umuc econ201 homework 2 latest 2015 december

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******** * 1

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* ****** ***** ** *** *********

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********** ** economic growth?
** ** ******** ** ***

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of living
b) * ******** in *** productivity

**

****** ** ** increase in *** ******* wage

rate

**** ** ******** ** an ******** ** *** ********** ** the

**********

**** is ******* ********* Question 2 * * * point
** *** long

run

the most ********* ****** of ********

in

* ************ standard of living ** *** ** zero **** ** population growth
** **** **** ** economic

*******

** high **** ** ************ **

****

**** ** labor force growth
********

*

* * * ****** Some

prominent

members ** *** slow-economic ****** country club

include

* *********** ******* **** ********** **

********

b) Somalia
** ******** ** Germany
Question * * * 1 ****** Which ** ***

*********

** ****

likely

** **********

**

******** ******

as

******** by

***

*** ******** ** *** ********** **

*******

and ****** on ******** ****** ** ***** population growth
** increased ******* formation
d) ** increase in marginal

***

****** ******** * * * * ****** ** ******* a

****

standard ** ****** *

******

should:
a) ******* economic

*******

** ******** *** *** deduction *** *****

***********

c) increase ******* ******** ** ***

*****

** *** less ******* *** **** ***** ** *** **********

********

******** * * /

*

****** ********************* ** * **** which ****** to

***

********** *** ** power-driven ********* *** ***

********

and ****** changes **** resulted in *** first **** ** ***

******

** Investment *** *********** ** ***

***

******* c) *** Industrial Revolution
** *** ****** ********* ******** * 1 / * ****** ************ ** a **** ***** ****** ** *** ********** *** ** power-driven *********

***

the ******** *** social

*******

**** ******** ** ***

*****

**** ** *** ******

**

********** *********** ** *******

deepening

** *********** ** ****** ********* Chapter

*

********* ******** * 1 * * point
******* Alpha *** ******* **** initially **** the **** **** *** *** ****** ******* ***** *********** ** economic growth while *******

****

grows ** a

*********

**** of 5

percent

** **

*****

Country *********** ***

will

** approximately *********

that

of Country ***** ** triple
b)

*******

** ********* ** *********** ******* * ******* ******** 9 * 1 ****** Frictional ************ **** ** unemployment ****** by ********** in *** ********** b) unemployment **** is due to *** ******** ** ********* ideological systems
c) unemployment that ** due to normal ******** in

***

labor *******

**

************ ******

by

lack of

********

*** education

********

** * *

*

****** *** ********** ** ******

***********

states **** **

***

*************** the quantity ** labor demanded ** employers

****

***** the ******** supplied
** *********** wage
** ******* rate ** unemployment

**

sticky ***** d) ********** ***** ******** ** * / * ****** ***

******

of *********************** **** ****** ** *** **** ** is

***

workers ** ***** ***** alternative ****

*****

*** ******* the ease of ************** about *** ********* in *** ******** A frictional unemployment
* ******** unemployment
C ******** ************* *

********

*********** ******** **

*

* * ****** The most

***********

**** ******** cost

**

**** ************ is:

**

*** ***** cost of ************ *********

********

** *** *********** ** the **** *** ******* **** might **** been **** ** ******* if **** had worked
** the ***** **** of ********** ******* ** ****** *** jobs
d)

***

********* goods and

********

**** ***** ****

****

******** *** ************

Question

** * *

*

point
The unemployment rate ********** **

**********

******* as * ********** ** *** labor ****** b) **********

workers

** a ********** of *** *********** c) ********** ******* as *

**********

** *** ********** *** over-sixteen
** *** ****** ** ****** ********** ******* by *** ****** **

******

********* Question 14 * * * point
** a ************ *****

*****

******** a *********** ****** of young ********* ** *** ******* **** ** ************

is

unlikely ** change
** *** *******

****

** ************ ** likely

to

decrease
c) *** ******* **** ** ************ ** likely **

*********

d) ********** unemployment **** ****** decrease ** ***** *******

*

Problems
Question ** * * * point
********* *** a working

***

********** ** ** ******* ** ***** ** million *** employed and * *******

are

unemployed *** ************ rate ** ********

***

the participation rate ** *********** ** 83%; **** ** 5%; **** **

****

**** d) 5%; **** ******** ** * * 1 ******

********

****** for **** for *** ****** *** ***** *** ****

*

*** to his ****** He *** ****** his time at

***

***** *** purposes of employment he ** ************

**

*********** ** ********

**

*** *********** ******** ** ************** d)

***

** *** ***** force
******** 17 1 * 1 point
** ******** 2010 *** ***** ***** ** ********* *** ***** ***** **** ***** ******* ******** The ***** ************ ****** ** ***

****

** *** ****

**

*** **** d)

was

**** ******* *

*******

******** ** *

*

* point
*** ****** ** goods

**

*** ******** ***** ***** consists ** about ********* ********* **** is several ******* ******** products ** **** __________ broad-item *********** ** **** 200
b) ****** **** ** **** **** d) ******

****

******** 19

*

* * ****** ***** of ***

following

** ***

****

**** ** ******** *** ***** *****

****

******** ** ************ goods and finished

*******

** Employment Cost ****** ** ******** Price Index
c) Producer Price ****** ** ********** Price Index
******** ** 1

*

1 point
***

of

the ******* that

*

**** in ***

*****

** * *****

******

** ***** ****

time

***** to ********* the **** **

*

consumer’s **** cost ** ****** **** a) substitution ***** b) ************* ***** ** *********** bias
** ********** ***** ******** ** * / * ****** A

*******

** said **

**

**************** ** **

**

************* ******** ***

**********

a) ******** b)

cross

referenced
** maintained
** ******** ********

**

* * * ****** *** ********** change ** the price level **** one time ****** ** *** **** ******* *** price

*****

** ******** ** terms

**

***** or as *

*****

index will be ***

**************

** consumer ***** ******

**

******** price ****** ** ***** index

*****

d) ********* rate
******** ** * / * ****** ***** *** ************ **** ********** ** ********* **** ***** **** ******* *** term ********* ******* a(n)_____________ ** ******* ** ***** **** *********

**

***** **** rise

**

ongoing ********* d)

*******

***** ******* *

*********

******** ** *

/

* ****** *********** ***** *** negotiated

*

three-year **** contract **** ******** *** * 24% ******** ******* ** inflation The rates

**

********* ***

********

to ** 162%

****

*** ****

respectively

*** ****

***********

wage ******** be ********* in ***

***

********** a) **** **** **** ** **** **** **** c) **** **** **** ** **** **** **** Question 25 * * * ****** ** ******* ***** to ****** *** nominal *** *** the

*****

2000 *** **** ****

real

***** ** conclude ***

**********

analysis The ******* ***

**

**** *** ****

*******

*** ***** ******* *** ***** ***

real

interest **** *** 679% ** 2000 *** **** ** ***** the **** deflator *** 24 *** 51 **

2010

**** ** *** real

gain?

a) 1834%
** 7061%

c)

15148%
** *****


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