The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist. Concept Introduction: National Economy: The economy of a nation as a whole, sum of individual units. National Economy Indicators: This allows analysis of the performance of the economy

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Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Problem 1-Experiments/Randomized Control TrialSuppose you are interested in studying the effect of being a part of the labor union on anindividual’s hourly wage.You collect data on 1000 people and run the following regression. where is a dummy variable which is equal t to 1 for people who are a part of labor union and0 for others. a. Suppose you estimate . Interpret b. Do you think is biased or unbiased? Explain. Now suppose you conduct a randomized control trial to answer the same question. Yourandomly assign some individuals to be a part of the labor union and others to not be a partof the labor union. The first step you take is to ensure that the randomization was donecorrectly. Then you estimate the following equation: =1 if the student is assigned to be a part of Labor Union=0 if the student is assigned to not be a part of Labor Union c. Why is it important to ensure that the randomization is done correctly? d. Name any two variables that you can use to test if Treatment and…

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If food is produced in the U.S., sold in the U.S. and consumed in the U.S., a reduction in its price will have which of the following effects ______? Two of the answers are correct. The consumer price index will decrease. None of the answers are correct. The GDP deflator will decrease.

Answer 2

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Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Answer 3

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Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Answer 4

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Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

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Answer 5

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Answer 6

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Answer 7

Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

Answer 8

Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

Answer 9

Chapter 5, Problem 1.1PA

To determine

The reasons for more attention attributed to national economies as compared to state or provisional economies by the economist.

Concept Introduction:

National Economy: The economy of a nation as a whole, sum of individual units.

National Economy Indicators: This allows analysis of the performance of the economy

Answer 10

Expert Solution & Answer

Explanation of Solution

National economic indicators are better indicators of the economic health of a country than the state economies because state economies are concerned with their regions only. The local, political or economic fluctuations only affect those areas or nearby areas and therefore are less important at the central level. They do not provide the perfect picture at the macro level to the economist. If the economist wants to get the information about the whole country, then he has to give importance to indicators like GDP, Employment level, per capita income, health status etc. at a central level which engulfs the average of all the states.

NO doubt, states economies are also important and are the pillars of any central economy but wider picture is shown by only the national economies.

Answer 11

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Answer 12

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Answer 13

Ch. 5 - Prob. 1.1PA Ch. 5 - Prob. 2.2PA Ch. 5 - Prob. 3.3PA Ch. 5 - Prob. 3.4PA Ch. 5 - Prob. 4.5PA Ch. 5 - Prob. 4.6PA

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