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Consider an economy that initially has a labor force of 2000 workers. Of these workers, 1500 are employed . The economy enters a recession. Employment falls by 5%, and in addition 0.4% of the labor force becomes discouraged at the prospect of finding a job and leaves the labor force.
a) Can you calculate the employment rate given the information above? Explain.
b) Calculate the unemployment rate before and after the recession.
c) What is the unemployment rate taking discouraged workers into account?
d) Using Okun's law, calculate the expected percentage change in real GDP.
Suppose Australia is a capital (K)-abundant country, and Sri-Lanka is a labor (L)-abundant country. Both produce labor and capital intensive goods with the same technology. Which of the two countries has a higher relative wage, w/r, before trade? Wou..
The W Company is a member of the beef industry, which is perfectly competitive. The price of a beef is $60. The firm’s total cost function is TC = 100 + 10Q + 5Q2 where TC is total cost (in dollars) and Q is hourly output. What output maximizes profi..
Bob has a investment opportunity. In return for an initial investment of $29,000 today, he will receive the following cash flows. Year 1 $(7,600) Loss Year 2 $19,300 Gain Year 3 $22,000 Gain Bob’s interest rate is 6%. Is this a good investment?
part a1. economics is the study of the principles governing the allocation of scarce means among competing ends when
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The economic principle that consumers are willing to consume more of a good when price is low is depicted by the:
From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following: Discuss what economic theory predicts will happen. Draw a supply and demand graph illustrating the effect of a minimum wage
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