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Short essays. Answer each question as completely as possible:
1. Define the “natural rate of unemployment” and show that its two equations are equivalent. What are its causes and what is its significance for public policy?
2. Define “structural unemployment” and explain its causes. Use a labor market diagram to show how it can result from minimum wage laws. Explain
Suppose that initially the price is $50 in a perfectly competitive market. Firms are making zero economic profits. Then the market demand shrinks permanently and some firms leave the industry and the industry returns back
How large is the bias in the CPI due to not immediately incorporating new goods.
Reduce labor market rigidities. What can be wrong about joining forces and adopting a common currency? The euro is obviously good for Europe.
A person has a choice between only the following bundles: (1,1), (2,2) (3,3) (1,2) (1,3) (3,2) (3,1) (2,1) (2,3). The person’s preferences are that they prefer the bundle that has a bigger number when the x coordinate is divided by the y coordinate. ..
If taxes are cut, then consumption, A laissez-faire attitude toward most markets is most closely associated with, In the classical model, the supply of loanable funds is,
what is the marginal utility of X? If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to the MRS?
If you invest $1,000 today, how much will it be worth in 20 years? Assume that the money will grow at the interest rates: of 8% compounded semi annually during years 1-10, and 12% compounded quarterly during the remaining years.
If the exchange rate at the end of the year is 105 yens for a dollar then what would be the inflation rate be in the US.
Assume that economy starts at equilibrium and mpc = 0.8. Illustrate what would be effect of a $500 increase in taxes once all rounds of multiplier process are complete.
___does not count in GDP numbers until the final product is sold. This is used to change variables from nominal to real: This gov. policy is part of the collection of policies deemed "shock absorbers." This particular policy is used for those recentl..
Which costs would you take into account in making your decision, fixed costs, variable costs or both? Make sure to explain your analysis in the decision that you have to make.
Compare performance of a single-price monopoly with that of perfect competition. Explain how price discrimination increases profit. Explain why monopoly can sometimes achieve a better allocation of resources than competition can.
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