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The minimum wage in year 1 is $1 higher than the equilibrium wage. In year 2, the minimum wage is increased so that it is $2 above the equilibrium wage. We observe that the same number of people is working at the minimum wage in year 2 as in year 1. Does it follow that an increase in the minimum wage does not cause some workers to lose their jobs? Explain your answer.
If the nominal GDP is $559 billion in the base year, and it rises to 577 in year 1, and 605 in year 2, what is the real GDP in each year, given that the price index has risen from 100 in the base year to 104.5 in Year 1 and up to 108.3 in Year 2?
Discuss why the number of children that a family has may differ in an Industrial Society and a Third World Agrarian Society.
Suppose that Thailand and India are potential trading partners of China. Thailand is a member of ASEAN but India is not. Presume the import price of textiles from India (P India) is 50 per unit under free trade and is subject to a 20 percent tariff.
Each consumer is given a voucher which entitles her, free of charge, to fifty units of education. (of course she can also use the voucher to cnosumer, free of charge, less than fifty units) If she wants more than fifty units of education
In order to control the car population in Singapore, the government imposes a Certificate of Entitlement (COE) system, which is effectively a quota on the car ownership. Every month,only a small number of COEs are issued and only people with C..
A firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50.What will be the result?
Find the domestic price of hula beans that will result if the tariff is imposed. Also compute the dollar gain or loss to domestic consumers, domestic producers, and government revenue from the tariff.
Analyze recent failures in the global financial system and make at least one recommendation for systematic change that would prevent such failures from happening in the future. Explain your rationale.
Why did some of the formerly Communist countries of Eastern Europe have inflation rates over 100%, while others didn't? Which factor was more important in explaining the differing inflation rates, real money demand or nominal money supply? Why did th..
Assuming the model is acceptable, estimate the parameters of the model and their standard errors, and obtain R2 and R¯ 2 .
Economists argue that appropriate corrective taxes or tradable pollution rights will result in efficient pollution reduction. how do these approaches target the firms that should undertake bigger reductions
When entry occurs in a monopolistically competitive industry - Why would a competition regulator need details relating to how firms are competing to cut prices, raise output levels, or build a high quality reputation?
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