The unemployment rate in Wisconsin is usually lower than the national unemployment rate.

Group of answer choices

True

False

A major stock market crash occurred in the 1980s while minimum wage fell only slightly, which caused

Group of answer choices

A decrease in the price level and output

A decrease in the price level and output remains constant

Prices and output to both be indeterminable

The total physical damage due to the September 11^th attacks was about $16 billion. The economic damage is estimated to be $30 billion. We can thus estimate that the wealth of the U.S. dropped in the matter of a few hours by about $46 billion, causing

Group of answer choices

Deflation and the unemployment rate to fall

Deflation and the unemployment rate to rise

Inflation and the unemployment rate to rise

Inflation and the unemployment rate to fall

Write to either the President (on fiscal policy) or to the Chair of the Federal Reserve (on monetary policy) describing a specific policy action that you believe should be taken at this moment in time (e.g., lower taxes or buy bonds) and explain why you would take the action (what is currently happening in the economy and what will this action accomplish?)

Which of the following will increase both the price level and real GDP?

Group of answer choices

A nationwide drought that drives up the prices of agricultural products

A reduction in government spending for goods and services

Greater optimism among business executives

The aggregate demand curve is

Group of answer choices

Downward sloping because a reduction in the price level leads to a lower interest rate, causing consumption and investment spending to increase

Downward sloping because a reduction in the price level leads to a higher interest rate, causing consumption and investment spending to increase

Upward sloping because as output is expanded shortages of resources are encountered which cause prices to rise

When inflation is steady and low, the rate at which prices rise is

Group of answer choices

difficult to predict

easy to predict

Which would NOT cause GDP to rise?

Group of answer choices

Between 1970 and 2000 the number of Americans in prison nearly quadrupled, causing government to increase its funding for prisons

Minimum wage rises from $7.25 to $8.25

A stock market boom

In the past decade more people are hiring maids to do the work they used to do themselves

The U.S. economy generates $_______ per year in economic activity. GDP includes all items produced and sold. T/F?

Group of answer choices

18 trillion, false

18 trillion, true

18 billion, false

18 billion, true

The value of GDP can be determined by adding together

Group of answer choices

Compensation of employees, interest, government purchases, and exports

Government purchases, consumption, business investment, and net exports

Compensation of employees, interest, corporate profits, and government purchases

Consumption, compensation of employees, net interest, and government purchases

Which would increase U.S. GDP?

Group of answer choices

An increase in charitable contributions by U.S. citizens

A garage sale with all used items

An increase in prices in the foreign market

None of the above

The average annual income for a female in Wisconsin is $38,000, while for a male it is $45,000. If prices rise by 2% next year and salaries of both females and males rise by 2% we can expect

Group of answer choices

No change in nominal income while real income rose

No change in nominal income and no change in real income

Nominal income rose and no change in real income

Nominal income rose while real income fell

The amount of unemployment that is normal or unavoidable is due to

Group of answer choices

The mismatching of candidates to a job and the time lags involved in labor market adjustments

The voluntary idleness of those who choose not to seek employment

The ups and downs in the level of economic activity in the economy and the time lags involved in labor market adjustments

The impact of foreign competition on our domestic job conditions and the lack of demand for domestic goods and services

How was the AppleWatch team built? What skills were needed and what were the main tasks assigned to team members?

In the short run a firm can produce 11 units of output by employing 2 units (hours) of labour and 15 units of output employing 3 units of labour. Suppose the hourly wage rate is $10. What is the marginal cost of producing the 14th unit of output? Clearly show all steps of your work.

PLEASE ANSWER C&D ONLY . THE REST HAS ALREADY BEEN ANSWERED.

Say the marginal tax rate is 20 percent and that government expenditures do not change with output. Say also that the economy is at potential output and that the deficit is $450 billion.
   
a. What is the size of the cyclical deficit?

Answer = $0

  b. What is the size of the structural deficit?
  
