Describing the general level of wages
Explain why the general level of wages is higher in the United States and other industrially advanced countries. What is the single most important factor underlying the long-run increase in average real-wage rates in the United States?
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Demonstrate the situation described in 2004 with supply and demand curves, carefully labeling any excess supply and demand for college admissions. What is the market solution to the excess demand for college?
The following information is available for Sappy's Surgical Shears for the fiscal year ending December 31, 20XX.
Suppose that consumer spending is 200, and spending on food, transport and leisure is 60, 20 and 10 respectively. Suppose that after five years consumer spending doubles to 400. How much do you believe will be the budget share of leisure? Why?
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Suppose consumer has to choose between the composite good Y (PY=$1 /unit) and gasoline, G. Assume the consumer utility function is: U (G, Y) = and his income is $210/mo.
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