Reference no: EM131171217
Answer the following questions using examples and applications from McConnell, C., Brue, S., Flynn, S. (02/2009). Microeconomics, Brief Edition, 1st Edition and/or other resources. Justify your answers using economic concepts and ideas as they apply. Respond to each question thoroughly and complete.
Questions:
1. The demand for labor is said to be a "derived" demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor?
2. What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years?
3. How does a firm determine its prices and the quantity of labor required in the resource market during a specific period?
4. Why do income inequalities exist? How are income inequalities measured? How have income inequalities changed from 1980 to the present?
5. What is the role of the U.S. government, in terms of dealing with the problem of income inequalities? What are the arguments, for and against, government involvement in this area?
6. Why do nations trade? What is meant by the concept of "Comparative Advantage"? Could a nation be better off economically, if it practiced an isolation policy?
7. The United States has had a significant trade imbalance for several years. What are the problems associated with having a negative trade balance? What can be done to correct the imbalance?
8. How are exchange rates determined? What is the significance of currency devaluations to the home country? To other countries?
|
Government of rwanda used to grow out of poverty
: Critically discuss what the government of Rwanda used to grow out of poverty and which of these strategies do you think had the greatest influence towards the reduction of poverty?
|
|
Inform managers about good news
: The Master degree in (x) and need to inform higher managers and owner of the company about this good news, noting that working in the supply chain and Master degre
|
|
Calculate the amount of profit that can be earned
: Explain how this leader in your firm can speculate on the belief that the euro will be $1.41 in 12 months. Calculate the amount of profit (ignoring exchange rate fees) that can be earned and the percentage return achieved.
|
|
Argument between the economists
: Why was there an argument between the economists that demand behaviour could be explained with ordinal numbers?
|
|
What is the meaning of a derived demand
: The demand for labor is said to be a "derived" demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor
|
|
What percentage would your real income increase
: Suppose your nominal income rose by 6.3 percent and the price level rose by 3.8 percent in some year. By what percentage would your real income (approximately) increase? percent. If your nominal income rose by 3.8 percent and your real income rose b..
|
|
Design an appropriate seismic-type system
: For a turntable mass of 8 kg, design an appropriate seismic-type system which will attenuate frequencies below 180 Hz. Specify two suitable sets of design parameters.
|
|
Discuss the basic models of the firm
: Discuss the basic models of the firm and for each model,clearly highlight its assumptions and limitations?
|
|
Unequal income distribution in the united states
: Unequal income distribution in the United States- The effects of inequality on health care - Suggest reasons why these inequalities persist.
|