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How is marriage like a decision to build a new factory? Which decision is easier to reverse?
Do workers choose to work more because wages are temporarily high and do workers choose to work less because wage are temporarily low? This is key to the "intertemporal substitution" story of this chapter. The following chart shows how much wages change in the short run: Except in the 1970s, the moves are almost always in a 2% range, running from 1% higher than average to 1% lower than average.
So, when wages move up or down for a year or tow, does the number of Americans working move in the same direction at the same time/ Let's see. The economic simulation at the top of the next page is based on actual U.S. data and shows how a 1% rise in wages usually impacts the number of Americans employed. Sometimes the effect is bigger than this, and sometimes smaller, but this is the average.
In practice, a 1% rise in wages apparently causes a 0.2% rise in the number of Americans with jobs. It takes nine months for this to happen.
How much would wages have to rise to raise employment by 1% or 2%, according to these estimates? Is this "wage-channel" effect large enough to explain most of the job fluctuations we see during real-world business cycles?
Impliment the formula to earnings rather than operating income also use a required return for equity of 9 percent.
Define transfer payments and give an example. Describe why transfer payments are not included in GDP. Determine which components of GDP would be affected through following,
Suppose that corn production requires only land and can production requires only labor.
Illustrate what policy options are available to the government to counter the effect of a sharp fall in real estate values on the economy.
Explain why do we have such extreme diversity in pay in the US-port stars, actors, others making very high salaries while others make much less.
One of the limiting resources in our economy is time. As a society, we make selection about allocation of time in work and other pursuits.
Which of the following is a long-run macroeconomic policy goal? If the CPI was 132.5 at the end of 2003 and 140.2 at the end of 2004, the inflation rate over these two years was
Describe how exchange rates are determined using supply and demand. What is the date and source of your exchange rates.
Assume you do not think that the statement does have any credibility. Illustrate what is the expected impact of the resulting policy on your business.
Describe the economic causes also consequences of environmental devastation and its impact on achieving sustainable growth and development.
Explain how is their gain or loss determined. What is the maximum loss to a purchaser of a futures contract.
Discuss adjustment process using AD AS analysis that will ensure that the economy will return to full employment.
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