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In your opinion, are labor unions more helpful or hurtful to the economy? Explain your answer. While constructing your response, consider both the worker's and the firm's perspective and provide an
What does a Contractionary Gap imply about the actual rate of unemployment relative to the natural rate? What does it imply about the actual price level relative to the expected price level?
What determines the distribution of national income between labor and capital in a competitive, profit-maximizing economy with constant returns to scale?
In the initial allocation, each individual has 15 kilograms of cheese and 15 loaves of bread. Draw the Edgeworth Box diagram for this economy and explain whether the initial allocation of cheese and
Identify at least three such factors that, in your view, should be included in the GDP calculations; then explain and illustrate how they will help to improve the GDP as a tool for measuring the wel
the marginal cost of the two firms are; MC1=120-15q+3q2 and Mc2=90-26q+9q2. calculate the over all MC for the first 10 units of output and indicate where each successive unit will be produced?
However, the vast majority of illegal immigrants come to developed countries for the more menial job opportunities. What is the relevance of this to our discussion on the environmental impact of immig
Towards the mid-1990s, what were the main challenges that the economy faced? What caused the crisis in that country? What remedies were proposed and implemented?
What type of demand curve does a perfectly competitive firm face? Why? What are the characteristics of perfect competition market structure? Give examples.
Consider a consumer who buys cola and ice cream for snacks. Assume that the price of ice cream increases. Explain an example of the substitution effect?
Suppose an economy is hit by an adverse oil shock. Use the labor market and the production function to predict the effects on employment, real wages, unemployment, and real output.
In developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to f
If the value of M increased from 50,000 to 60,000 and nothing else changed, would the equilibrium price increase or decrease? By how much? Would the equilibrium quantity increase or decrease? By how
The price of books in the short run when Hi-Techs patent prevents other firms from using the new technology? c. What happens in the long run when the patent expires and other firms are free to use t
If, in the production of boxer shorts, labour is the variable input and sewing machinery is the fixed input, total product can be found by determining output:
He says that levels of employee motivation in his organization are dropping leading to drop in employee productivity. Draft a research proposal to identify the problem and suggest a methodology for
Assume that each of them has only two $1.00 bills on hand, leaving three possible bids: 0, 1, or 2 dollars. Write out the payoff matrix for this game, and then find the Nash equilibrium.
What do economists mean when they say that "price floors and ceilings stifle the rationing function of prices and distort resource allocation"?
At the same time, between March 2001 and April 2003, employment declined almost continuously with a loss of over 2 million jobs. How is it possible that output rises while at the same time employmen
Perform a cost/benefit analysis on the purchase of a Toyota Prius versus a Toyota Corolla. Assume the Prius sells for $24,000 (the average selling price according to edmonds.com) versus a Corolla.
Why would the equilibrium price of SUVs such as Ford Explorers and Chevy Trailblazers be lower than the equilibrium price of subcompacts?
Assuming that there are no additional expenses, what is her opportunity cost to start her own business? In her opportunity cost, what part is her indirect (implicit) cost?
What does it mean to be unemployed? How is the unemployment rate calculated? What are the sources of unemployment in the economy? (types of unemployment). What are the costs to the economy of unempl
Identify and discuss at least two arguments that support trade restrictions and two against trade restrictions. Use at least one example for each argument. Which arguments do you agree with and why
We spent considerable time discussing the consumer price index (CPI). What is the CPI? How is it constructed? What is it used for? Compare the CPI to the GDP Deflator.