Use the following data to work Problems 1 to 4:

The following events have occurred in the history of the United States:

• A deep recession hits the world economy.
• The world oil price rises sharply.
• U.S. businesses expect future profits to fall

1-)Explain for each event whether it changes short-run aggregate supply, long-run aggregate supply, aggregate demand, or some combination of them.

2-)Explain the separate effects of each event on U.S. real GDP and the price level, starting from a position of long-run equilibrium

3-)Explain the combined effects of these events on U.S. real GDP and the price level, starting from a position of long-run equilibrium

4-)Describe what a classical macroeconomist, a Keynesian, and a monetarist would want to do in response to each of the events listed above.

Break-even analysis for a service company Rotelco is one of the largest digital wireless service providers in the United States. In a recent year, it had approximately 100 direct subscribers (accounts) that generated revenue of $36,300. Costs and expenses for the year were as follows: Cost of revenue $16,300 Selling, general, and administrative expenses 11,600 Depreciation 4,000 Assume that 60% of the cost of revenue and 30% of the selling, general, and administrative expenses are variable to the number of direct subscribers (accounts). In part (a) and (b), round all interim calculations and final answers to one decimal place. a. What is Rotelco's break-even number of accounts, using the data and assumptions above? Round to the nearest whole number. accounts b. How much revenue per account would be sufficient for Rotelco to break even if the number of accounts remained constant? Round to the nearest dollar. $ per account

Q6. You are the assistant director of political research for the NBC television network, and two candidates Jeffrey Temple and Rotenberg Marvel, are running for president of the United States. You need to furnish a prediction of the percentage of the vote going to Marin, assuming the election was held today, for tomorrow’s evening newscast. You want to be 93% confident in your prediction and desire a total precision of ±4 percentage points.

a) Assume that you have no reliable information concerning the percentage of the population that prefers Marvel. What sample size will you use for the project? Hint: in this case, you should be conservative assuming the maximum degree of heterogeneity in the population so as to have a sample that is larger than it is necessary.

b) Assume that a similar poll, taken thirty days ago, revealed that 43 percent of the respondents would vote for Marvel. Taking this information into account, what sample size will you use for the project?

We ran across this one in the OECD healthcare data. The country names had numbers appended, which served as footnotes in the original spreadsheet but looked dumb when we used them as index labels. The question is how to eliminate them. A short version of the country names is

`names = ['Australia 1', 'Canada 2', 'Chile 3', 'United States 1']`

Do each of these in a separate code cell:

1. Set `us = names[-1]` and call the `rsplit()` method on us. What do you get?
2. Consult the documentation for `rsplit` to split `us` into two pieces, the country name and the number 1. How would you extract just the country name?
3. Use a loop to strip the numbers from all of the elements of `names`.
4. Use a list comprehension to strip the numbers from all of the elements of `names`.

1. Describe the structure of the Federal Reserve System and why it is so important for the stability of the United States’ economy.
   
   

2. What is the difference between a commercial and an investment bank?
   
   

3. List and briefly explain the 3 functions of the Federal Reserve System.
   
   

4. How does the Fed perform its functions? (i.e. what are the three policy tools that the Fed uses?) Explain each briefly.
   
   

5. If the Fed would like to LOWER the interest rate, what three actions could they take?
   
   If the Fed would like to RAISE the interest rate, what three actions could they take?
   

6. Draw a correctly labeled money market graph and show what happens (a shift) when the Federal Reserve decides that they would like to LOWER the interest rate and stimulate spending.
   
   

List the 4 factors that shift the Money Demand curve. (just list - but please review what shifts the curve either way).

How does investment in capital goods and infrastructure contribute to economic growth?

How could the omission of net exports from GDP overstate production? Or understate it?

How will a sustained appreciation of the U.S. dollar over time likely affect U.S. net exports?

Assume that the United States raises tariffs on products imported from other countries. What effect will this U.S. trade policy have in the short run if other nations do not change their policy? What effect will this policy have in the long run if other nations retaliate?

What two solutions did Keynes suggest as appropriate government policies in order to close a recessionary gap? Does the assumption of stuck prices hold true when the economy moves close to its potential output? Explain.

How do high rates of inflation affect the acceptability of a nation’s currency?

Bismarck rallied the German speaking people within the former Holy Roman Empire where they for centuries looked to local noblemen for leadership. They later followed Bismarck’s call to nationhood based upon their common German language and shared culture. This included their heritage of victories and failures built into their history and myth, dating back to the Roman Empire. The United States on the other hand is comprised of many different cultures, including race, language, various heritage, income levels, etc. But we consider ourselves a nation too, despite our diversity. We celebrate our national heritage in acts of patriotism; flags, parades, military service, etc. What is the comparison between nationalism and patriotism? If the Germans argue the legitimacy of their nation based on the shared heritage of the German people, then what is the common heritage of the American people? What makes us a nation?

As has been played out since its inception, the use of the Patriot Act has been controversial on many levels, yet it has also proved to be a useful tool in fighting terrorism, and preventing another large-scale attack on American soil. Some see it as an absolute infringement on long-treasured civil liberties in the United States, while others see it as an absolute necessity to deal with the reality of modern terrorism.

Taken as a whole, how do you feel about the Patriot Act? Do you agree with those who oppose or support the act, or are you somewhere in between?

Do you think there is a way to possibly bridge the gap between both parties at any point in the future, so that civil liberties continue to thrive, while law enforcement and intelligence agencies can continue to keep us safe?

Suppose that wages in Miami among the immigrant population are $20,000 a year and everywhere else outside the United States they are $10,000. Suppose the cost of migrating to Miami is proportional to how far someone must travel.   The cost of migrating is M=$36,000+ 20m, where m is the number of miles an immigrant’s origin country is from Miami. Please use this information to answer the following questions.

1. If Colombia is 1,500 miles from Miami, what is the maximum subjective discount factor that a Colombian migrant would have and still choose to immigrate to Miami?

2. If Cuba is 200 miles from Miami, what is the maximum subjective discount factor that a Cuban migrant could have and still choose to immigrate to Miami?

3. Based on the prior two questions should we see more migrants from Cuba or Colombia come to Miami?

Select one:

a. Cuba

b. Columbia

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Q. Suppose that you are deciding whether to move to the United States or to stay in Sweden. Assume that (i) your decision is based only on wage differences; (ii) there are some fixed costs of moving and (iii) you live forever. The interest rate is given by r and wages in the US and Sweden are constant over time.

a) Derive the condition under which you will move.

b) Suppose now that you are making this decision together with your partner and you act as one unit. Explain the concept of tied stayer and tied mover.