1. Some experts estimated that national health spending in the United States grew at 1% in excess of the growth rates of GDP. Assume that this trend would persist for the foreseeable future, and given the fact that the share of GDP on health spending stood at 18% in 2016, what would become the share in 2064, 45 years from now (and 48 years from 2016, the base year), when most of you would enter the traditional retirement age? We should assume that GDP would grow at 3% annually. Do you have a problem with the number you arrive at?

2. After the 2008 Global Financial Crisis (GFC) the Central Bank of the United States and the federal government both attempted to stimulate the economy.

a. What caused the GDC and what fiscal policy actions can the federal government take to stimulate the economy? Be sure to define the key terms and the macro models you used to explain the outcomes.

b. Explain what actions the Central Bank took to stimulate the economy. Again, be sure to define key terms and the macro models you used to explain the path to economic growth.

The United States has acted to restrict imports of certain Chinese goods, such as toys containing lead and seafood that doesn’t meet US health standards, in order to protect U.S. consumers. Some people have said this shows a double standard: If we are willing to restrict goods on these grounds, why shouldn’t we restrict imports of goods that produced with badly paid labor in Bangladesh, Laos, Vietnam and Haiti, just to name a few of such places. Evaluate why is or is not this argument valid? Provide political economy rationale for such a policy and relate it to the coverage in Chapter 10.

Please don't copy and paste from other websites. I can get those myself. Only answer if you have knowledge of the topic so we're not getting random answers that don't make sense.

Question 4

In 2021, the United States is still recovering from the recession. The following measures are implemented: The Fed sells securities. Illustrate the effects of this change on the economy and indicate the change in real GDP, the price level, and unemployment rate.

The nominal interest rate                            [ Select ]                       ["same / indeterminate", "decreases", "increases"]         .

The AD function                            [ Select ]                       ["does not shift", "decreases", "increases"]         and the AS function                            [ Select ]                       ["decreases", "increases", "does not shift"]         .

Impact on:

real GDP                            [ Select ]                       ["increases", "same / indeterminate", "decreases"]      

Price level                            [ Select ]                       ["decreases", "same / indeterminate", "increases"]      

unemployment                            [ Select ]                       ["increases", "same / indeterminate", "decreases"]      

Question 5

sketch of your graph for the previous question: The Fed sells securities. Illustrate the effects of this change on the economy and indicate the change in real GDP, the price level, and unemployment rate.

PLEASE HELP me these 2 questions thanks.

Suppose that in the United States 4 worker-hours are required to produce each unit of clothing and each unit of food. In Canada, 1 worker-hour is required for each unit of clothing and 2 worker hours are required for a unit of food. Show your work.

A. Which country has an absolute advantage in each good?

B. Which country has a comparative advantage in each good?

A study conducted by three law school professors found that asylum seekers in the United States face broad disparities in the nation’s immigration courts. The professors discovered that 54% of refugees who ask for asylum in the San Francisco immigration court win asylum, but only 12% are granted asylum in the Atlanta immigration court. [Source: Julia Preston, “Wide Disparities Found in Judging of Asylum Cases,” The New York Times, May 31, 2007.]

You randomly select 30 refugees who are asking for asylum in the Atlanta immigration court. Let X denote the number of asylum seekers who win their cases.

The probability that exactly two asylum seekers are granted asylum is 1) .0735 / .1747 / .0844 / .1593  .

The probability that at least five asylum seekers are granted asylum is 2) .2882 / .0827 / .1734 / .1431 .

The expected value of X is 3) 16.2 / 3.6 / 7.5 / 4.8   , and the standard deviation of X is 4) 2.3717 / 2.7298 / 1.7799 / 2.0080 / 3.168

Suppose you’ve been hired as an economic adviser for the United States government. The president has requested to meet with you so that he can brush up on his ECON 302 skills. As an economist, you know that the economy is currently going through a contraction on its business cycle, so you have predicted a list of questions the president is likely to ask. Here is the list of questions to address in your post:

1. Should we implement an expansionary fiscal policy or a contractionary fiscal policy?
2. Why would we implement this policy?
3. Under this policy, what’s something we could pass that would make the American people happy? Propose a specific idea, like a salary hike for all government economists.
4. What are the reasons why it might make sense to influence the economy through government policy?

Q1. Consider an economy in the United States, starting from the long-run equilibrium denoted as the point A. Use an aggregate demand and aggregate supply (AD-AS) diagram to show that the economy is in the long-run equilibrium. (Please label variables clearly)

a. If the U.S. currency becomes stronger (the value of a dollar increases), there is a change in international variables. How does this situation affect the AD-AS diagram? What will happen to the equilibrium price level, inflation, unemployment and real GDP in the short run? Is the economy experiencing an inflationary gap or a recessionary gap? Explain your answer. (Please write the new equilibrium point denoted as the point B)

b. From part (a), assume that neither the Fed nor the government imposes any policies to simulate the economy. According to the concept of self-correction, in the long run, what will happen in the economy? How is the economy being improved? Explain it in words and graphically, using AD-AS diagram? (Please write the new equilibrium point denoted as the point C). What will happen to the equilibrium price level, inflation, unemployment and real GDP?

c. From part (a), during the business cycle, how does the Fed use monetary policy to overcome the problems faced by the economy and AD-AS diagram? (Please write the new equilibrium point denoted as the point C). What will happen to the equilibrium price level, inflation, unemployment and real GDP?

d. From part (a), how does government use fiscal policy to maintain the level of full employment. What will happen to the equilibrium price level, inflation, unemployment and real GDP?

Please make a separate graph for each problem and explain them, thanks!

Also please note that it asks for what will happen to the equilibrium price level, inflation, unemployment and real GDP on each one.

Corn yield. The mean yield of corn in the United States is about 135 bushels per acre. A survey of 50 farmers this year gives a sample mean yield of x ̅= 138.4 bushels per acre. We want to know whether this is good evidence that the national mean this year is not 135 bushels per acre. Assume that the farmers surveyed are an SRS from the population of all commercial corn growers and that the standard deviation of the yield in this population is σ= 10 bushels per acre. Conduct a hypothesis test to determine if the corn yield has changed using 0.05 as significant level. Write out the hypotheses and report the P-value. Are you convinced that the population mean is not 135 bushels per acre?

Robert Carbaugh asks the the question, "Can the United States continue to run a current account deficit year after year?"

Carbaugh discusses the pros and cons of the U.S. government continually running a current account deficit. His arguments for and against current account deficits are quite compelling. Not only that, this question carries plenty of relevance being that we borrowed heavily to dig our economy out of recession.

I would like for you to discuss in detail where you stand on this issue and give valid economic reasons why.

In your analysis of this discussion question, I want you to take into consideration the emergence of China and India as economic powerhouses. Think about how these two countries' bourgeoning middle classes may affect our current account. Please keep this an economic discussion and not a political discussion.