Answer = $450 billion.
  
c. How would your answers to a and b change if the deficit was still $450 billion but output was $200 billion below potential?

    Instructions: Round your answers to the nearest whole dollar amount. Leave no cell blank. You must enter "0" for the answer to grade correctly.
  
    Cyclical deficit is $ __________billion.
  
    Structural deficit is $ ________ billion.
   
d. How would your answers to a and b change if the deficit was still $450 billion but output was $350 billion above potential?

    Instructions: Round your answers to the nearest whole dollar amount. Leave no cell blank. You must enter "0" for the answer to grade correctly.

    Cyclical surplus is _________ $ billion.
   
    Structural deficit is ___________$ billion.

What's your opinion of the economy now?

1. DISTINGUISH BETWEEN ECONOMIES OF SCALE AND DISECONOMIES OF SCALE
2. TRUE OR FALSE. A PRODUCER CAN OPERATE IN THE SITUATION IN WHICH PRICE IS LESS THAN AVERAGE VARIABLE COST.
3. WHAT FOUR BASIC CONDITIONS CHARACTERIZE A COMPETITIVE MARKET?
4. WHAT IS ECONOMIC PROFIT? CAN A FIRM IN A COMPETITIVE INDUSTRY EARN ECONOMIC PROFIT?

1. Is the gas market a perfectly competitive market? Why or Why not?
2. What is the cause of these high prices? Are oil companies to blame? Is the government to blame? Should we enact price controls on the market?
3. What can we do to combat the high prices

You will take on the role of the benevolent social planner. Remember the sole objective of a benevolent social planner is to maximize total surplus. Below are two lists of numbers. The top list represents the opportunity costs of a number of firms that supply an unspecified commodity. The bottom list includes the willingness to pay of a number of buyers who desire to purchase this unspecified commodity. Using these lists answer the following questions.

Sellers and their Opportunity Costs:

Trampled by Turtles                      7

Dispatch                                              8

Valerie June                                      7

Daft Punk                                           2

JoshRitter                                           3

Delfonics                                            5

Yola                                                       2

Los Lobos                                           5

Che Apalache                                   4

Buyers and their Willingness to Pay:

Dolly                                                     4

Loretta                                                 8

Crystal                                                  10

Ernest                                                   5

Dwight                                                 7

Rosanne                                              10

Ronnie                                                 7

Clint                                                      5

Tracy                                                     9

1. How many exchanges should occur? (1 point)

2. What is the total surplus of each exchange that occurs? Give the seller’s letter, the buyer’s letter, and the total surplus of this pair’s exchange. (1 point)

3. What is total surplus for the entire market? (1 point)

4. Assume that a price ceiling is imposed upon this market. No unit will be permitted to trade for a price above $4.50.

                a. What is quantity supplied at this price? (1 point)

                b. What is quantity demanded at this price? (1 point)

                c. How many exchanges occur? (1 point)

5. Assume that the government has decided to impose a $3 tax per unit, to be paid by the sellers. A seller who does not sell a unit pays no tax. Therefore, the tax is like a cost increase of $3. A seller’s cost will really be $3 above the listed opportunity cost.

                a. How many exchanges will occur? (1 point)

                b. What is the total surplus of each exchange that occurs? Give the seller’s      number, the buyer’s number, and the total surplus of this pair’s exchange. (1 point)

                c. What is total surplus for the entire market? (1 point)

                d. Is there any deadweight loss? If so, what is it? (1 point)

In a model of dynamic increasing returns, illustrate a and briefly explain using words. In this scenario, France protects its cotton industry with a temporary blockade, but after the blockade ends the protection is not enough for France to retain an advantage in cotton production, and once UK cotton is no longer blockaded, that the UK will recover its initial advantage. Be sure to draw and label any necessary learning curves (UK and France), and any relevant points on the curves.

1A-) Using the graph, explain what is meant by the Yield Curve and the forms it takes?

2A-) By checking at it, do you think that this curve can be used as a future indicator for the performance of the economy?