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Objectives
The purpose of the Unit Exercises is to assess the student's ability to apply the economics concepts learned in the unit to practical problem-solving scenarios.
Instructions
Students are to complete the following exercises in Word (or some other compatible word processor) and submit by 11:00 p.m. on Sunday of Units 2, 4, 6, 8, 10, and 11.
1. Consider the macroeconomic data shown below for a hypothetical country's economy.a. Compute the output gap for each year.b. In several years actual GDP exceeded potential GDP. Explain how GDP can exceed potential GDP.c. In this example, real GDP has not fallen from year to year but at times it happens. When real GDP falls from year to year what do economists call such periods?d. What is the unemployment rate when this economy is at "full employment"? What kind of unemployment exists at this time?
2. Consider the following data for a hypothetical economy that produces two goods: milk and honey.a. Compute the output gap for each year.b. In several years actual GDP exceeded potential GDP. Explain how GDP can exceed potential GDP.c. In this example, real GDP has not fallen from year to year but at times it happens. When real GDP falls from year to year what do economists call such periods?d. What is the unemployment rate when this economy is at "full employment"? What kind of unemployment exists at this time?
What is the price associated with the point at which the quantity demanded of a product equals the quantity supplied?
Economic policy recommendations for monetary policy, fiscal policy and growth policy - justify your chosen policies in an understandable manner, with the use of economic theory.
A country has the per-worker production function, y=5k1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=0.2Y where s is total nation..
Describe the quality characteristics of your product and compare them with the quality characteristics of the substitutes. Note how these quality differences may be reflected in price differences.
Using data from the Global Environmental Monitoring System, Grossman and Krueger (QJE, 1995) estimate a cubic relationship between a country's income per capita in thousands of dollars (Y) and the concentration level (in μg per cubic meter) of a v..
A large portion of the Internet is interactive and dynamic. From corporate e-commerce to an individual's blog Web site, users can post reviews, provide feedback, play games and do a myriad more.
a. Calculate the effective rate of protection if there is no duty on steel imports. b. Calculate the effective rate of protection if the importing country imposes a 20% tariff on steel imports. c. Suppose it also takes $4000 worth of copper (besides..
There be surplus supply or surplus demand. What would be the quantity of surplus demand or surplus demand.
"Emerging economies, such as china, pose a threat to the comparative advantage of the U.S". How can such a statement be evaluated using the insights learned from the standard trade model? Provide full verbal and graphical explanation.
Exercise 5 Develop the function qwerty. The function consumes a counting number and extracts that many keyboard characters from the string "qwerty".
Finance the expenditures with an equal increase in taxes and keep tax revenues constant and borrow the money from the public by issuing new government bonds
What lessons they learned about the U.S. economy of the past 30 years. Sketch a production possibilities frontier for the years 1982 and 1983, showing the trade-off between public sector and private-sector (civilian) spending.
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