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1. Section 6-2 emphasized how the Phillips curve (sans inflationary expectations) broke down in the United States. You might ask yourselves, But does it hold in other countries? The goal of this exercise is to give you the chance to experiment with the data and try to find a country for which the Phillips curve might still hold. In order to do this, go to www.bls.gov and mouse over "International" under "Subject Areas." Click on "Foreign Labor Statistics." Using the "One-Screen Data Search" for "Labor force statistics, productivity and unit labor costs, consumer prices," choose a country and add the Consumer Price Index and the unemployment rate into the selection box (use the "Add To Your Selection" button instead of "Get Data" to put more than one series into the selection box.) Place the annual data for these two indicators into an EXCEL file. Calculate the inflation rate in the CPI and create a scatterplot that has the unemployment rate on the X axis and the inflation rate on the Y axis. Does your graph look anything like a Phillips curve? Try to do the same for another country. If you find a country for which it works, please let us know.
Discuss the statistical significance of the parameter estimates a, b,c, and d using the p-values. Are the signs of b,c, and consistent with the theory of demand. Wilpen plans to charge a wholesale price of $1.65 per can. The average price of a ten..
Suppose demand for vaccination against whooping cough is Q=200-2p and supply can be represented as p = 22 +Q/4. Suppose the external benefit to society of immunisation is B =Q/4 . The government considers subsidizing individuals to get immunized.
How many goods are traded?
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income)
Consider the production function Q= 20K1/2L1/2 The firm operates in the short run with 16 units of capital.Using the marginal product (MP) function derived in part c, the marginal product is _____ when 160 units are produced.
Why is advertising prevalent in many oligopolies, especially when industry demand is inelastic Illustrate your answer by assuming that with advertising, a firm's demand curve has price elasticity of -1.5 and without advertising, it is -2.
Suppose demand for widgets is given by the equation P=20-0.5Q. Originally, the price of the good is $10 per unit. When a tax of $2 per unit is imposed, the price of the good rises to $12 per unit. How much total tax revenue is raised by the tax
A chief executive of an oil company must decide whether to drill a site and, if so, hew deep. It costs $160,000 to drill the first 3,000 feet, and there is a 0.4 chance of striking oil. If oil is struck, the profit (net of drilling expenses) is $6..
(1) eliminate the deficit by cutting government spending and (2) eliminate the deficit but raising taxes. Which program has the least damaging effect on GDP. Just tell me how much GDP falls in each program and draw the correct conclusion.
Elected officials in the state legislature are supporting legislation that subsidizes the entertainment industry, specifically film and sports stadiums, because they promote economic growth for cities. Evaluate this claim if the employment multipl..
Knappland is at Y = Yn , ue = uen , and P = Pe. President Ewe is concerned about the upcoming election. He pushes tax cuts through the legislature. a. Use the AS-AD to illustrate the effects of the income tax cut
as this market makes the transition to its long-run equilibrium, will the price rise or fall? will the quantity demanded rise or fall? will the quantity supplied by each firm rise or fall
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