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1. Please examine possible impacts of Covid-19 on
run perspectives
Step by step
Solved in 2 steps
- 3- What type of unemployment (cyclical, frictional, or structural) applies to each of the following: landscapers laid off in response to a drop in new housing construction during a recession. coal miners laid off due to EPA regulations that shut down coal fired power a financial analyst who quits his/her job in Chicago and is pursing similar work in Arizona printers laid off due to drop in demand for printed catalogues and flyers as firms go the internet to promote an advertise their products. factory workers in the U.S. laid off as the plants shut down and move to Mexico and Ireland.What is the relationship between potential output and the natural rate of unemployment? a. If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 2 percent what is the natural rate of unemployment? Where is the economy operating relative to its potential GDP? b. What happens to the natural rate of unemployment and potential GDP if cyclical unemployment rises to 3 percent with other types of unemployment unchanged from part a? c. What happens to the natural rate of unemployment and potential GDP if structural unemployment falls to 1.5 percent with other types of unemployment unchanged from part a?a) Which of the following is not true? Frictional unemployment on the labor market arises from a lack of information in the labor market Cyclical unemployment exists because of a recession It is logically impossible for both the unemployment and the employment rates to both simultaneously increase or decrease together Structural unemployment exists because of mismatched worker skills and job availability Full employment requires that no cyclical unemployment exists on the labor market b) Suppose we have the following: (4th order) Value of trees $5 per tree and 1,000 tree harvested; (3rd order) 1,000 trees fabricated in to $25 wood pulp per ton (1,000 tons): (2nd order) 50,000 rolls of facial tissue ($10 each); (1st order consumer goods) of 30,000 boxes of Kleenex tissue at Safeway for $1 each. Which of the following it the correct calculation of GNP? $540,000 $400,000 $450,000 30,000 None of the above is correct
- 5 An economy experiences a decade in which the quarterly unemployment rate fluctuates between 2.5% and 3.5%. Due to a number of shocks the economy gets into problems and the unemployment rate increases by 0.5%-point per quarter (So it become 4.0% in Q1, 4.5% in Q2, 5% in Q3 and 5.5% in Q4, also in the second year after the shock the unemployment rate continues to increase. This experience is consistent with: a locally and globally stable equilibrium a locally and globally unstable equilibrium a locally unstable and globally stable equilibrium a locally stable and globally unstable equilibriumName and explain some of the reasons why wages are likely to be sticky, especially in downward adjustments.List three practical problems with the Keynesian perspective.
- Why do sticky wages and prices increase the impact of an economic downturn on unemployment and recession?Suppose the level of structural unemployment increases. How would you illustrate the increase in structural unemployment in the AD/AS model? Hint: How does structural unemployment affect potential GDP?Distinguish between anticipated, unanticipated, and imperfectly anticipated inflation regarding its consequences in an economy in both the short and long run. In describing these weigh the pros and cons of indexation.
- 1 1A) Using the static AD/AS model to explain how the job keeper (wage subsidy) policy worked to sustain the economy even though unemployment rate in Australia had increased during Covid-19 period? 1B) justify in detail the difference between U shaped recoveries and V shaped recoveries?In early 2017, policymakers at the Federal Reserve forecast that real GDP during 2017 would increase faster than potential GDP and that the inflation rate for the year would be about 1.9 percent. Source: Federal Open Market Committee, "Advance Release of Table 1 of the Summary of Economic Projections to be Released with the FOMC Minutes," March15, 2017. Fill in the missing values in the table with estimates that are consistent with these forecasts. Assume that the growth rate for real GDP between 2016 and 2017 is 0.32 percentage points higher than the percentage change in potential output between those years (rounded to two decimal places). 2016 2017 Real GDP $16.7 trillion $nothing trillion Potential GDP $16.9 trillion $17.1 trillion GDP Deflator 111.5 nothing (Enter your responses rounded to one decimal place.)K2. Consider the case of the importing company IMP located in country I, which imports its raw materials form exporting company EXP located in country E. According to their contract this year company IMP has to pay E1Million to company EXP for its supplies. The current economic conditions are as follows: S(t=0,E/I)=0.5 Price Index(t=0,E)=1.2 Price Index (t=0,I)=1 The most likely macroeconomic scenario for next year predicts: inflation in country I from t=0 to t=1 at 4% inflation in country E from t=0 to t=1 at 1% A 10% nominal devaluation of currency I relative to currency E a) What is the nominal and real cost of the supplies for company IMP in terms of currency I for year t=0? b) What is the expected nominal and real cost of the supplies for company IMP in terms of currency I if the contract maintains the price of E1Million for year t=1? c) What will be the expected nominal and real cost for firm IMP if the two firms agree on a risk-sharing contract specifying an annual…
