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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Answer 1

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Chapter 5, Problem 1P

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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M” method Given the following model, solve by the method of “M”. (see image)

As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.

Answer 2

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Chapter 5, Problem 1P

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 1P

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 1P

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 1P

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 1P

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 1P

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

Expert Solution & Answer

Answer 12

Expert Solution & Answer

Answer 13

Ch. 5 - Prob. 1P Ch. 5 - Prob. 2P Ch. 5 - Prob. 3P Ch. 5 - Prob. 4P Ch. 5 - Prob. 5P Ch. 5 - Prob. 6P

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Chapter 5 Solutions