Chapter 6 deals with the transition between Micro and Macro Economics. So I am going to list a series of questions where you must determine if it is a macro or micro statement. If it is macro convert it to micro. If it is micro, then convert to a macro. 1. Should I go to grad school or take a job? 2. What determines SMCCs policies on course offerings? 3. Should the government make community colleges tuition free? 4. What determines Hanaford's wage policies in Portland?

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Paramjeet ChawlaLv8

28 Sep 2019

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1. Scarcity in economics means: we do not have sufficient resources to produce all the goods and services we want. the wants of people are limited. there must be poor people in rich countries. shortages exist in nearly all markets. You like to read Vogue and Sports Illustrated. You have only $5 to spend, so you only buy Sports Illustrated. The statement that best represents this economic concept is: resources are scarce. the real cost of something is what you must give up to get it. positive economics explains how the economy actually works. economic models are used to answer âwhat ifâ questions. . If the state government allocates additional spending on education, the opportunity cost is: zero. the dollar amount of the additional spending. considered only if additional taxes need to be raised to fund the spending. measured in terms of the best alternative use for that money. For a student that owns his or her own home and doesn't plan to live in the dorm the cost of going to college is: tuition and the cost of housing. tuition, the cost of housing, and the cost of books. tuition, the cost of books, and forgone income. forgone income only. Keynesian economics stressed: the importance of total spending. the self-correcting power of free markets. the long run. that the Depression should run its course to bring down the high cost of living. The economic policy that uses changes in government spending and taxes to affect the overall spending in the economy is known as: a tax-and-spend policy. monetary policy. fiscal policy. free-trade policy. When building a model, economists: simplify reality in order to highlight what really matters. attempt to duplicate reality in all of its complexity. ignore the facts and instead try to determine what the facts should be. are careful to avoid the scientific method. Which is a normative statement? The minimum wage has not kept pace with inflation. The minimum wage is an important tool in fighting poverty and should be increased. The minimum wage can create higher unemployment for teens and unskilled workers. A higher minimum wage is expected to increase the price of a fast-food cheeseburger. Which is an example of a positive statement? The poverty rate should be 4%. A high rate of economic growth is a more important economic goal than a low rate of unemployment. The federal government pays for 46% of U.S. health care costs. Everyone in the country should be covered by national health insurance. Economists may disagree about policies because they: may approach the issue using the same sets of values. may use different economic models. enjoy disagreeing with each other. only consider issues in positive economics.

Part 1:
Define each one as either employed, unemployed, not in the labor force, not in the adult population.

1) Felix is a 25-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club.
2) Janis is a 12-year-old student in Middle School. She babysitter younger brother and does other chores, for which her parents give her an allowance of $30 per week.
3) Rajiv is a 30-year-old who lost his job as a copyeditor for a local newspaper. He has spent the past few weeks out of work interviewing for other editing jobs. If his job search doesn'tsucceed after a few more weeks, he is thinking about going back to grad school.
4) Meagan is an 18-year-old who just graduated from high school. She is taking it easy this summer, relaxing by the pool with her friends, and volunteering part-time at a nursery.

Part 2:
The table below contains U.S. employment information from February 2008.
Civil Non-Institutional Population (16 years andolder)=232,809,00
Employed=145,993,000
Unemployed=7,318,000
Discouraged=396,000

The BLS has several measures of joblessness in addition to the official unemployment rate. One alternative in the U-4 measure of labor underutilized, which is calculated at the following:
U-4=(unemployed+discouraged)/(Labor force+discouraged)*100

Official Unemployment Rate=?
The U-4 measure of Labor underutilized=?

Part 3(connected to part 2):
The official unemployment rate and the U-4 measure of laborunderutilized are 2 different measures of joblessness in the economy. If the BLS were to include discouraged workers in the official unemployment rate, the reported unemployment rate would(increase/decrease).

Part 4:
Frictional Unemployment: 1.0%
Cyclical Unemployment: 0.8%
Structural Unemployment: 4.1%
Total Unemployment: 5.9%
Using the table above: True or False. The economy is currently at its natural rate of unemployment?

