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Part A
1. Describe three (3) ways we can use macroeconomic analysis, with one (1) original example for each way.
2. You are running a small yard maintenance business for the summer. What do you expect to happen to the number of yards you can maintain in a day as you add workers if you don't purchase more capital equipment (like mowers and leaf blowers)? Provide at least two (2) supporting facts to support your response.
Part B
1. Using the real business cycle theory, explain two (2) effects of an adverse technological shock on the labor market and on the output market.
2. Suppose you were interested in increasing technological progress in your country. Suggest two (2) ways to do this.
You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state.
What is the difference between a traditional monopoly and a natural monopoly. Include the following points Identify the incentives to produce and price the product for a traditional monopoly and natural monopoly.
Are natural disasters occurs of inflation or deflation. Where might the public see the evidence.
After a decade long advertising war, NIK and REB are only two surviving company in the sport shoe market. The yearly demand in this market is given through P=100-0.5q.
Why the characteristics of the labor marketplaces should result in the same wage rate for all jobs requiring the same level of abilities and skills.
M/P=kY – bi where k is the income elasticity and h is the (nominal) interest rate elasticity of real money balances. Assume that k > 0 and that h > 0. Further assume that the quantity of nominal money balances is fixed by the Bank of Canada at M and..
What feature in this example leads to the result that you don't need to know the amount of taxes collected by the government to find the equilibrium?
Analyze why the prices of gasoline rose so high over the summer. Was it because OPEC cut back production and the number of people driving was more? Illustrate this using a graph showing a decrease in supply coupled with an increase in demand, resulti..
Consider a consumer who is always willing to substitute three pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-brand ..
If the inverse demand function p() facing a monopolist is downward sloping, and if the total cost function c() is upward sloping, then the profit maximizing level of output will occur where demand is elastic, where E(y)
Airway Express has evening flight from Los Angeles to New York with average of 80 passengers and return flight the next afternoon with average of 50 passengers. Should the airline remain in business?
The town is debating two strategies for funding this cost: (1) requiring a sticker on every bag disposed of such that the total cost of the stickers for the average number of bags per household per year would be $30 or (2) including the $30 fee in..
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