šŸ·ļø LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION ā†’
Log in
Economics
1
answer
0
watching
76
views

In the US economy, we have two sectors, private and public sectors. In recession time, how can the public sector help the private sector? Provide an example in recent years. In non-recession time, how can the private sector help the public sector?

Watch
1
answer
0
watching
76
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

In recent years, the service sector of the US economy has:Ā 
Ā 
(i) grown at a faster rate than the manufacturing sector.
(ii) witnessed an extremely slow growth in low-wage service industries.Ā 
(iii) been overtaken by the manufacturing sector in private-sector employment.Ā 
(iv) has been running deficits in services trade.Ā 

There are two sectors of the construction industry that currently pay their employees the market-clearing wage. The demand for labor in each sector is w = 18 ā€“ Ed, where Ed = the number (in thousands) of workers. The supply of labor in each sector is Es = w ā€“ 2, where w = the wage rate (dollars per hour).Ā A union organizes in one of the sectors, and it restricts supply to that sector by insisting that only those in the union are hired by firms in that sector (and it is difficult to get into the union). When the employees in this sector unionize, the supply of labor in that sector changes to Es = w ā€“ 4.

a) What is the wage rate in both sectors before unionization? How many employees will be hired in each sector?

b) What is the wage rate in the unionized sector? How many employees will be hired in the unionized sector?

c) If the unemployed workers in the newly unionized sector spill over into the nonunion sector, what will be the wage rate in the nonunion sector? How many employees will be hired in that sector?

d) What is the union relative wage advantage (union-wage/nonunion wage)? What is the true absolute effect (union-wage/equilibrium wage in the absence of a union)?

e) Suppose the employees in the non-unionized sector want a union to represent them as well. In an attempt to discourage a union from forming in this sector, the employers in that sector offer a wage rate of $10.50. How many nonunion workers will be hired? What is the union relative wage advantage?

Respond to the following questions:

Many would argue that in a capitalistic economy, the government cannot provide goods and services as efficiently as the private sector. For example, most arguments for and against the Affordable Health Care Act center on the efficiency of the government in managing and operating a health care system. Do you think the government can provide goods and services to the public as efficiently as or better than the private sector? Support your conclusions with examples and applications.

In a free-market economy, firms face some degree of uncertainty or risk. Some of this risk is controllable, and some are not. Identify the different types of risks that a business might encounter in the marketplace and identify whether they are controllable or uncontrollable. How can a business incorporate risk into the decision-making process?

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in