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A large employer gives each new hire an aptitude test, which is scored from 1 to 20. Let T be a worker's score on the test. The firm then pays the new worker a wage of w = 0.57' + 0.5G where G is the average score for the worker's gender: 16 for women and 12 for men. What is the wage for a male who scores 16 on the test? Now, suppose that the employer still uses the same formula, but that the wage paid to a male worker and to a female worker is identical. In this case, is there anyone who is facing discrimination? Explain. 2. (6 points) Discuss the changing economic role of African-Americans in the United States from 1865 to the present. What were the major factors and processes that kept African-Americans, on average, relatively poor since the Civil War? To what extent are these processes still operating today? Explain. 3. (4 points) Using the labor demand and supply framework, explain why the gender wage gap was relatively constant between 1885 and 1980, and why the ratio of female-to-male earnings has increased from 0.628 in 1980 to 0.805 in 2010. 4. (5 points) Consider the following information for a hypothetical economy:
Total reserves (R) = $500 billion Currency (C) = $400 billion
A. If banks are holding $80 billion in required reserves, and the required reserve ratio (RR/D) is 0.10, what is the dollar value of checkable deposits (D)? B. What is the dollar value of excess reserves (ER)? C. What is the dollar value of the money supply (M)? What is the dollar value of the monetary base (MB)? What is the value of the money multiplier (m)? 5. (5 points) Why did the Federal Reserve fail to act as a lender of last resort during the Great Depression and why did the Fed allow the money supply to contract and prices to fall by so much?
Price elasticity of demand is discussed in particular. A scenario of a painter who uses lesser amount of paint due to price rise has been discussed and calculated.
In the cost-benefit analysis, the maximum net benefit (NB) occurs in which
Examples of Barriers to entry are? Capitalism is an economic system, If people with high income pay a higher percentage of income in taxes,the income structure is
The fixed costs at Harley Motors are $1 million annually. The main product has revenue of $8.50 per unit and $4.25 variable cost. Find out the following.
The chair of the Council of Economic Advisers has requested that you write a short paper explain how economic policy can be used to stabilize the economy and achieve a high level of economic growth during the next five years.
(i) Draw the budget constraint of a student who buys such a card before and after the scheme is introduced.
explain how payoff matrices used in game theory illustrate mutual interdependence among firms in oligopolies. how can
How did the economic downturn and recovery impact business in Greece and Turkey? How do these countries differ in that respect, and what economic, political, or cultural explanations might account for any differences?
How is MP in the second graph related to TP in the top graph? Explain briefly and show the connection on the graph and In what units is MP measured
Describe the difference between the "income effect" of a price increase on quantity demanded and the "substitution effect" of a price increase on quantity demanded. Which effect will depend on whether the good is "normal"
An economy is faced by the exhaustion of an important natural resource at a time when it is introducing improved technology.using a diagram how these events will affect the economy production possibility curve.
How much of the $1000 deposit must the bank keep in reserves? How much can it loan out
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