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A virtually “fixed” supply of aerospace engineers, in the short run.

INSTRUCTIONS TO CANDIDATES
ANSWER ALL QUESTIONS

Markets for Labor (50 points)

1. Illustrate on a labor market graph the following examples. [15 points]

a.  A virtually “fixed” supply of aerospace engineers, in the short run.

b.  The effect on the supply of lawyers of the reduction of barriers to women’s participation in the practice of the law.

c.  The effect on the market for wait staff of a rise in the wage of salesclerks

    

2. The U.S. Bureau of Labor Statistics keeps track of the average wages and number of workers involved in various occupations over time and also makes projections about what jobs may show the most growth in the future. Using data available at the bureau’s web site, www.bls.gov, try to look up information on an occupation that interests you. How does it pay, compared to other jobs? Is demand projected to rise in the future?  Is the demand for workers in this occupation expected to be elastic/inelastic? Discuss why. [15 points]

 

3. Of the various key issues in the labor market discussed in the chapter, discuss one that you think is particularly important and suggest at least two policy approaches to address this challenge. [20 points]

 

Macroeconomic Measurement (50 points)

4. Explain why, in a simple economy, the income, production, and spending approaches would yield the same figure for the value of total production. Why, in practice, might the value of production actually differ from the total of domestic incomes and the total of expenditures? [15 points]

5. Answer the following questions, using information in the table below, for an extremely simple economy produces only two goods, pillows and rugs. [20 points]

 

 

 

Quantity Produced

Price ($)

Year 1

Pillows

50

$5

 

Rugs

11

$50

Year 2

Pillows

56

$5

 

Rugs

12

$60

 

a.   What is nominal GDP in each of the two years?

b.   What is real GDP in each year, expressed in terms of constant Year 1 dollars?

c.   What is the growth rate of real GDP (in constant Year 1 dollars)?

d. What is the growth rate of real GDP (in constant Year 2 dollars)?

e. Are the growth rates calculated in parts (c) and (d) above same or different? Why?

 

 

6. Go to the Bureau of Labor Statistics Web site (www.bls.gov) and locate its information on the Consumer Price Index for All Urban Consumers (called the “CPI-U”). What is its current value? What month is this for? How does its value in this month compare to its value for the same month a year ago? (That is, by what percentage has the index risen? Use the “seasonally adjusted” number.) [15 points]

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