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In Home and Foreign there are two factors each of production, land, and labor used to produce only one good. The land supply in each country and the technology of pro- duction are exactly the same. The marginal product of labor in each country depends on employment as follows:
Number of Workers Employed
Marginal Product of Last Worker
1 202 193 184 175 166 157 148 139 1210 1111 10
Initially, there are 11 workers employed in Home, but only 3 workers in Foreign.
Find the effect of free movement of labor from Home to Foreign on employment, production, real wages, and the income of landowners in each country.
Suppose you can invest in education that costs $10,000 each year for two years in a row. After that, you will receive additional income in the form of a higher salary of $15,000 for three years. If the interest rate is 4%, is this a good investm..
Economists often view life cycle variation in income as one form of transitory variation in income around people's lifetime or permanent, income.
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Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
a security paying $ 80 0ne year from now and $ 1080 two years from now, for which you pay $1,050 today ?a security paying $ 50 every six months for the next five years (beginning six months from now), plus the return of the face value of $1,000 at ..
One of the major political developments of the past several decades is the growing size and economic/monetary integration of the European Union. Elucidate what effect do you think this will have on international trade between countries.
Carl paid $40,000 to the City of Hollywood for general revenue bonds. During the current year, he receives $2,300 interest income from the bonds. Market interest rates drop causing the value of the bonds to increase so Carl sells the bonds for $43,00..
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Illustrate the main kinds of information and data needed in order to evaluate a capital.
What is a government budget deficit How does a federal budget deficit affect the economy How does it affect the level of investment and interest rates How does it affect the individual consume
1) In this question we are going back in time and compare the implied federal funds rate from the original Taylor rule vs the Mankiw rule. The time period we are investigating is the third quarter of 2008. For the quarterly data on GDP and pote..
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