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Imagine that you are elected the Chairman of the Fed and your goal is to keep both unemployment and inflation under control. This means that unemployment should be at its natural rate (e.g. 5%) and inflation at/around 2%. Can you achieve the two goals simultaneously? Why or why not? Explain in detail.
Suppose the marginal product of capital is 16 and the marginal product of labor is 3. If the price of capital is $4 and the wage rate is $3, then in order to minimize costs the firm should use:
Which of the following trends favor a more labor-intensive method of production? A growing number of desperately unemployed people as the result of rural-urban migration. A limit to the level that wages can fall (subsistence)
An article in Business Week warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to "export its way out of trouble" by oversupplying everything from automobiles to semiconductors. "Fu..
Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorporated. The contract specifies that Rich will pay Bhagat its production costs plus a $5 markup (cost- plus p..
A firm is using 10 workers, and their average product is 200 units. Suppose the marginal product of labor is 250 units. In answering the questions below, explain your answers briefly. How much output is the firm producing? Is the marginal cost curve ..
Identifying and shaping public opinion has become a major goal of campaigns and elections. Identify and discuss the process by which people develop their political ideas. What are the four traditional agents of socialization and three additional new ..
Discuss how the Biblical STEWARDSHIP principle (God is owner of all.) impacts business decisions and puts additional constraints on business behavior for the Christian. Because all property is ultimately God’s and profits are due to God’s grace, shou..
One Macro-prudential policy that can counter the systemic risks from the boom/bust finance over the business cycles is?
In an economy, the marginal propensity to consume is 0.8. The government balances the budget by adjusting the proportional tax level to the required government spending. An increase by 10 million in government required spending will lead to an increa..
Suppose Yamahonda, a Japanese-owned motorcycle manufacturer, builds a production plant in Alabama. This is an example of foreign______ investment in the United States.
For each one of the costs below, explain whether the resource cost is explicit or implicit, and give the annual opportunity cost for each one. Assume the owner of the business can invest money and earn 10 percent annually. A computer server to run th..
A baseball fan with a Mike Trout baseball card wants to trade it for a Miguel Cabrera card, but everyone the fan knows who has a Cabrera card doesn't want a card. What do economists call this problem the fan is experiencing?
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