The average corn price received by farmers in 1950 was $1.52 and in 2014 it was $4. The Consumer Price Index (CPI) with a base period of 1982 through…
September 3, 2020
Suppose that the price of good x doubles, and the price of good y is cut in half, while income remains constant.
September 3, 2020

I am confused with question and question 43. However, I would appreciate it if you can check whether my answer for 41 42 are correct without listing the solutions.

40. Decreasing unemployment insurance payments to the unemployed,(a)(b)Decreases the likelihood they get a job sooner.fe)Will have no effect on the decision to accept a job(d)Likely decreases the reservation wage and unemployment durationLikely increases the reservation wage and unemployment duration.Suppose a country had an adult population of 20 million, 0.9 million are unemployed. With anunemployment rate of 5%, what is the labor force participation rate?85%(by90%0.9 %% =(c)66.7%(d)33.3%The Gini Coefficient is calculated based on:(a)the Laffer curve(b)the Phillips curve(c)the Lorenz curve(d)none of the above43, You are having an argument with your father and your grandfather. You are the president of a familybusiness, Nepotism Inc., and your father was the president of Nepotism Inc. before you. You say thatyou are not paid enough and that you wish you had been president when your father was president.You have a salary of $1,350,000 this year while your father had a salary of $60,000 when he was yourage. The CPI the year that your father was your age was 12.2, and it has increased to 230.7 today.Who is earning more in real terms, and what would both of your salaries have been in the base year( Hint: recall what is the definition of a base year, the index=100)?You are better off; Your salary in the base year would be $585,175 and your fathers salary inthe base year would be $491,803Your father was better off; Your salary in the base year would be $491,803 and your fatherssalary in the base year would be $585,175(c)You are better off; Impossible to know the salaries in the base year without knowing the CPIin the base year(d)Your father was better off; Impossible to know the salaries in the base year without knowingthe CPI in the base yearM139000 CP7 . 230 .60 ,00 0 . (p] :1 2 . 210

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