rate and
(a) Calculate the demand and supply functions for this market. (b) Find the equilibrium price and quantity in this market.
(a) Find the equations of the PPFs of both songwriters and depict them with tunes on the y-axis and texts on the x-axis. (b) What is the opportunity cost of writing a text for John (in terms of tune
Problem 1. Holding the price level constant, if output in an economy is less than planned spending, which of the following is true?
Graph the aggregate production function and then explicitly mark the equilibrium level of real GDP, Y, and the level of labor usage. Briefly discuss what would happen to the aggregate producti
Graph the aggregate production function and then explicitly mark the equilibrium level of real GDP, Y, and the level of labor usage.
Likewise, in a single day Terry can find 3 mangos or kill 4 boar. Assume both John and Terry have constant opportunity costs in the production of both goods.
Graph the two lines that you found for parts 3 and 4 on the same graph with X measured on the horizontal axis and Y measured on the vertical axis. Be careful to label the intercepts correctly.