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Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low. In an effort to improve the "welfare" of such workers the government offers to pay each low skilled worker $100 with the condition that they do not work any hours.
a. Can this plan succeed in increasing a worker's welfare? Demonstrate.
b. Must the plan be successful? Demonstrate.
c. From the worker's prospective, on what does the success of the plan depend? Explain.
According to the Heckscher-Ohlin theorem, is Russia capital abundant or labor abundant? Briefly explain. What is the impact of opening trade on the real wage in Russia? Briefly explain.
Say if the following statement is true or false and why-Exports depend only on the demand of foreign countries for our products and therefore our exporting
Why the price of computers dropped as their power and features has have increased?
Suppose the demand curve for a product is given by Q = 300-2P+4I where 'I' is average income measured in thousands of dollars. The supply curve is Q = 3P - 50.
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
The information below explains the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
Answer the following questions as these general questions pertain to the specific issue selected.The questions that you will cover with respect to your choice of broad social issue in the paper are given.
Suppose there is an increase in risk aversion by wealth holders in the sense that, other things equal, they want to hold more of their wealth in money (bank deposits) and less in securities.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
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