![Overview of Output Measures Used by BLS to Construct Productivity Statistics for Major Sectors of the U.S. Economy](http://s1.studyres.com/store/data/018214556_1-ca3b2136917865088f181fcbd0896194-300x300.png)
My notes
... The best-known report, by Forrester Research, a consultancy, guesses that 3.3m American service-industry jobs will have gone overseas by 2015—barely noticeable when you think about the 7m-8m lost every quarter through job-churning. And the bulk of these exports will not be the high-flying jobs of IT ...
... The best-known report, by Forrester Research, a consultancy, guesses that 3.3m American service-industry jobs will have gone overseas by 2015—barely noticeable when you think about the 7m-8m lost every quarter through job-churning. And the bulk of these exports will not be the high-flying jobs of IT ...
From Micro to Macro
... The Macroeconomics of Depression Suppose the economy suffers a weakening of demand for output. Prices do not adjust--at least not immediately. Output adjusts, as do expenditures: PQ becomes PQ’ With E less than Y, excess inventories accumulate. The demand for labor (and other resources) falls. ...
... The Macroeconomics of Depression Suppose the economy suffers a weakening of demand for output. Prices do not adjust--at least not immediately. Output adjusts, as do expenditures: PQ becomes PQ’ With E less than Y, excess inventories accumulate. The demand for labor (and other resources) falls. ...
Review of Chapters 14 and 15
... the owner will have less next year than if the owner waited and sold the resource next year at the higher price. 39) The three main tools are: income taxes which are typically progressive; income maintenance programs like unemployment compensation; and subsidized services like Medicaid and Medicare. ...
... the owner will have less next year than if the owner waited and sold the resource next year at the higher price. 39) The three main tools are: income taxes which are typically progressive; income maintenance programs like unemployment compensation; and subsidized services like Medicaid and Medicare. ...
Long-term Economic Growth
... • More capital will be supplied as long as capital-labor ratio is below target level. • As labor supply increases, capital increases to bring capital-labor ratio back to target. • But capital-labor ratio will determine the productivity of labor and real wage. • Thus, if new workers come into the mar ...
... • More capital will be supplied as long as capital-labor ratio is below target level. • As labor supply increases, capital increases to bring capital-labor ratio back to target. • But capital-labor ratio will determine the productivity of labor and real wage. • Thus, if new workers come into the mar ...
Διαφάνεια 1
... Axis 1 expenditure: Increased demand for construction (70%) and machinery (30%) {Farm Investment Plans + Young Farmers + Processing} and increase in the income of Agricultural HHS (Early Retirement) Axis 2 expenditure: Increased farm output (Agri-environment) and increase in the income of Agricul ...
... Axis 1 expenditure: Increased demand for construction (70%) and machinery (30%) {Farm Investment Plans + Young Farmers + Processing} and increase in the income of Agricultural HHS (Early Retirement) Axis 2 expenditure: Increased farm output (Agri-environment) and increase in the income of Agricul ...
Real business cycles
... to keep constant the effort supplied by agents. This implies that after a positive technological shock, wages can rise to compensate the negative effect on effort of the potential fall in unemployment c/ What is your conclution as far as the contribution of this model to the RBC literature is concer ...
... to keep constant the effort supplied by agents. This implies that after a positive technological shock, wages can rise to compensate the negative effect on effort of the potential fall in unemployment c/ What is your conclution as far as the contribution of this model to the RBC literature is concer ...
Labor Supply and the Real Wage
... Labor Supply and the Real Wage • Given the real wage, w/P, household choose the optimal labor supply. What will happen to labor supply if real wage varies? ...
... Labor Supply and the Real Wage • Given the real wage, w/P, household choose the optimal labor supply. What will happen to labor supply if real wage varies? ...
Market for Factors of Production
... Changes in supply or demand for labor Change the equilibrium wage Change the value of the marginal product by the ...
... Changes in supply or demand for labor Change the equilibrium wage Change the value of the marginal product by the ...
Econ Mid-Term Review Jeopardy
... An increase in consumer’s income will cause the demand curve to do this ...
... An increase in consumer’s income will cause the demand curve to do this ...
Homework #3
... Directions: The homework will be collected in a box before the lecture. Please place your name, TA name and section number on top of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Please remember the section number for the se ...
... Directions: The homework will be collected in a box before the lecture. Please place your name, TA name and section number on top of the homework (legibly). Make sure you write your name as it appears on your ID so that you can receive the correct grade. Please remember the section number for the se ...
PDF
... between agriculture and industrialization. The negative links are due to the fact that factor productivity is low in agriculture and the manufacturing sector competes with the agricultural sector for labor by implying that there is an abundant labor supply which the manufacturing sector can use (Mok ...
... between agriculture and industrialization. The negative links are due to the fact that factor productivity is low in agriculture and the manufacturing sector competes with the agricultural sector for labor by implying that there is an abundant labor supply which the manufacturing sector can use (Mok ...
Aggregate Supply Under Price Rigidity
... have an effect on domestic consumers prices equal to the share of imports in consumption. Introduction of non-traded goods would allow for deviations from PPP. Alternatively, a fraction of firms set prices in the buyer’s currency, or Local ...
... have an effect on domestic consumers prices equal to the share of imports in consumption. Introduction of non-traded goods would allow for deviations from PPP. Alternatively, a fraction of firms set prices in the buyer’s currency, or Local ...
Exercise 6 (+additional question) in Mankiw:
... B. Calculate public saving, private and national saving. 3points. C. Calculate private consumption(C). 1point. 1point 2. In a closed economy, what do we mean by “crowding-out”? Why might “crowding-out” be a problem? 1point 3. If inflation is 10 percent and the real interest is 12, what is the nomina ...
