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Business Cycle
1. Define business cycle and explain the concepts of expansion and recession
2. Identify (plot out) using Gapminder World ( https://www.gapminder.org/world/ )the business cycle for the U.S. and any other country of your choice (in the same graph). [Take a screen shot of your graph for submission]
3. Show that you have a deeper understanding of your graph in 2. Is the U.S. better off or worse off in terms of GDP compared to the other country of your choice?
4. Enumerate 3 possible reasons why the depiction in answer 2 may not represent the relative wellbeing of people in the U.S. compared to the other country of your choice. [See limitations to using GDP as a measure of wellbeing]
5. Assess your response in 4 using 2 variables (any 2 variables you desire) from Gapminder World to support your answer in 4. Again show the graph for the U.S. and the other country of your choice [be creative].
6. Scrutinize how could the U.S. achieve higher economic growth?
If the average worker produces $80,000 of GDP, explain by how much will GDP increase if there are 150 million labor-force participants and the unemployment rate drops from 5.2 to 4.5 percent.
Assume that the airline industry is characterized as a duopoly in which two firms produce identical products. American Airlines’s marginal cost of is $90.00, while United’s marginal cost is $180.00. If the two firms compete by choosing quantities sim..
If a firm’s short-run average total cost function and its short run variable cost function satisfy: SAC(200, w, r, K) = 16, SAVC(200, w, r, K) = 12, SAVC(400, w, r, K) = 16, at a specific wage w, a specific rental rate r, and specific fixed capital l..
The selling price of a house is $1,375,000. You have enough money for a 15% down payment with the balance authorized at 4% annual compounded monthly for 30 years. How much will the monthly payments be? How much interest will be paid over the term of ..
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
What are the four phases of the business cycle? Why is it difficult to distinguish between frictional, structural, and cyclical unemployment? Why is unemployment an economic problem? What are the consequences of a negative GDP gap? What are the nonec..
Outline the differences between active and passive policy and explain how the two approaches differed in their assumptions about how well the economy works on its own.
What is the immigration surplus
q.consider a mutual fund with 720 million in assets at the start of the year and with 10 million shares outstanding.
The first option is to start an event planning business as a self-employed. Based on business plan, she computed the following annual estimates using very conservative assumptions: Agatha will operate the business by herself. She does not plan to hir..
Compute the range of the international relative price of soft drink cans at which the two countries would trade. Suppose that discovery of a new method of production (technological progress) in Italy doubles the marginal product of labor in snowboard..
What are the benefits and drawbacks of having a health program that varies by state versus having one that is uniform across the country? Do you find that the positives of state flexibility outweigh the negative or vice versa?
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