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Economics : Unemployment Labour Markets and Externalities.
Question 1-
You are an Economist and have been asked by the Gold Coast Council of Queensland to provide advice on the policy options to deal with the increasing use of jet skis on the Broadwater. The increasing use of jet skis has had an adverse effect on other water uses and people who live in the near vicinity have complained about the excessive noise.
Question 2-
You are an Economist advising the Federal Government about the Australian Labour Market and issues relating to unemployment. The issues that you have been asked to report are:
a) If the labour market is working properly why does Australia experience simultaneous periods of unemployment and job vacancies?
b) Does the minimum wage prevent lower rates of unemployment?
c) What types of unemployment are the most serious? Explain your answer.
Rationale-
The questions address the following learning outcomes:
Toby can produce 5 gallons of apple cider or 2.5 ounces of feta cheese per hour. Kyle can produce 3 gallons of apple cider of 1.5 ounces of feta cheese per hour. Can Toby and Kyle benefit from specialization and trade? Explain.
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This seems to have reversed itself somewhat in recent years. Illustrate what factors might have been at work.
barry earns 20 an hour for up to 40 hours of work per week. he is paid 30 an hour for every hour of work in excess of
The demand for a product can change due to many factors. Distinguish between a chang in demand and change in quantity demand. What are the determiniants of demand? What are the determinants of suppy?
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A representative company with long-run total cost given by TC =20+20q+5q2 operates in a competitive industry where short-run market demand and supply curves are given by QD = 1,602 - 40P and QS = - 400 + 20P.
The Fed's main tool to accomplish this is through open-market operations. What does the Fed do when it engages in open-market operations? What specific actions would the Fed take to lower interest rates? How would these actions accomplish the go..
Explain how do you plan to use this while making decisions about public expenditures.
Assume that the country is in a budget deficit and carrying a very large debt. Discuss the dangers of a high debt to GDP ratio and a growing budget deficit. Would this affect any policy changes you discussed in Part 1?
Elucidate why does the Fed like to fight inflation in our economy and is inflation a concern right now given our current economic situation.
The supply of loanable funds will shift to the right if either: A) Tax reforms encourage greater saving or investment tax credits were increased B) The budget deficit became larger or tax reforms discouraged savings C) The budget deficit became large..
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