... B. Calculate public saving, private and national saving. 3points. C. Calculate private consumption(C). 1point. 1point 2. In a closed economy, what do we mean by “crowding-out”? Why might “crowding-out” be a problem? 1point 3. If inflation is 10 percent and the real interest is 12, what is the nomina ...
A Two-sector Ramsey Model
... show that subsidized loans to the capital-intensive sector raise the interest rate and speed up growth, while subsidized loans to the labor-intensive sector has the opposite effects. In addition, our two-sector model can be used to analyze the effects of non-neutral technology shocks on wages and gr ...
... show that subsidized loans to the capital-intensive sector raise the interest rate and speed up growth, while subsidized loans to the labor-intensive sector has the opposite effects. In addition, our two-sector model can be used to analyze the effects of non-neutral technology shocks on wages and gr ...
Aggregate Production Function
... Madison also has the following labor supply: L = 2W+3. Madison just received new technology from its neighbor. Holding everything else constant, which of the following is true about the new production function and labor supply equation? a. b. c. d. ...
... Madison also has the following labor supply: L = 2W+3. Madison just received new technology from its neighbor. Holding everything else constant, which of the following is true about the new production function and labor supply equation? a. b. c. d. ...
California State University, Sacramento
... B) a factory that hires more workers and never increases the amount of machinery C) a factory that increases the amount of machinery and holds the number of worker constant D) None of these situations will result in diminishing marginal returns to labor 11) To say that isoquants are convex is to say ...
... B) a factory that hires more workers and never increases the amount of machinery C) a factory that increases the amount of machinery and holds the number of worker constant D) None of these situations will result in diminishing marginal returns to labor 11) To say that isoquants are convex is to say ...
Chapter 25 - Weber State University
... 1. In 1940, federal government purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had risen to ________. a. 20 percent; 30 percent b. 8 percent; 50 percent c. 15 percent; 20 percent d. 1 percent; 25 percent 2. Wartime economic mobilization resulted in a. increased hou ...
... 1. In 1940, federal government purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had risen to ________. a. 20 percent; 30 percent b. 8 percent; 50 percent c. 15 percent; 20 percent d. 1 percent; 25 percent 2. Wartime economic mobilization resulted in a. increased hou ...
Document
... In this drawing both C1 and C2 decreases. C1 must decrease because both the substitution and income effects work to reduce C1. However, C2 may either increase (if the substitution effect is greater than the income effect) or decrease (if the income effect is greater than the substitution effect). ...
... In this drawing both C1 and C2 decreases. C1 must decrease because both the substitution and income effects work to reduce C1. However, C2 may either increase (if the substitution effect is greater than the income effect) or decrease (if the income effect is greater than the substitution effect). ...
ECON 201
... from part (a). What is the combined effect of these two fiscal changes on the equilibrium level of investment and the equilibrium interest rate in the economy? ...
... from part (a). What is the combined effect of these two fiscal changes on the equilibrium level of investment and the equilibrium interest rate in the economy? ...
Chapter 11: Classical and Keynesian Macro Analysis Classical
... The assumption of that actual prices = expected prices. That is people cannot be fooled by money illusion. Price changes are fully anticipated by both workers and producers. Therefore, they react changes in relative prices not money prices. The Classical economists argued also that investors would i ...
... The assumption of that actual prices = expected prices. That is people cannot be fooled by money illusion. Price changes are fully anticipated by both workers and producers. Therefore, they react changes in relative prices not money prices. The Classical economists argued also that investors would i ...
Document
... Explanations for a large shift in demand for highly educated workers include: Skill-biased technical change is the idea that new technologies are more effective at improving productivity of college-educated workers than of high school educated workers. Globalization is the increased opening o ...
... Explanations for a large shift in demand for highly educated workers include: Skill-biased technical change is the idea that new technologies are more effective at improving productivity of college-educated workers than of high school educated workers. Globalization is the increased opening o ...
SA grains and oilseeds industry
... role in the economy is a function of backward and forward linkages to other sectors. Purchases of goods such as fertilisers, chemicals and implements form backward linkages with the manufacturing sector, while forward linkages are established through the supply of raw materials to the manufacturing ...
... role in the economy is a function of backward and forward linkages to other sectors. Purchases of goods such as fertilisers, chemicals and implements form backward linkages with the manufacturing sector, while forward linkages are established through the supply of raw materials to the manufacturing ...
Fei–Ranis model of economic growth
![](https://commons.wikimedia.org/wiki/Special:FilePath/Phases.jpg?width=300)
The Fei–Ranis model of economic growth is a dualism model in developmental economics or welfare economics that has been developed by John C. H. Fei and Gustav Ranis and can be understood as an extension of the Lewis model. It is also known as the Surplus Labor model. It recognizes the presence of a dual economy comprising both the modern and the primitive sector and takes the economic situation of unemployment and underemployment of resources into account, unlike many other growth models that consider underdeveloped countries to be homogenous in nature. According to this theory, the primitive sector consists of the existing agricultural sector in the economy, and the modern sector is the rapidly emerging but small industrial sector. Both the sectors co-exist in the economy, wherein lies the crux of the development problem. Development can be brought about only by a complete shift in the focal point of progress from the agricultural to the industrial economy, such that there is augmentation of industrial output. This is done by transfer of labor from the agricultural sector to the industrial one, showing that underdeveloped countries do not suffer from constraints of labor supply. At the same time, growth in the agricultural sector must not be negligible and its output should be sufficient to support the whole economy with food and raw materials. Like in the Harrod–Domar model, saving and investment become the driving forces when it comes to economic development of underdeveloped countries.