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(Answered) As discussed in class: There are three major labor market problems that can have a negative impact…
As discussed in class: There are three major labor market problems that can have a negative impact and likely hinder a worker’s ability to earn an income that is above the poverty threshold. Which of the following is NOT one of those three labor market problems?
Question 17 options:
low earnings; in that, the worker may only earn minimum wage or less (a waitress who only earns tips and not a base wage)
involuntary part-time employment; in that, the worker may work for a day care center that had to reduce the number of employees needed and the hours they work due to the Pandemic.
periods of unemployment; in that, the worker may work in a service industry that is very vulnerable to economic downturns.
Ivy league education; in that, having an ivy league education (Yale, Harvard, Princeton) causes problems in the labor market because businesses do not want to hire graduates from those schools. -
(Answered) In an ideal world during a health crisis, both suppliers and consumers would behave in an…
In an ideal world during a health crisis, both suppliers and consumers would behave in an altruistic manner, and suppliers would provide goods at a competitive market price. However, during the pandemik of 2020, neither consumers nor suppliers were acting as they would in a normal market, which led to government intervention in the form of price controls. More than 30 states enacted price-gouging laws (effecthely price ceilings) in an effort to ease perceived burdens on consumers.
Which of the following could occur due to a price ceiling, and which would not?
Consumers could esperience a temporary shortage of hand saritiver.
Supplers could hire addional workers in order to meet the market demand.
Suppliers could substitute cherper ingredients, thereby reduong quaily.
Conoumes could be able lo purchase as much of a good as they are willing and able to at a reduced price. -
(Answered) Over the past 35 years, the U.S. current account deficit has generally increased during periods of…
Over the past 35 years, the U.S. current account deficit has generally increased during periods of economic expansion for what main reason?
Group of answer choices
Imports tend to rise more strongly than exports during periods of economic expansion.
Periods of economic expansion have generally occurred under Democratic administrations; these administrations have also supported increases in transfer payments (welfare, Social Security, etc.), which contribute to a growing deficit.
Imports tend to rise strongly during periods of economic expansion, whereas exports may lag.
Periods of economic expansion have generally occurred under Republican administrations; these administrations have also supported increases in military spending, which contribute to a growing deficit.
In countries experiencing export-oriented economic growth, exports generally exceed imports during periods of economic expansion. -
(Answered) An earthquake destroys the homes of a quarter of a city’s population. People who are lucky enough…
An earthquake destroys the homes of a quarter of a city’s population. People who are lucky enough to own one of the remaining homes offer rooms for rent at the highest amount that people are willing to pay. Is the outcome ellicient? Is the outcome fair?
efficient, the poople who value the rooms most highly use them
efficient; the rooms are not shared equally
inefficient; the rents are higher than before the disaster
inefficient; the rents are lower than before the disaster
Based on the fair-result view of fairness, the outcome is unfair it
the rooms are sharod unequally by the people who have an equal need for the rooms
homeowners feel guilty if they do not rent out rooms
homeowners’ property rights are enforced and voluntary exchange takes place between the homeowners and renters
anyone who is willing to pay for a room cannot rent one -
(Answered) Lucy (L) and Kitty (K) are two lumberjacks working in the forest near Paradise Pond and the Mill…
Lucy (L) and Kitty (K) are two lumberjacks working in the forest near Paradise Pond and the Mill River. Each player has a fallback position of a payoff of 12. The interaction between the two lumberjacks works as follows. Lucy and Kitty may choose between chopping wood for 12 hours and chopping wood for 6 hours. Their actions and preferences provide a normal form game as represented by the following Tabletable[[,Kitty],[,Chop 6 hours,Chop 12 hours],[,Chop 6 hours,51,51],[Lucy,66,24,12,12],[,Chop 12 hours,66],[,,]]i.
Does either player have a strictly dominant strategy in the Game? Is there a dominant strategy equilibrium? Explain.[3 points]
What are the players’ best responses in the Game? Show all the steps.[2 points]
What is/are the Nash equilibrium/ equilibria of the game? Explain.[3 points]
Define Pareto-efficiency. What are the shortcomings of Pareto efficiency -
(Answered) Give two examples of products sold in perfectly competitive markets and two examples of products…
Give two examples of products sold in perfectly competitive markets and two examples of products solid in monopolistically competitive markets.
A.
Wheat and com are sold in perfectly competitive markets and electricity and cable TV are soid in monopolistically compettive markets.
B.
Startucks coffee and Gap clothing ane sold in perfectly compettive markets and cigarettes and beer are sold in monopolistically compettive markets.
C.
Arcrat and automobiles are sold in perfectly competitive markets and Starbucks toffee and Cap clofing are sold in monopolstically compettive markets.
D.
Apples and oranges are sold in perfecty competive markets and frarbucks cofles and Gre clothing ane walif in monopolistically competinve markets.
E.
The Sony P53 and the Microsoh Xbox are sold in perfectly competitve markess and Starbucks cotlee and Gap clothing are sold in monopolistically compettive makets. -
(Answered) How does the French approach to claiming colonial land differ from the English approach?A. The…
How does the French approach to claiming colonial land differ from the English approach?
A. The French purchased all of their land directly from their fellow Catholic ally, the Spanish, whilst the Protestant English openly defied such arrangements and took their territory through conquest.
B. The English avoided any interaction with Native tribes and only claimed uninhabited land, whereas the French would oftentimes force the Natives to sign away their homes in shady land deals.
C. The French used marriage alliances with prominent Native Americans to solidify land claims. In contrast, the English forbade their inhabitants from such practices and instead gained land by driving out the Indigenous inhabitants from a region.
D. The English settled and developed the land (cutting trees, building farms), while the French typically just claimed areas via rivers without extensive colonization. -
(Answered) Assume that you compute the covered interest rate parity differential between France (domestic…
Assume that you compute the covered interest rate parity differential between France (domestic economy) and the US (foreign economy) in the period 1980-1985. You find that it is largely negative, and statistically significant from zero. Assume that you know that in the US there were surely no capital control policies in place in that period. You conclude that:
(a) In that period, France has adopted capital control that limited capital inflows.
(b) In that period, France has adopted capital control that limited capital outflows.
(c) France is a small open economy with free capital mobility.
(d) You cannot conclude anything about French free capital mobility because you need to also compute its uncovered interest rate parity deviations.
(e) You cannot conclude anything about French free capital mobility because you need to also compute its saving-investment correlation.