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a) Describe using examples the three types of unemployment we generally come across and which of these are included in the definition of natural unemployment.
b) Is there a relationship between potential GDP and Natural unemployment rate? Explain.
c) The unemployment rate in November 2011 came down to 8.6% from 9.0% in the previous month. What could be a possible reason for the decrease in the unemployment rate even when many new jobs were not being created in the economy at that time?
How does a fair-trade product differ from an otherwise identical imported good What is the purported benefit of fair-trade certification on purchases of goods such as chocolate, coffee, bananas, and tea? Do fairtrade goods improve average wages or..
Assume also that South Africa is a net importer of maize and imports maize mostly from the US. The FOB at US Gulf port is US$350 per tonne (1 tonne =1000 kg). Assume freight, insurance and unloading (FIU) cost at Durban is 150 Rands per tonne.
What is the welfare loss in the labor market compared to the case where the engineer labor market is competitive?
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
What are Economies of Scale? Why is it Significant to understand this concept? How can one's knowledge of Economies of Scale contribute to decision making processes in organizations?
The scientific method is more difficult for economists than, say, chemists, because: a-controlled laboratory conditions are more problematic in economics. b-it is difficult to hold other factors that may affect the variables being studied constant in..
Draw a graph to analyse the effects of 40 per cent tariff rate in Korea on the price, domestic supply of and demand for beef, and compare the situation with no tariff case.
If the price elasticity of demand for gasoline is 0.3, and the current price is $1.20 per gallon, what rise in the price of gasoline (in cents or dollars) will reduce its consumption by 10%? please explain.
what is the difference between a price ceiling and a price floor? if a price ceiling is set below the market
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
casea beautiful harbor town has the following characteristics it is located on an island that is mostly except for the
The farmer wants you to work out how many heifers to carry through the system so that he can replace the cull cows and
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