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Economics deals with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

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shivashx6 answered this question
in Economics·
12 Oct 2023
  1. Short Response1.Use the All-Item Consumer Price Index on the Statistics Canada website (baseyear=2002) to respond to the following questions. Specifically look at Table 18-10-005-01.1Assume that all prices are provided in Canadian dollars, and show your work.(5%each)(a) In 1955, a two-story detached house, with a large lot, in downtown Toronto (DavisvilleVillage) sold for$30,000. How much is this in 2020 dollars?(b) In 1954, the average family income in Canada was$4,136. How much is this in 2020dollars?(c) You manage a Toronto hedge fund from 2000 to 2010. Over this period of time, youmake your clients a 10% return on their money. For example, someone who invested$100,000 with you in 2000 has$110,000 in 2010. Is this performance good, when adjustedforinflation?(d) In 2002, the average spot price of silver was$4.60. In 2020, the average spot pricehad risen to$20.69. By how much percent has the price of silver risen from 2002 to2020, when adjusted for inflation?2(e) In 1950, an expensive date cost$10. How much would this be in 2020 dollars?(f) Boomers often complain about Zoomers and Millennials being spoiled and lazy. Atypical Boomer may say something like, “When I was in university, my summer job paidfor the tuition.” In 1975, Canadian tuition was$551. How much is this in 2020 dollars?1See here:              
  2.  2.In the future, “you will own nothing and you will be happy.”Jack is a lowly office worker in 2030, and represents the typical consumer. He onlyspends his money on three items: his daily food cube (which provides all of the necessarymacronutrients and calories for the day in the palm of your hand!), Uber rides, and renton his 250 square foot apartment (which is sometimes used as a meeting space and lovehotel).Jack’s annual consumption is 365 food cubes, 600 Uber rides, and 12 rental payments.Let2029be the base year, and assume that the CPI for 2030 is 150.Year Price of Food Cube Price of Uber Ride Price of Rental Payment2030$15$30$6652031$20$40$1,0002032$25$40$3,3302033$30$35$10,000(a) Calculate the CPI for 2031, 2032, and 2033. Show your work.(15%)(b) Now let 2030 be the base year. Calculate the CPI for 2031, 2032, and 2033. Showyour work.(15%)3.Suppose that the United States and Canada both use a gold standard, so that eachunit of currency is backed by a fixed amount of gold. This means, in practical terms,that whenever someone goes to the bank or a government exchange window, that theycan demand gold in exchange for their cash.Briefly explain how this would affect each of the following situations.(5% each)(a) The exchange rate between Canada and the United States (i.e. how many Canadiandollars can be exchanged for an American dollar).(b) Inflation in the United States over the long-term.(c) Long-term business planning in Canada.(d) Saving decisions in the United States.4.In each of the following cases, explain clearly how the CPI might misrepresent changesin consumer prices (Commodity substitution bias, Introduction of new goods, or Un-measured quality changes). In each case, speculate as to whether CPI overstates orunderstates consumer expenses.(5% each)(a) By 1990, expensive personal computers became a common expenditure in consumers’baskets. However, some governments were still calculating the consumer’s basket usinga 1975 survey.(b) Between 2007 and 2015, there were significant improvements in smartphones.(c) Compared to 1970, households in 2015 took more vacations.(d) Food quality has deteriorated over time, even as consumers purchase the sameamount.5.Is each of the following situations an example of structural, frictional, or cyclicalunemployment? You do not need to explain your answer. (2% each)2            
  3.  (a) All nations of the world enact strict anti-pornography laws,3causing a permanentreduction in demand for OnlyFans.(b) In the spring and summer, university graduates enter the labour force to seek work.(c) Robot physicians, programmed with medical guidelines, replace human physicians.(d) The 2008 financial crisis led to massive layoffs in the financial industry.(e) A number of Chad doctors, lawyers, and professors quit their jobs to seek work inagriculture.46.Use the data below to answer the ensuing questions. Show your work. (5% each)Item ValueUnemployment Rate 10%Labour Force Participation Rate 70%Not in Labour Force 300,000 persons(a) How many people are in the labour force?(b) How many people are unemployed?(c) What is the total adult population in this economy?
