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Global Macroeconomics
1.Production Possibilities
Here is the production possibility frontier (PPF) for South Korea. For this question, assume that the PPF for North Korea is 10% as high as that of South Korea. [In reality, North Korea’s total GDP is estimated to be about 3% of the level of South Korea.]
a. Show what would happen to the PPF if North and South Korea were to unite peacefully into a single country.
b. Between 2007 and 2009, the economy of South Korea fell sharply (in US dollar terms), and the unemployment rate rose. What effect, if any, did this rise in unemployment have on the PPF of South Korea?
c. On the original PPF for South Korea, what is the opportunity cost, in terms of investment goods, of raising consumption from 85 to 95?
d. If consumer goods production is 85, will economic growth be (potentially) higher or lower than when consumer goods production is 95? Why?
e. What is the most difficult trade-off that you face currently? How do you resolve the dilemma?
2.Demand and Supply
Consider a village where there is a market for unskilled labor. The relevant information is as follows:
Wage ($/hour) | 14 | 12 | 10 | 8 | 6 | 4 | 2 |
Labor demanded (hours/week) | 140 | 280 | 420 | 560 | 700 | 840 | 980 |
Labor supplied (hours/week) | 740 | 700 | 640 | 560 | 480 | 400 | 320 |
a. Accurately graph the demand and supply curves, labeling the axes and curves carefully. [Optional: Try doing this in Excel. You will need to use the “scatter plot” option.] Note: The price – here, the wage rate, which is the price of labor – is, by convention, shown on the vertical axis.
b. What is the equilibrium wage rate, and number of hours worked?
c. The government considers that the wage rate is not high enough for people to live on comfortably, and is considering setting a minimum wage of $12 per hour. How much labor would be supplied at this wage? How much would be demanded?
d. With this minimum wage, would workers as a group earn more or less? [Hint: Calculate the total wages paid to all workers before, and then after, the imposition of the minimum wage.]
e. The local government is hoping to attract a new industry to the village, which would increase labor demand by 220 units; this would shift demand out by 220 for any wage level. Add the new demand curve to your graph, and compute the new wage rate.
f. Before the minimum wage is put in place, or the new industry comes to town, 60% of the unskilled workers in the village leave, hoping to find better jobs in a big city far away. Show and explain what effect this has on the wages of those unskilled workers who remain.
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3.Minimum Wage
On Labor Day, there was a demonstration in Boston in favor of a $15/hour minimum wage. How high is the minimum wage in the U.S.? How high should it be? [Make a reasoned case; 200 words maximum.]
4.Graphing
The file USWheatData.xlsx contains data on the production, yield, and price of wheat from 1866/67 through 2016/17.
a. Graph one of these series (i.e. production or yield or price) over time. [Hint: The easiest way to do this is in Excel; use Insert – Line Chart. Label the horizontal axis with the years.] Make the graph look professional, with clear labels on the axes, and a title.
b. Write a short commentary (100 words is enough) on the patterns you see in your chart.
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