Expert Answer :Macroeconomics assignment

  

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SUFFOLK UNIVERSITY
EC102D
ASSIGNMENT 1
L. FOGLIA
DUE- 3/7/18 or before
SECTION ONE:
2 points
In this section, you will below look for answers to each question I ask. Please
put answers below each question. Possible searches include the text,
Powerpoint and on line sources. SHORT ANSWERS.



















Why do straight-line PPF’s not reflect tradeoffs properly?
What is the return to each of the 4 factors of production?
Specifically, what are the 2 main determinants of economic growth?
Which economist first proposed the theory of comparative advantage?
How do you know 2 goods are substitutes in consumption?
How do you know 2 goods are complements in consumption?
From 2009 to 2016, how many jobs did the U.S. economy create?
How do we know when a recession is over?
What does a yield curve look like in a recession and what does this mean
for interest rates?
Using the income approach to GDP, does national income equal GDP?
Explain.
Is there a better measure than GDPn of our standard of living? What is it?
What is meant by the term ‘disinflation’?
Why is the unemployment rate not a perfect measure of the loss of
human capital?
What does a production function measure?
What is the difference between GDP and NDP?
Using the income approach to measuring GDP, when payments to all
factors are compiled and an adjustment added, what do we call this
number?
What are the twin evils?
What is the broadest measure of inflation?
When typewriters lost their importance (low demand), what do we call
the type unemployment that results?
• Define N.A.I.R.U.
SECTION TWO:
a)
b)
2 points…put answers below each question.
In a given year, we find the value of final goods and services produced in
the economy is $15t. Your professor told you that this is the expenditure
approach to measuring GDP. He also told you we can measure GDP using
the value of all the incomes generated from that production, but when
you do, the dollar value of incomes is less than $15t. Please explain why
this is so AND how this problem is corrected.
In the nation of ‘Snookie’, GDP grows rapidly. In fact, GDP growth rate is
7%. Tell me two things:
How long would it take for this nation to double its GDP? Show work.
Why might the standard of living fall in ‘Snookie’ despite its impressive
growth rate?
“Good news”, says the President. Unemployment is down. Remembering
what I told you about being careful with data, and being skeptical, why
might the economy not really be better even though the numbers seem
to indicate an improvement? To illustrate, imagine the labor force was
comprised of 100 people, 10 of whom were unemployed. Adjust these
numbers to show a drop in unemployment and then explain why things
might actually be worse. This means you have to adjust your numbers to
show a lower unemployment rate AND explain why this is worse than
before.
d) You will now find three separate unemployment rates from the data
provided below. You MUST show how you used the numbers to arrive at
your answers.
Tiny Town has a population of 1,000 residents. 50 are in jail and 200 are
youngsters. 100 people are housewives and house husbands and not
c)
looking for work, while 50 are retired. 400 have full-time jobs while 100
have part-time jobs. The remainder of people are looking for work.
Find the following numbers; labor force and number of people
unemployed.
What is the unemployment rate in Tiny Town? Show work.
Next, 50 of those with part-time jobs move to another state. What is the
unemployment rate in Tiny Town now? Show work.
Finally, using these latest numbers, 5 of the unemployed move out of
state. What is the unemployment rate now? Show work. Circle all
answers for clarity.
SECTION THREE:
1 POINT.
Please examine the data I have provided below. There will be some extra data
included that you will not need. Using only the relevant data, set up a table that
is like table 2-chapter 5. Label each component of GDP and put each
subcomponent below the relevant component . When complete, you should
have totals for each component as well as numbers for each subcomponent.
Include total GDP. You can search for where each subcomponent goes or you
may just deduce where they go.
The numbers are in billions of dollars:
Exports=1,838.5, State and local spending=1,831.4, Depreciation=1,860,
Inventory investment=68.9, durable goods=1,089.3, Business fixed
investment=1,413.2, Rental income=299, Federal spending=1,233,
Imports=2,354.1, Residential investment=340.4, Nondurable goods=2,337.4,
Compensation of employees=7,929 , Services=6,923.9

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