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Classical & Keynesian economists' views of unemployment

If you were having a conversation with a Keynesian and a Classical economist, and the conversation turned to why the economy is experiencing high unemployment and what the government should do about it, how would each economist explain unemployment and what policies would each advocate?

Economic Loss Questions

Q2. The high employment deficit is estimated at $100 billion. Assuming that the ecomony is operating below full employment and that it will not overheat during the year, a. the actual budget is not in deficit. b. increasing GDP will eliminate the deficit. c. increasing GDP will not eliminate the deficit. e. the actual budg

retirement ages; stock options

What is the logic of a firm setting and exercising the application of a mandatory retirement age? What are the pros and cons of the mandatory retirement practice from the perspective of the firm/organization, individual, economy, or Nation? How might your response change with time; i.e., as you age or as the discoveries, oppo

Investigate the foremen in a company.

The focus of the text is the development of "three criteria," successful organizations have in their human resource management plans: the assignment of decision rights; an appropriate incentive and rewards system; and, an effective performance evaluation program for the individuals and divisions. you should be thinking of how y

Labor surplus is examined.

Job Fairs: Long Lines and a Ray of Hope More Than 3,700 People Descended Upon 92 Employers at a New York Job Fair. Some Were Happy Just to Talk to a Recruiter Face-to-Face. NEW YORK (â?"Howard La waited 90 minutes on line for the chance to spend three minutes with a recruiter from Charles Schwab. La, who lost

Achievement and Employment Status

THE ATTACHED DOCUMENT HAS THE TABLE a. Compute E(Y ). b. The unemployment rate is the fraction of the labor force that is unemployed. Show that the unemployment rate is given by 1-E(Y ). c. Calculate E(Y|X = 1) and E(Y |X = 0) e. A randomly selected member of this population reports being unemployed. What is the probabili


Suppose the U.S. government determines that cigarette smoking creates social costs not reflected in the current price of cigarettes in the market. A study has recommended that the government can correct for the externality given the effect of cigarette consumption by paying farmers not to plant tobacco used to manufacture cigare

goals for the Fed

The Federal Reserve System (aka, the Fed) has a large measure of political independence. The Board of Governors, appointed by the US president and confirms by the US Senate, serve 14 year terms. In addition, the Federal Open Market Committee includes representatives of private banks in the Federal Reserve System. What are the

Labor market and minimum wages

Please review the attached. 1. What is the situation in the 2009 NYC labor market? a. Labor Surplus b. Labor Shortage c. Equilibrum 2. What percentage of jobs would be lost if the min wage were increased to 9.50?


What would have been the likely outcome had the government not intervened to help with key economic issues of the companies please do a detail analysis. Also please list references.

IS curve and taxation questions

1. In a certain year the aggregate amount demanded at the existing price level consists of $100 billion of consumption, $40 billion of investment, $10 billion of net exports, and $20 billion of government purchases. Full-employment GDP is $120 billion. To obtain price level stability under these conditions the government should:

Aggregate Supply/Demand Diagram: Unemployment Example

A) 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 and remained at that low level for a year or longer? Explain your answer in a few sentences. B) Draw an AS/AD diagram illus

Monopsonistic discrimination and supply curves

With reference to the diagram that I have attached I would like to be able to explain the concept of monopsonistic discrimination. In addition, I would like to be able to explain (a) why the supply curves in this diagram for men and women differ? (b) be able to explain why women are paid less under the circumstances represented

Production functions

Use the following data for a firm's output at various levels of employment (L) to calculate: Number of Workers (L) Output (Q) 1 100 2 300 3 600 4 850 5

The main impact of the deficit spending

Assume the U.S. is in the midst of a recession and a new president has just inherited an already large public debt. As a top economic advisor to the new president, you are asked to explain the trade-off between the short-run and long-run objectives of using deficit spending to pull the country out of the slump. Make your case.

Finding Marginal Revenue and Market Wage

1. Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A widget producer wishes to determine how the addition of pounds of rubber will affect its MRP and profits. See the table in attachment, and answer each of the questions. a. The mar

Changes in Aggregate Supply

Lit three factors that can change the economyâ??s potential output. What is the impact of shifts of the aggregate demand curve on potential output? Illustrate your answers with a diagram

Constant Growth Model

The U.S. Bureau of the Census publishes employment statistics and demand forecasts for various occupations. (employment in 1,000) Occupation 1998 2008 Bill collectors 311 420 computer engineers 299 622 physicians assistant 66 98 respir

Cost function

Three University of Florida engineering students are considering operating a mobile car clinic in Gainesville, Florida, during their summer break. This is an alternative to summer employment stacking plastic cups at a local injection molding manufacturer where they would earn $10,000 each over the three-month summer period. A va

10 macroecomic multiple choice questions

In economic analysis, any amount of profit earned above zero is considered "above normal" because.. a. normally firms are supposed to earn zero profit. b. this would indicate that the firm's revenue exceeded both its accounting and opportunity cost. c. this would indicate

Costs and revenues

3. You have opened your own word-processing service. You bought a personal computer, and paid $5,000 for it. However, due to the cost changes in the computer industry, the current price of an equivalent machine is $2,500. You could sell any used machine for $1,000. If you were not word processing, you could earn $20,000 per year

Maximizing output relative to its labor cost

2. A firm has two plants, one in the United States and one in Mexico, and it cannot change the size of the plants or the amount of capital equipment. The wage in Mexico is $5. The wage in the U.S. is $20. Given current employment, the marginal product of the last worker in Mexico is 100, and the marginal product of the last work

What would be the measured unemployment rate?

Suppose the population over age 16 is 160 million, the number of discouraged workers is 10 ml, the labor force is 110 ml and the total employment is 90 ml. What would be the measured unemployment rate?

Split Congress Condition Economy

What condition would our economy be presently in and what type of stimulus and healthcare package would we be seeing if, by a silly quirk of fate: a) The Prez was from Arizona, the Vice-President was from Alaska (last years's GOP ticket), and the GOP controlled Congress? Could our economy withstand this scenario? b) The Prez w