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Indicate whether each of the following statements is true
or false, and explain your reasoning.
- An intervention which raises nominal
GDP will also decrease un-
employment. - Immigration into a country leads that country to focus more on
capital intensive goods.
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- Which of the following is LEAST likely to be a cause of long-term secular slowness in increases in U.S. labor productivity? (a) transition of the economy increasingly toward services and away from manufacturing; (b) falling levels of the capital to labor ratio; (c) globalization and the shift of production from places within the U.S. to places outside the U.S.; (d) tighter labor markets and the infusion of more and more workers with below-average skills.. Ricardian Model. Consider two countries: A and B. Labour is the only factor of production for goods X and Y. Consider the following matrix of unit labour requirements. X Y Labor Endowments Country A aLx = 8 aLy = 4 240 Country B aLx* = 6 aLy* = 2 120 Which country has an absolute advantage in producing good X? Good Y? Which country has comparative advantage in producing good X? What is the autarky relative price of good X for country A? For country B? Draw the world relative supply curve RS for good X. Label all the axes (relative price of good X on the vertical axis and world output of x relative to y on the horizontal axis) and the relevant points. Suppose that the world relative demand RD for good X is given by: (Px/Py) = 7 – 9 * ( ( Qx +Q*x) / (Qy + Q*y) ). With free trade: (i) What will be the equilibrium world relative price of good X be equal to? (ii) Calculate the equilibrium wage rate w in A relative to that…pleasee quickk !!!!! The main difference between market-clearing and non-market-clearing models of the economy is the... a. Long-run path of employment. b. Tendency for output to return to potential in the long run. c. Long-run path of wages. d. Long-run path of output. e. Degree of wage and price flexibility in the short run
- Suppose that all social programs simultaneously become more generous. In particular, suppose that there is an increase in UI benefits, and also an increase in welfare benefits, which are represented in the two-sided search model as payments to everyone who is not in the labor force. What will be the effects on the unemployment rate, the vacancy rate, the labour force, the number of active firms, the aggregate output, and the labour market tightness? Draw the two-sided search model diagrams and explain the results and economics intuitions. Imagine you need to explain the mechanisms to your friends who do not seem to have learned the two-sided search model, so you may need to start with introducing key economic concepts very clearly. (Hints: for simplicity, assume the case when there is a uniform payment p to each person not in the labour force, and an increase by p in the employment insurance benefit.)Changes in oil prices can affect the inflation-unemployment outcome, explain what effect changes in oil prices may have on these two variables.E. Is unemployment rate a determinant of the murder rate in this data? Answer "YES" or "NO"______________. F. Is the treatment effect statistically significant at the 95% confidence level? That is, did removing the assault weapons ban have a statistically significant effect on the murder rate? Hint: Think about which coefficient we care about in a diff-in-diff set up. Answer "YES" or "NO"._____________. G. Does running this as a two-way fixed effects model make sense? Answer by inputting the number that is associated with the correct statement:______________.
- "The more sluggish wage and price adjustment is, the more variable output and price level are when an activist policy is pursued " is this statement ture, false, or uncertain? explain your answerConsider an economy that lacks any safety regulations. After a review of various incidences of workplace injuries, the government in this economy concludes that workers may not be optimally choosing jobs based on wages and safety. That is to say, workers seem to be accepting jobs that don't pay a high enough wage given the level of safety (or, put another way, jobs that aren't safe enough given the wage paid). This government is open to implementing new policies that would help workers make more optimal wage-safety choices. However, it strongly prefers avoiding the implementation of safety regulations on employers. For each of the following underlying causes of the wage-safety issue, describe a potential policy that could help resolve it. Given this government's aversion to implementing safety regulations, use "safety regulations" as a policy response to only one of these causes. a) Imperfect information among workers b) Imperfect competition between firms c) Workers experiencing the…Consider the following model of a competitive labour market where both firms and workers have perfect foresight and symmetric information about the price level (that is, no misperceptions). Firms' technology is given by the production function y = a N ½ (production function) where a is a positive constant representing total productivity, N is employment and the elasticity of production to employed labour is 1/2. The government requires firms to pay pension contributions to the fiscal authority: the contribution is a small fraction x of the wage paid to each employed worker. Therefore, firms profits equal P y - W N - x W N and they are maximized taking the price level P, the nominal wage W, and the pension contribution rate x as given. Labour supply is given by: W = P b N where b is a positive constant. Answer all the following questions. a) Derive the labour demand schedule by solving the profit maximization problem of firms.
- Specific Subject: Macroeconomics - Basic Neoclassical Model This problem indicated At (exogenous variable represents as Technology as looks at Cobb-Douglas production functions). This problem indicated At (exogenous variable represents Technology as can be seen in various Cobb-Douglas type production functions).Then, the objective is to model 2 graphs considering 2 labour offers - one relatively elastic and the other inelastic -, and to analyse the effects of variables such as Yt (output), rt (interest rate), wt (nominal wage) and Nt (labour) and how they are impacted by these offers and thus explain what happens to the real wage. This problem was sent 2 times, but due to the complexity it was rejected. I urgently need a resolution.Consider Ricardian model with two countries, Home and Foreign, and three goods: Cloth, Food and Books. Labor is the only factor of production. Cloth and Food are freely traded between countries, whereas Books are non-tradable. Unit labor requirements in the Home country are 12 for Cloth, 3 for Food and 4 for Books. Unit labor requirements in the Foreign country are 2 for Cloth, 2 for Food and 3 for Books. The total amount of labor in the Home country is 1500, and the total amount of labor in the foreign is 1000. If the world price of Cloth is 18 and the world price of Food is 12, what is the price of Books in the Home country? [Insert the nearest integer.]In the Heckscher-Ohlin model, modelling supply chains A is impossible. B can invalidate the factor price equalisation result. C allows countries to specialise in producing different intermediate goods D will imply that wages for skilled labour move in opposite directions in countries with relative abundance of skilled labour and countries with relative scarcity of skilled labour.