Reference no: EM137193

Q1. Explain what does the axiom of strict convexity of involve about preferences? Also clarify in words as well as write down the relevant preference relationships.

Q2. Suppose the entire civilian labor force is 20,000 people and the number of unemployed is 2,000 people. Calculate the unemployment rate, in percent. Show your work

Q3. If the reserve requirement before the shift was 10% and the Fed adjusted the reserve requirement to cause the shift, which of the following is a possible new value of the reserve requirement?