Part 5:
Define as either Structural, Frictional, or CyclicalUnemployment

1) Automobile demand as fallen during a recent recession, and Haley has been laid off from her job on the assembly line (I think it's cyclical but I'm not too sure)
2) Jack recently lost his job as a waiter at a local restaurant. A recent increase in minimum wage keeps local employers from adding more of the low-skill positions for which he qualifies, so he has been unable to find work. He continues to look for a job but reconsidering going back to school for vocational rate. (I think it's structural but not sure)

Part 6:
Suppose the world price of steel falls substantially. The demand for labor among steel production firms in Pennsylvania(increase/decrease). The labor demand among automobile producing firms in Michigan, for which steel is an input, will(increase/decrease). The unemployment resulting from such sectional shift in the economy is best described as(cyclical/structural/frictional/seasonal) unemployment.

I think it's decrease, decrease, and cyclical but not too sure.

Part 7:
Which of the following policies would reduce the natural rate of unemployment in the economy. More than one can apply.

1) An improvement to a widely used job-search website that allows it to match works to job vacancies more effectively.
2) Establishing government-run employment agencies to connect unemployed workers to job vacancies.
3) Offering recipients of unemployment insurance a cash bonus if they find a new job within a specified number of weeks

plumdog25

Grade inflation Gone Wild - sTUarTrojsTaCzer

A bout six years ago, I was sitting in the student union of a small liberal arts college when I saw a graph on the cover of the student newspaper that showed the history of grades given at that institution in the past 30 years.

Grades were up. Way up.

I am a scientist by training and I love numbers. So when I looked at that graph, I wondered, How many colleges and universities have
data like this that I can find? The answer is that a lot of schools have data like this hidden somewhere. Back then, I found more than 80 colleges and universities with data on grades, mostly by poking around the Web. Then I created a website (gradeinflation.com) so that others could find this data. I learned that grades started to shoot up nationwide in the 1960s, levelled off in the 1970s, and then started rising again in the 1980s. Private schools had much higher grades than public schools, but virtually everyone was experiencing grade inflation.

What about today?

Grades continue to go up regardless of the quality of education. At a time when many are raising questions about the quality of U.S. higher education, the average GPA at public schools is 3.0, with many flagship state schools having average GPAs higher than 3.2. At a private college, the average is now 3.3. At some schools, it tops 3.5 and even 3.6. A is average at those schools! At elite Brown University, two-thirds of all letter grades given are now A's.

These changes in grading have had a profound influence on college life and learning. When students walk into a classroom knowing that they can go through the motions and get a B+ or better, that's what they tend to do, give minimal effort. Our college classrooms are filled with students who do not prepare for class. Many studies less than 10 hours a week that's less than half the hours they spent studying 40 years ago. Paradoxically, students are spending more and more money on an education that seems to deliver less and less content.
With so few hours filled with learning, boredom sets in and students have to find something to pass the time. Instead of learning, they drink. A recent survey of more than 30,000 first-year students across the country showed that nearly half were spending more hours drinking than they were studying. If we continue along this path, well end up with a generation of poorly educated college graduates who have used their four years principally to develop an addiction to alcohol.

Many say that grade inflation is a complicated issue with no easy fix. But there are solutions. At about the same time that I started to collect data on rising grades, Princeton University began to do something about its grade-inflation problem. Its guidelines have the effect of now limiting A's on average to 35 per cent of students in a class. Those guidelines have worked. Grades are going back down at Princeton and academic rigour is making a comeback. A similar successful effort has taken place at Wellesley College in Massachusetts. And through a concerted effort on the part of faculty and leadership, grades at Reed College in Oregon have stayed essentially constant for 20 years.

Princeton, Wellesley, and Reed provide evidence that the effort to keep grade inflation in check is not impossible. This effort takes two major steps. First, school officials must admit that there is a problem. Then they must implement policies or guidelines that truly restore excellence.

I asked Dean Nancy Malkiel at Princeton why so few schools seem to be following Princeton's lead. Because its hard work, she answered. Because you have to persuade the faculty that its important to do the work.

Making a switch will take hard work, but the effort is worthwhile. The alternative is a student body that barely studies and drinks out of boredom. That's not acceptable. Colleges and universities must roll up their sleeves, bring down inflated grades, and encourage real learning. It's not an impossible task. There are successful examples that can be followed. I am looking forward to the day when we can return to being proud of the education that our nation's colleges and universities provide.

Analyze Stuart Rojstaczer's argument in Grade Inflation Gone Wild, addressing the following questions:
What evidence does Rojstaczer use to indicate that there is a problem?
How would you characterize this evidence (for example, scientific, anecdotal), and to what extent are you persuaded by the evidence he provides to suggest that grade inflation has a profound effect on life and learning?
To what extent does he persuade you that a change in policy is
necessary or that such a change would make a difference?

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