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Suppose that a nation has a labor force of 100 people. In January, Amy, Barbara, Carine, and Denise are unemployed; in February, those four find jobs, but Evan, Fancesco, George, and Horatio become unemployed. Suppose further that every month, the previous four who were unemployed find jobs and four different people become unemployed. Throughout the year, however, the same three people -- Ito, Jack, and Kelley -- continually remain unemployed because they lack sufficient skills to obtain open jobs. Bill, Bob, and Boop are not working and have given up finding work for the time being. a) What is the nation's frictional unemployment rate? b) What is the structural unemployment rate? c) What is the total unemployment rate? d) Describe Bill, Bob, and Boop. Are they unemployed? Explain.
Why do most modern societies try to reduce poverty? Why don’t they do so by simply passing a law requiring everybody to have the same income? Explain
If an author earns a royalty (income) of 10% of the total sales revenue of his or her book, and all the author cares about is maximizing money income on that book, then does the author prefer that the price of the book be greater than, less than, or ..
Elucidate how Illustrate what occurs to demand for L1 when w2 increases. Illustrate the scale also substitution effects.
Analyze the content from Ma & Adams on China, in terms of the microeconomic concepts that you are studying from the Parkin textbook. Try to identify specific key principles and theories which bear upon the allocation of resources and distribution of ..
If a firm decreases the price of a good and total revenue decreases, then
Takashi has non-labor income from his investments of I = $60 per day, and can earn an hourly wage at his job of $20 per hour. Write a formula for Takashi’s budget constraint as a function of L (leisure hours) and C (consumption spending per day). Is ..
When the government imposes a price floor above the market price, the result will be that:
In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
State whether the following characteristics represent monopolistic competition, oligopoly, or both.
Suppose the Federal Reserve is considering the applications of four different banks to merge with other banks. Given the level of the new HHI and the change in the HHI shown below, in which case could the Fed challenge the merger?
Suppose that your firm's marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. If your firm is interested in minimizing average total costs, what should your firm do?
Suppose the relationship between Demand for good x (Qx) can be described by the following linear relationship
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