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The typical dynamics of unemployment over a recession
The table below shows the behavior of annual real GDP growth during three recessions. These data are from Table B-4 of the Economic Report of the President:
Use Table B-35 from the Economic Report of the President to fill in the annual values of the unemployment rate in the table above and consider these questions.
a. When is the unemployment rate in a recession higher, the year of declining output or the following year?
b. Explain the pattern of the unemployment rate after a recession if the production function is not linear in the workforce.
c. Explain the pattern of the unemployment rate after a recession if discouraged workers return to the labor force as the economy recovers.
d. The rate of unemployment remains substantially higher after the crisis-induced recession in 2009. In that recession, unemployment benefits were extended in length from 6 months to 12 months. What does the model predict the effect of this policy will be on the natural rate of unemployment? Do the data support this prediction in any way?
You have recently moved to Hanscom AFB MA and need to make a decision between living in base housing or buying a home in the local market. Compare the following costs and benefits on an annual basis.
Assume that an individual consumes two goods, X and Y. The total utility of each good is independent of the rate of consumption of the other good. The price of X and Y are $40 and $60 respectively. Use the following table of total u..
A student wants to have $100,000 at graduation 4 years from now to buy a new Tesla. His grandfather gave him $20,000 as a high school graduation present. How much must the student save each year if he deposits the $20,000 today
Verify that Theorems 7.13 and 7.14 from Chapter 7 can be applied to the Ben-Porath and lead to (10.14) as necessary and sufficient conditions for an optimal path of human capital investments. [Hint: use a similar argument to that in Section 7.7 in..
Illustrate the long run and short run on the same diagram.
Statistics for the economy as a whole are D= $2,000 billion, R= $200 billion, C/D= 0.2=ratio of currency to transactions deposits, N/D= 2.0= ratio of nontransactions deposits to transactions deposits, MMF/D = 1.6 = ratio of retail money-market mut..
In economics, it is agreed that Investment, especially capital investment, leads to economic growth. The source of Investment is from savings. What conclusions can you draw about the incentives for capital investment and economic growth.
Consider a population consisting of two types, "cooperators" and "defectors." Each individual interacts with a randomly chosen member of the population. When two cooperators interact, each earns a payoff of 6.
Assume the only choice variable is x. The total benefit function is B(x) =170x - x2 and the cost function is C(x) = 100 - 10x + 2x2 a) What are the marginal benefit and marginal cost functions
Use the following data to answer the following question: Price level 10 20 30 40 50 60 70 80 90 100 Real GDP $500 600 680 750 820 880 910 940 960 970 supplied Real GDP $960 920 880 840 800 760 720 680 640 600 Demanded
The Oil Price Information Center reports the mean price per gallon of regular gasoline is $3.79 with a population standard deviation of $0.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is c..
1995 200 2000 302 1996 215 2001 320 1997 237 2002 345 1998 260 2003 360 1999 278 2004 382 Calculate a trend line, and forecast sales foe 2005. How confident are you of this forecast
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