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There are two types of labor in the economy: skilled labor LS and unskilled labor LU . Of course, skilled and unskilled labor earn di↵erent wages: WS /P and WU /P . The production function is given by
Y =Aln(LS)+ln(LU).
Parameter A reflects technology. Assume that skilled labor supply is increasing in the real wage of
skilled labor and unskilled labor supply is perfectly inelastic.
The Chinese Renminbi was pegged to the USD before July 2005. Using the IS-LM-FX model for Home (China) and Foreign (US), illustrate how a decrease in G in China before July 2005 affected the following Chinese variables (increase, decrease, no chan..
Discuss the implications of government trade policies as they relate to the growth of the economy. What macroeconomic concepts are used in the theory of open economies?
The cost of capturing and storing all CO2 produced by coal-fired electricity generating plants during the next 200 years has been estimated to be $1.8 trillion. At an interest rate of 10% per year compounded monthly, what is the equivalent annual wor..
Your employer has just assigned you to a six-month project in Europe and you leave next week. You have just decided to list your house for sale and you have an agreement with ABC Realty to market your house. You need to appoint someone to act as ..
Suppose that for Italy in 2008, exports 400 billion euros of goods and 300 billion euros in services, imports equaled 500 billion euros of goods and 350 billion euros of services, and the rest of the world purchased 250 billion euros of Italy's asset..
What is the unofficial barrier that sometimes prevents women and minorities from advancing to the top ranks of organizations dominated by white men.
Jason is indifferent between $10 for sure and a lottery that pays $100 with probability 0.09 and $0 with probability 0.91. He is also indifferent between $70 for sure and a lottery that pays $100 with probability 0.80 and $0 with probability 0.20.
Given the price of gasoline to be three dollars a gallon. Now show graphically what happens if we put a one dollar tax on gasoline. Please tell me how much for the tax the consumer pays and how much of the tax the seller pays.
Illustrate what are the production elasticities of demand for labor, capital (trucks) and energy. What type of returns to scale is consistent with the above production function.
How do trade deficits and surpluses affect the industry in which you work?
One-tenth of the participants produce over one-third of the output. increasing the number of participants merely reduces the average output." if this statement were true, would it be consistent with the law of diminishing returns?
The Fed sells $100,000 in Treasury Bonds to Chase Bank in the secondary market. a) What happens to the monetary base as a result b) If the reserve requirement is 20%, c=0.5 and e=0.001, what happens to the money supply as a result
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