Economics Chapters 6, 8

Economics Chapters 6, 8

1. In a major city, the vacancy rate for apartments was approximately 5%, yet substantial numbers of individuals were searching for new apartments. Explain why this occurs. Relate this phenomenon to unemployment.

2. In many developing countries, the government and international corporations pay high wages for jobs in the major cities, and many people migrate to the cities from farms where earnings are low. Unemployment rates in cities, therefore, are large. Can this be explained in terms of frictional unemployment? Why or why not?

3. The starting salary for a new assistant economics professor was $15,000 in 1976 and $90,000 in 2010. The value of the CPI for 2010 was 216.3, compared to 56.9 in 1976. In which year did the newly hired professor earn more in real terms?

4. Suppose one country has a GDP that is one-eighth of its richer neighbor. But the poorer country grows at 10% per year, while the richer country grows at 2% a year. In 35 years, which country will have a higher GDP? (Hint: Use the rule of 70).

The introduction of electronic health records is currently viewed as an important innovation in the delivery of health care. Explain how this innovation may increase the supply of capital or labor used in health-care delivery and provide additional benefit to the consumer

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