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Q. 1. The article states, "Starting about 1950, the relative returns for schooling rose, and they skyrocketed after 1980. The reason is supply and demand....Those in need of skilled labor is bidding for a relatively stagnant supply [of educated workers] and so must pay more." U.S. trade as a fraction of the economy has also grown somewhat since about 1950. Compare the statement from the article with the prediction about the distribution of income from Heckscher-Ohlin model.
2. What is wrong with claiming that changes in the distribution of income are associated with trade instead of the technological changes that the article discusses?
3. If technological changes are driving the income inequality within the U.S., what predictions can we make about income inequality within other countries that the U.S. trades with?
The data is listed per quarter, and real GDP data was calculated using 2005 as the base year. Fill in the columnns for the GDP deflator and for the percent increase in price level.
Label aggregate demand curve as AD and aggregate supply curve as AS. Be sure to label axes appropriately. Identify and describe changes in AS-AD graph above that would result from cost-push inflation.
List out the distinct characteristics of a perfectly competitive labor market and compare them to the characteristics of monopsony.
Analyze how inflation could occur in a society that relies exclusively on barter versus money. Speculate what form inflation would take and how you would recognize it. Provide support for your response.
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With an interest rate of 10 percent this person uses $100 current income along with an $80 bank loan to finance $60 of education. Explain how this individual should respond if interest rate increases. Discuss income and substitution effects.
Discuss, using supply and demand analysis, the effect on the equilibrium price and quantity of new hybrid automobiles when the following occurs.
The taxable income excluding depletion is $50,000. Find the allowable depletion charge for that year. Answer $30,161 $25,000 $50,000 $97,500
Explain your answer what would happen to the value of gold if public discovered that it could simply be made at home from inexpensive materials.
If you were the angel investor, what is your certainty equivalent for these two projects? Are you risk-averse, risk-neutral, or risk-lover?
John Smith expected income in period two is unchanged. Illustrate graphically explain how this job loss affects John's consumption in periods one and two.
Assume that the marginal product of labor is: MP=100-L, L is the number of workers hired. You can sell the product in the marketplace for $50 per unit, the wage rate for labor is $100. How many workers should I hire.
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