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Consider an economy that initially has a labor force of 2000 workers. Of these workers, 1500 are employed . The economy enters a recession. Employment falls by 5%, and in addition 0.4% of the labor force becomes discouraged at the prospect of finding a job and leaves the labor force.
a) Can you calculate the employment rate given the information above? Explain.
b) Calculate the unemployment rate before and after the recession.
c) What is the unemployment rate taking discouraged workers into account?
d) Using Okun's law, calculate the expected percentage change in real GDP.
What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
A monopolist has determined that marginal revenue is $2.00 and average cost is $1.75. It has also determined that the lowest sustainable average cost is $1.75. To maximize profit, should the firm lower its price, increase its price, or leave the pric..
You are in charge of hiring for the sales department of Nature’s Own chemical company. You are choosing between two workers, a “safe” worker who will produce 250 thousand dollars in sales (net of variable costs) in each of the next four years. Set up..
Using the Expenditure approach, GDP can be divided into 4 categories, Consumption, Investment, Government, and Net Exports. In the United States, Consumption makes up about 70% of the total. When the economy of the country goes into recession, the Co..
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
The current exchange rate between the Japanese yen and the U.S. dollar is 115 yen per dollar. At current prices, a basket of goods that costs $100 to produce in the U.S. would cost ¥10,500 to produce in Japan. What do you predict the real exchange ra..
The market for autographs by a superstar baseball player during the 1950s and 1960s indicates that while the player’s autograph is not rare it remains highly desirable and of relatively high price to collectors. Use one graph to show both the demand ..
The price of televisions has been declining in Japan for the past few years. Explain how it affects the value of marginal product of labour (VMPL), equilibrium wage and quantity of labour in television factories in Japan. Explain with a diagram.
The Canadian economy is facing an inflationary gap. What policy tool would you use to eliminate the gap? Explain and illustrate the scenario and your solution using the AE model.
Assume that the following data describe the condition of the banking system: By how much could the banks increase their lending activity?
How effective would these actions be if banks remained re- luctant to make consumer loans while households remained reluctant to obtain loans? Briefly explain.
what happens to gross debt as a percentage of GDP. Elucidate what happens to the level of debt held by the public as a percentage of GDP.
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