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A) Why do economists refer to the economy as "fully employed" even when there is measured unemployment as high as 4.5% -5% ? (Hint: begin your answer with a definition of full employment and then compare with the concept of natural rate of unemployment, NAIRU; what is it and why?). How do you relate the most recent unemployment rate (Look for Jan, 2012 data on unemployment rate) to your conclusion of this question indicating if the US economy is in a state of full employment? Feb 2012 unemployment data will be announced on March 2nd.
B) Why would you expect the inflation rate to accelerate if the actual unemployment rate declined to a level lower than the "full employment" unemployment rate (NAIRU)? Explain your answer in a few sentences. What state of business cycles (such as recession, trough, recovery or boom) does the current US economy face, and why?
C) Draw an AS/AD diagram illustrating your answer to part (B) That is, draw an AS/AD diagram which shows what happens if strong growth in AD has pushed actual RGDP to a level above potential (full employment) RGDP. Be sure to label all lines and axes in your diagram clearly.
Consider an industry in which chief executive ocers (CEOs) run rms. There are two types of CEOs: exceptinal and average. There is a fixed supply of 100 exceptional CEOs and an unlimited supply of average CEOs. Any individual capable of being a CEO..
Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. a. How many employees receive hourly wages of at least $18? b. What percentage of the employees has hourly wages of at least $18? c. What percentage of the employee..
The Clap Chemical Company needs a large insulated stainless steel tank to expand its plant. Clap has located such a tank at a recently closed brewery. The brewery has offered to sell the tank for $15,000 delivered.
What is the size of the sampling error in this case b. What is the probability that the average wait time would be less than 80 seconds c. What is the probability that the average wait time would be more than 109 seconds d. What is the probability..
The economy of Sonrisa has 1000 people in three income categories: poor, middle class, and rich. The poor ear $500 per year and have to spend it all to meet their consumption needs. The middle class earn $2,000 per year, of which $1,500 is spent a..
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
Use the sales data given below to determine a)the least squares trend line b)the predicted value for 2002 sales. c) the MAD d) the unadjusted forecasting MSE sales 1995 130 1996 140 1997 152 1998 160 1999 169
Market demand is given as QD = 200 - 3P. Market supply is given as QS = 2P + 100. Each identical firm has MC = 0.5Q andATC = 0.25Q. 1.) What quantity of output will a typical firm produce 2.) What is a firm's average total cost 3.) What is each firm..
A small private university is planning to start a volunteer football program. a random sample of alumni is surveyed. it was found that 250 were in favor of this program, 75 were opposed and 25 had no opinion. a. estimate the percent of alumni in fa..
Suppose that the marginal cost faced by a shoe company is $10 for a pair of shoes. If the demand elasticity for the company's shoes is also constant, and is equal to 5, what price should the company charge for a pair of shoes
What is the probability that the annual return in a given year will exceed 15%? Suppose that the fund managers change the holdings of the fund such that the mean becomes 15% and the standard deviation becomes 5%. What are the new values for the pre..
find the covariance between hourly wage X and education Y (measured in years of schooling) using the following summary statistics for a sample of 10 workers in a plant. xbar = 11.775 ybar=13.8 sum of (x-xbar)(y-ybar) = 103.55 sum of xy =1728.5
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