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A) Why do economists refer to the economy as "fully employed" even when there is measured unemployment as high as 4.5% -5% ? (Hint: begin your answer with a definition of full employment and then compare with the concept of natural rate of unemployment, NAIRU; what is it and why?). How do you relate the most recent unemployment rate (Look for Jan, 2012 data on unemployment rate in www.bls.gov) to your conclusion of this question indicating if the US economy is in a state of full employment? Feb 2012 unemployment data will be announced on March 2nd.
B) Why would you expect the inflation rate to accelerate if the actual unemployment rate declined to a level lower than the "full employment" unemployment rate (NAIRU)? Explain your answer in a few sentences. What state of business cycles (such as recession, trough, recovery or boom) does the current US economy face, and why?
C) Draw an AS/AD diagram illustrating your answer to part (B) That is, draw an AS/AD diagram which shows what happens if strong growth in AD has pushed actual RGDP to a level above potential (full employment) RGDP. Be sure to label all lines and axes in your diagram clearly.
Determine what role did the rules of many governments play in influencing the international expansion strategies of both McDonald's and Wal-Mart and differentiate McDonald's strategies in China with those of Wal-Mart in Mexico?
China and Japan can manufactures calculators and noodles using land and capital in a competitive market. To manufacture one calculator two units of capital and one unit of land are needed,
Suppose you are the owner of a small bank in a state that is planning allowing interstate banking. You do not like this because it will be possible for large money center banks in Washington,
The other significant indicator in international trade is balance of payments. Summarize your understanding of microeconomic and macroeconomic theory in a discussion of balance of payments
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Graph the relationship between the price of ubber, PF , relative to blubber, PB, and the unit cost of oil, o, relative to the unit cost of whale, w. Why is the graph shaped this way?
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Do you expect Tradia to export more with the subsidy and what is the change in consumer surplus due to the subsidy
begin to think like an economist and analyze what accounts for the GDP numbers of the U.S. China, India, and Turkey. That is, which one of the four components of GDP did you find in your research accounts for the growth rates of these nations? Als..
Discuss what is the gain for a country that results from specialization in the manufacturing of items for which there is a comparative advantage?
"Time" magazine, Canadian edition, has recently published an article on U.S. agricultural subsidies titled "Why our Farm Policy is Failing", November 2nd, 2007.
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