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1. Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part time workers looking for full time jobs, 10. What is the size of the labor force? What is the official unemployment rate?
3. If the CPI was 110 last year and is 121 this year, what is this year's rate of inflation? In contrast, suppose that the CPI was 110 last year and is 108 this year. What is this year's rate of inflation? What term do economists use to describe this second outcome?
4. If your normal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase? If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent in some year, what must have been the (approximate) rate of inflation?
Given the Demand curve for flyswatters Q = 500-50P, estimate the quantity demanded for the following prices.
Illustrate the impact do natural resources have on economic growth. Will it be possible for a country with few natural resources to grow rapidly.
Illustrate the position of US economy over the next couple of years using aggregate demand and supply curves if these expectations are to be realized.
Find out the income elasticity of demand. Elucidate whether gas is a normal or inferior product.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Illustrate graphically the impact in the short run and the long run of a Federal Reserve decision to increase open-market purchases.
Provide a graph of the Solow model, indicating the position of the golden rule level of saving (SR), and explain why it is preferred.
Elucidate what was the actual price elasticity before the cartel was formed.
Questions on Long-Run Labor Demand and Factor Substitutability, Own-price elasticity, Cross-price elasticity
The demand curve faced by a industry in a monopolistically competitive industry which is more elastic than the perfectly competitive firm's demand curve.
For which of the subsiquent items will the advertising elasticity of demand be relatively higher.
Is the company charging the optimal price for the product. Demonstrate how you know.
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