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Suppose you want to estimate the following labor supply equation:
Annual Work Hours = ? + ?*(Average Hourly Wage) + ?
You gather data on US workers aged 22 to 55 from the Current Population Survey. You define the Average Hourly Wage as self-reported total annual labor income divided by self-reported total annual work hours.
a. Describe in words how to interpret the coefficient? (Ignore any concerns about causality now).
b. Give two separate reasons why you might be concerned that? is not be a good estimate of the causal effect of a change in the hourly wage a worker faces on the number of hours that they work.
Which of the following equals the market value of all final goods and services produced in an economy, stated in the prices of a specific base year?
Examines the choices made by individual participants in an economy, while macroeconomics considers the economy's overall performance
Compare and contrast the way Classical and Keynesian theory determine the Demand for Money and how it is related to the Money Supply
Suppose the price is currently $2. Illustrate what problem exists in the economy. What would you expect to happen to price.
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
Why would your company have bid with a zero mark-up on some past tenders? Why didn't it win all of those contracts? What is the bid price that maximizes the expected contribution of the contract?
For this week's assignment you will create a financial plan to be prepared for economic fluctuations. What factors can contribute to unemployment? How can technology lead to greater unemployment, or is it a benefit to the economy? Can inflation cause..
We mentioned Milton Friedman's advice that central bankers should follow a "fixed money growth rule," where the broad money supply (M1 or M2) grows the same rate every year. What is the difference between a fixed money growth rule and nominal GDP tar..
Many argue that breaking up a monopoly is a Pareto-efficient change. This interpretation cannot be so because breaking up a monopoly makes its owners (or share holders) worse off. Do you agree or disagree. Explain your answer.
Competitive free marketplaces maximize the utility of those who participate in them; they also maximize society's total utility.
You are considering adding a new food product to your store for resale. You are certain that, in a month, minimum demand for the product will be 5 units, while maximum demand will be 8 units.
A pet store is considering adding an employee discount of 25% off anything in the store to the benefits the employees already receive. What are the long-run implications of adding this benefit to the wages that its employees receive and to the type o..
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