in Economics·
10 Oct 2023
  1. Short Response1.Use the All-Item Consumer Price Index on the Statistics Canada website (baseyear=2002) to respond to the following questions. Specifically look at Table 18-10-005-01.1Assume that all prices are provided in Canadian dollars, and show your work.(5%each)(a) In 1955, a two-story detached house, with a large lot, in downtown Toronto (DavisvilleVillage) sold for$30,000. How much is this in 2020 dollars?(b) In 1954, the average family income in Canada was$4,136. How much is this in 2020dollars?(c) You manage a Toronto hedge fund from 2000 to 2010. Over this period of time, youmake your clients a 10% return on their money. For example, someone who invested$100,000 with you in 2000 has$110,000 in 2010. Is this performance good, when adjustedforinflation?(d) In 2002, the average spot price of silver was$4.60. In 2020, the average spot pricehad risen to$20.69. By how much percent has the price of silver risen from 2002 to2020, when adjusted for inflation?2(e) In 1950, an expensive date cost$10. How much would this be in 2020 dollars?(f) Boomers often complain about Zoomers and Millennials being spoiled and lazy. Atypical Boomer may say something like, “When I was in university, my summer job paidfor the tuition.” In 1975, Canadian tuition was$551. How much is this in 2020 dollars?1See here:              
  2. 2.In the future, “you will own nothing and you will be happy.”Jack is a lowly office worker in 2030, and represents the typical consumer. He onlyspends his money on three items: his daily food cube (which provides all of the necessarymacronutrients and calories for the day in the palm of your hand!), Uber rides, and renton his 250 square foot apartment (which is sometimes used as a meeting space and lovehotel).Jack’s annual consumption is 365 food cubes, 600 Uber rides, and 12 rental payments.Let2029be the base year, and assume that the CPI for 2030 is 150.Year Price of Food Cube Price of Uber Ride Price of Rental Payment2030$15$30$6652031$20$40$1,0002032$25$40$3,3302033$30$35$10,000(a) Calculate the CPI for 2031, 2032, and 2033. Show your work.(15%)(b) Now let 2030 be the base year. Calculate the CPI for 2031, 2032, and 2033. Showyour work.(15%)3.Suppose that the United States and Canada both use a gold standard, so that eachunit of currency is backed by a fixed amount of gold. This means, in practical terms,that whenever someone goes to the bank or a government exchange window, that theycan demand gold in exchange for their cash.Briefly explain how this would affect each of the following situations.(5% each)(a) The exchange rate between Canada and the United States (i.e. how many Canadiandollars can be exchanged for an American dollar).(b) Inflation in the United States over the long-term.(c) Long-term business planning in Canada.(d) Saving decisions in the United States.4.In each of the following cases, explain clearly how the CPI might misrepresent changesin consumer prices (Commodity substitution bias, Introduction of new goods, or Un-measured quality changes). In each case, speculate as to whether CPI overstates orunderstates consumer expenses.(5% each)(a) By 1990, expensive personal computers became a common expenditure in consumers’baskets. However, some governments were still calculating the consumer’s basket usinga 1975 survey.(b) Between 2007 and 2015, there were significant improvements in smartphones.(c) Compared to 1970, households in 2015 took more vacations.(d) Food quality has deteriorated over time, even as consumers purchase the sameamount.5.Is each of the following situations an example of structural, frictional, or cyclicalunemployment? You do not need to explain your answer. (2% each)2            
  3. (a) All nations of the world enact strict anti-pornography laws,3causing a permanentreduction in demand for OnlyFans.(b) In the spring and summer, university graduates enter the labour force to seek work.(c) Robot physicians, programmed with medical guidelines, replace human physicians.(d) The 2008 financial crisis led to massive layoffs in the financial industry.(e) A number of Chad doctors, lawyers, and professors quit their jobs to seek work inagriculture.46.Use the data below to answer the ensuing questions. Show your work. (5% each)Item ValueUnemployment Rate 10%Labour Force Participation Rate 70%Not in Labour Force 300,000 persons(a) How many people are in the labour force?(b) How many people are unemployed?(c) What is the total adult population in this economy?
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