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Assume that you have the following information about an economy:
- Population over the age of 16: 249.7 Million
-Labor Force: 157.2 Million
-Not in the Labor Force: 92.5 Million
- Employed: 148.2 Million
- Unemployed: 9.0
A) What is the unemployment rate of this economy?
B) What is the labor force participation rate?
C) Suppose that 1 million currently unemployed workers decide to no longer actively look for work.What is the unemployment rate of the economy now?
D) What is the new labor force participation rate?
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
The United States economy is experiencing a moderate economic downturn. The Republican President has addressed the downturn using stereotypical Republican methods. The economy failed to improve significantly, although there WAS some improvement. Duri..
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1,500,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Use Dr. Scott-Clayton’s testimony to answer the following questions.a. What are two lessons learned about financial aid? Explain b. What are two ways financial aid policy could be reformed in order to better serve students? Explain
Suppose there is an increase in the immigration to the US from around the world (ie. No specific country). Show graphically how this affects the growth rate of both output per capita and total output in the short and the long run. Chart the time path..
How have financial innovations increased the liquidity of home mortgages since the late 1970s? Has this increase in liquidity tended to increase or decrease the interest rate on home mortgages? Explain why.
When Ajax co. Produced 3 units of output per week, its total fixed cost was $100 and total variable cost was $45. When output increased to 4 units per week, total fixed cost remained at $100 and total variable cost increased to $65.
This problem uses a utility function of the form U = 1 – exp(-0.002 X Income) where exp(z) means “ez”. The problem analyzes a gamble in which Income = 1,000 with probability 0.4 and Income = 3,000 with probability of 0.6. Calculate the expected incom..
During the beginning of the 21st century, the growth in desktop computer sales declined for the first time in almost two decades. As a result, PC makers dramatically reduced their orders of computer chips from Intel and other vendors. Explain why com..
When the government imposes a price floor above the market price, the result will be that:
Las Cruces Recreations Inc. headquartered in Las Cruces, NM operates a summer camp in Silver City, NM. The cost data for a 12-week summer camp are as follows: Charge per camper = $400 per week Variable cost per camper = $220 per week Fixed costs = $2..
In 2005, conditions in Iraq led to a sharp drop in consumer confidence and a drop in consumption. Assume that the Fed holds the money supply constant, tell a story and predict the effects on the equilibrium levels of aggregate output (Y) and the inte..
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