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According to a census, the total population of this hypothetical economy has reached to 287.97 million. 31.03% of this population is aged 14 and below, and the 3.3% of ages 15 and over are full-time students. Furthermore, the 17.3 million accounted for as adults are not in the labor force. And the labor statistics says the 169.87 million are employed, including the 2.7% partimers.
(a) How big is the labor force?
(b) What is the unemployment rate?
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
A monopolist faces a demand curve given by D(p)=3-3p. Its cost function is C(q)=6q.
firm had demand function given by qd1000-10p. its cost function given by c 150 20 qa- write an equation for the inverse
Explain why you might expect to see certain capital owners and labor groups arguing against expanding trade in a capital-abundant country.
What are temporary tables? When are they useful? Justify with an example.
Assume the U.S. government determines that cigarette smoking creates social costs not reflected in the current price of cigarettes in the market
Elucidate what are some measures of total ouput on the horizontal axis of the AS/AD model. Which measure do you think represents the most accurate picture of the output of an economy.
According to this line of reasoning, education is then "consumed" by house holds. Construct a circular-flow diagram like the one found in this chapter to represent the sector of the economy devoted to collage education.
Tammy Tomato has just taken out a $50,000 mortgage at an annual interest rate of 8%. The mortgage calls for 20 equal annual installments.
The Federal Reserve buy $1 million in United State Treasury Bonds from a bond dealer, and the dealer's bank credits the dealer's account. The required reserve ratio is 15%,
What is meant by the theory of reciprocal demand? How does it provide a meaningful explanation of the international terms of trade?
Suppose an economy only produces single consumption well. Consider permanent upward shift of production function. Graphically describe the effects on each of following:
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