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The difference between the number of workers employed if the economy was opera ting at full employment and the number of workers currently employed given aggregate expenditures is known as a. cyclical unemployment b. frictional unemployment c. structural unemployment d. unemployment is not possible in the short run macro model
Briefly define the following terms. Tariff escalation, Optimal tariff rate, Ad valorem tariff equivalent, Voluntary export restraint (VER), Terms of trade effect (of subsidy), Harmonized System (HS) of commodity Classification, Common external tariff..
Suppose in a survey of N = 400 students, 215 responded that they prefer small classes and 185 responded that they prefer large classes. Let p denote the fraction of all students who preferred small classes at the time of the survey, and ˆp be the fra..
Assume the subsequent data describe o/p in two different yrs. Compute nominal GDP in every yr.
Bob views apples and oranges as perfect substitutes in his consumption, and MRS = 1 for all combinations of the two goods in his indifference map. Suppose the price of apples is $2 per pound, the price of oranges is $3 per pound, and Bob's budget is ..
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies? At what production level are scale economies exhausted?
Draw a market equillibrium graph and compute the equillibrium price and quantity in the lumber market. Compute the producer and consumer surpluses in the lumber market. Construction boom in China increases export demand for lumber. the new demand fun..
An economist estimated that the cost function of a single-product firm is: C(Q) = 50 + 25Q + 30Q2 + 5Q3. Based on this information, determine the following:
Illustrate what are the fours upply factors of economic grwoth. what is the demand factor? What is the efficiency factor.
As oil prices rose during 2006, the demand for alternative fuels increased. Ethanol, one alternative fuel, is made from corn.
Inductive arguments support conclusions and are described as stronger or weaker. What is meant by that description? The mode of persuasion that Aristotle defined as ethos refers to arguments based on what?
Substitute the values of L* and K* in the total cost equations and obtain an expression for the total cost C*. then calculate the average and marginal costs and plot them. Illustrate what is the cost elasticity of output.
The Occupational Safety and Health Administration promulgates safety and health standards. These standards typically apply to machinery (capital), which is required to be equipped with guards, shields, and the like. An alternative to these standards ..
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