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In general , how do changes in the unemployment rate vary with changes in real GDP? After several quarters of a severe recession, explain why we might observe a decrease in the official unemployment rate. Explain why we could see an increase in the official unemployment rate after several quarters of a strong expansion.
A family farms corn on their land. They must decide how to produce corn: they can harvest the crop entirely with hours of their own labor (z1), they can harvest entirely by machine (z2), or they can use a combination of labor hours and machine hours...
Consider a competitive industry with many identical firms. The supply curve of an individual firm is given by S1(p) = 2p when p ≥ $2 and S1(p) = 0 when p
If pasta is an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity demanded.
A plant superintendent has arranged to purchase an additive through a 6-year contract at $5,000 per year, starting 1 year from now. Afterwards, he expects the annual price to increase by 3% per year thereafter for the next 12 years. Use i=8% to dete..
A father wants to set up a bank account that will pay his daughter $18,000 at the end-of-quarter (EOQ4) and $32,000 at EOQ 8. He will fund this account by making quarterly payments of $X from the present (time zero) through EOQ 7. Draw a cash-flow di..
The Bureau of Labor Statistics reported that in 2004 the total labor force was 147,401 thousand of a possible 223,357 thousand working-age adults. The total number of unemployed was 8,149 thousand. From this information,
Illustrate what is the smallest value of x that would be sucient to make Buck want to invest in the pinball palace rather than have a wealth of $24,000 with certainty.
If the government decides to increase the monetary amount of disability insurance payments to those who have been permanently disabled, it will make life easier for those who have been disabled. The fact that it could cause some individuals to falsel..
Define what we mean by money and how it is used in the day to day functioning of the U.S. economy. Be sure to include the major components that make up what is defined as money and which of these components is used most widely to identify what money ..
Describe the impact of various forms of competition on business operations with emphasis on perfect competition. Use technology and information resources to research issues in principles of economics.
In an English open outcry auction,
Using the principles of supply and demand, develop a plan to alleviate the shortage of math and science teachers within this country. Try to use price and non-price determinants as your tools to reach equilibrium. Defend your position using economic ..
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