ECON1020: Principles of Economics 1 - Labour Market Statistics for Belize and Bolivia - Economics Assignment Help

Assignment Task:

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EXAM INSTRUCTIONS
• The total exam is worth 60 marks and counts towards 50% of your final grade.
• The exam consists of four compulsory short answer questions with multiple parts. All topics covered during the session are examinable.
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QUESTION 1 (15 MARKS)
The following table shows labour market statistics for Belize and Bolivia in 2019. All figures are number of persons, thousands.

a. Calculate the participation rate, employment rate and unemployment rate for Belize and Bolivia in 2019. Show your workings. (3 marks)

b. Discuss which country (Belize or Bolivia) has the stronger (i.e. best performing) labour market. Justify your answer. [max words: 150] (3 marks)

c. The onset of COVID-19 has seen aggregate demand in Bolivia decrease dramatically. As a result, unemployment in the country has increased. Draw a model of the labour market. Assume that before the onset of COVID-19 the labour market in Bolivia was in equilibrium. On your model show what effect the increase in unemployment in the country would have on the real wage in the short term before any adjustments take place. Label both axes, curves, and important points on your model. (5 marks)

d. If an economy has low aggregate demand with high unemployment, then an automatic adjustment back to equilibrium could occur through a process of wage and price cuts in the labour market. Imagine that you are a worker in Bolivia who has recently lost their job because of COVID-19 and you see many other workers in your country have also lost their jobs. How might this affect any adjustment back to equilibrium in the labour market? [max words: 250] (4 marks)

QUESTION 2 (15 MARKS)
The figure below shows the average years of schooling, girls relative to boys between 1970 and 2010 for several countries.

a. State what type of inequality is being shown in this figure and discuss what is being shown by the data. [max words: 150] (3 marks)

The figure below shows the shares of global income received by the bottom 60% and top 10% of the world's population between 1820 and 2008.

b. What does this figure tell us about within-country and between-country inequality over time? Explain one reason for the change in shares of global income over time. [max words: 250] (4 marks)

c. Intergenerational inequality and inequality in earnings between members of a population are positively correlated. Discuss two reasons that may explain this positive correlation. [max words: 250] (4 marks).

d. “More unequal countries do better than equal countries, in terms of standard economic performance measures like GDP per capita growth.” Do you agree or disagree with this statement? Discuss two reasons why you came to this conclusion. [max words: 250] (4 marks)

QUESTION 3 (15 MARKS)
You are now asked to consider a world with two people, Jane and Jack. Jack is a farmer. Jane owns the land on which Jack farms and does not produce any output herself. There is only one good in this world, grain.

a. Use a model of decision making under scarcity to show the allocation that maximises Jane’s economic rent when she can coerce Jack. Label all relevant axes, points and curves on your model. (5 marks)

b. Use a separate model of decision making under scarcity to show the set of Pareto efficient allocations result from Jack being able to bargain with Jill, but with Jill still being able to make a take-it-or-leave-it offer. Label all relevant axes, points and curves on your model. (5 marks)

c. Thinking in general terms now, explain why a point on the biological survival constraint is lower when a person has more hours of free time. Why does the curve also get flatter when a person works less? [max words: 150] (3 marks)

d. Again, thinking in general terms, explain the difference between a biologically feasible set and an economically feasible set. [max words: 150] (2 marks)

QUESTION 4 (15 MARKS)
a. Draw two models, a monopoly market (price-setters) and a perfectly competitive market (price-takers). On each of your models show the equilibrium point and show any areas of consumer surplus, producer surplus and deadweight loss. Label all relevant axes, points and curves on your model. (6 marks)

b. Discuss how important investment in research and development would be in each type of market structure (monopoly and perfectly competitive). [max words: 150] (2 marks)

c. In 2017 the US city of Philadelphia introduced a 1.5-cents-per-ounce tax on sweetened drinks such as soda and energy drinks. Discuss the likely effectiveness of this tax. [max words: 150] (3 marks)

d. Discuss what, if any, implications the tax on sweetened drinks will have on inequality within the city of Philadelphia. [max words: 250] (4 marks)

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