The phase of the business cycle where economic activity is decreasing is called a) peak. O b) expansion. Oc) trough. O d) deflator. O e) contraction.
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- Consider another economy in which the unemployment rate over the next3 years is 6%, 7%, and then 4%. According to Okun’s law, what are thelevels of short-run output Y ~ in this economy?Do you think perfect indexing is possible? Why or why not?Suppose that an economy’s production function is Cobb–Douglas with parameter = 0.3 a. What fractions of income do capital and labor receive? b. Suppose that immigration increases the labor force by 10 percent. What happens to total output (in percent)? The rental price of capital? The real wage? c. Suppose that a gift of capital from abroad raises the capital stock by 10 percent. What happens to total output (in percent)? The rental price of capital? The real wage ?
- economic Suppose that an economy’s production function is Cobb–Douglas with parameter a=0.3. a. What fractions of income do capital and labor receive? b. Suppose that immigration increases the labor force by 10 percent.What happens to total output (in percent)? The rental price of capital? The real wage? c. Suppose that a gift of capital from abroad raises the capital stock by 10 percent.What happens to total output (in percent)? The rental price of capital? The real wage? d. Suppose that a technological advance raises the value of the parameter A by 10 percent. What happens to total output (in percent)? The rental price of capital? The real wage?2.7 Diminishing Returns? An economy increased employment first from 10,000 to 20,000 and then from 20,000 to 30,000. The corresponding increases in output were 15,000 and 12,000, respectively. Nothing else changed during this period. Did this economy exhibit diminishing returns?If the natural rate of unemployment was 6%, the current unemployment rate was 8%, and the potential GDP was $4,000 billion, then according to Okun's law the economy would have sacrificed ___ billion in output not produced. A. 160 B. 240 C. 360 D. 480
- In an economy, if 5 percent of the employed lose their job every month (s = 0.05) and 15percent of the unemployed find a job every month (f = 0.15), what is the steady rate ofunemployment of the economy?Suppose that a country experiences a reduction in productivity--that is, an adverse shock to the production function. (This example should sound familiar!)a. What happens to the labor demand curve?b. How would this change in productivity affect the labor market--that is, employment, unemployment, and real wages--if the labor market was always in equilibrium?c. How would this change in productivity affect the labor market if unions prevented real wages from falling?what does it mean when mentioning added worker and discouraged worker effect when talking about a economic downturn?
- In 2019, a. what percentage of the labor force was employed? b. what percentage of the labor force was unemployed? c. what percentage of the total population was employed?What is natural rate of unemployment? When do we say an economy has full employment? 2. Identify what type of unemployment will result from the following scenarios a. Jane has completed college and quit her job at Tim Horton so she can work full-time in her marketing field: b. The clothing store George used to work for was shut down as the clothing brand is now selling all its collection through its online website: c.The business Hank was working for had to shut down as there has been a decrease in overall demand in the economy:Between January 2012 and January 2019,U.S. employment increased by 17.3 million workers,but the number of unemployed workers declined byonly 6.3 million. How are these numbers consistentwith each other? Why might one expect a reductionin the number of people counted as unemployed tobe smaller than the increase in the number of peopleemployed?
