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In 2013, there were numerous global conflicts: civil war in Syria, unrest in Brazil, and continued turmoil in Iraq and Afghanistan. Though many of these conflicts are far from U.S. borders, how might they play out in the American economy (i.e., in labor markets), using the standard stylized version of the DSGE model? What if wages were sticky?
Which of the following is a unit excise tax?
"Illustrate what is meant by the term 'utility,' and how does it relate to purposeful behavior." In one to three pages, fully explain your answer in a way that shows your understanding of "utility" and human behavior.
Suppose the market demand curve is P=40-2Q and the constant marginal cost of production is MC = 20. Which of the following is a valid expression for the collusion curve?
You are economic consultant for Jack, who farms raw cotton in a perfectly competitive market. One day he gives you the following data at his present level of production: Draw a graph for the raw cotton market and a graph for Jacks farm current situat..
You are the manager of a monopoly and your demand and cost functions are given by P = 300 – 3Q and C(Q) = 1,500 + 2Q2, respectively. Furthermore, MR = 300 – 6Q and MC = 4Q. What price-quantity combination maximizes your firm’s profits?
Explain the difference between adverse selections also moral hazard in insurance marketplaces.
If you could, how would you alter the way that GDP is defined and measured in the US? Make one recommendation. Explain what the current practice is, how you would change it, and why your proposed change would be an improvement.
Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make allocation decisions.
Suppose the GDP is $40 billion below its potential level. It is expected that next-period GDP will be $20 billion below potential and that two periods from now it will be back at its potential level. You are told that the multiplier for government sp..
Suppose the current price of wheat is $1.00 per bushel, and the price elasticity of demand for wheat is known to be 0.50. A bad harvest causes the supply of wheat to decrease, and as a result, the price of wheat rises by 20%. What will be the percent..
Suppose we now care about the long run decisions of a firm that has a production function of the form q = 4L^1/2 + K. Assume that, at the beginning when w0 = 1 and r = 0.5, the firm chose to produce q0 = 20 units of output. Then, the wage increased t..
The Natural Rate of Unemployment is 5% with the current unemployment rate of 10%. The actual Real GDP is $500. What is the Full Employment (Potential) level of Real GDP?
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