economy

You are a member of a city council in Ohio. The population of this town is approximately 150,000. As budget season approaches, the council has found an opportunity to

attach a proposed $1.00 increase in the minimum wage to another bill. The economic recovery has been generally better in Ohio than the rest of the United States, but

not optimal. Unemployment currently stands at 5.6% in Ohio compared to 5.9% for the United States. For your city, the unemployment rate stands higher than the US and

Ohio average at about 6.5%, largely due to a decline in manufacturing jobs during the last recession.

You notice that inequality in your town is also increasing. The economic recovery has largely benefited certain industries over others. Manufacturing is slowly coming

back thanks to new investments by the Big Three automotive companies, but hiring and wages in the services sector have stagnated. Overall per capita income in the city

has largely flat lined and not kept pace with inflation.

The Ohio minimum wage is $7.95. This would bring the city minimum wage to $8.95. The city council has been in communication with a few retailers to bring 1,000 more

jobs to the city, but they are highly concerned about the minimum wage increase. Indeed, one retailer that promised 250 of the 1,000 jobs has threatened to leave the

city if the minimum wage is raised.
Your job is to decide as a council if the minimum wage has been increased. Please provide a two paragraph explanation why. Please feel free to provide real life

evidence of the state of the US economy to back up your decision.

economy

gold reaches record price of almost $1,900 per ounce was just one of the many headlines on the soaring price of gold in late 2011.The price of gold rose by 28% from $1,483 per troy ounce on 01 july 2011 to a high of $1,895 on 05 september.By 26 september it had fallen by 16% to $1598. Figure 1 shows the price of gold to be very volatile. In an essay of 1250 words or fewer, use economic analysis to explain changes in the price of gold and why the price of gold has proved so volatile.
reference from Griffiths and walls and Business Management third edition or any economics book

Part 2
Answer all five questions below in 1250 words or fewer. The questions carry equal marks.

a)    Show that, compared to perfect competition, monopolies reduce output and increase price. Does this mean that monopolies are always against the public interest? (8%)
b)    Explain how the existence of externalities (whether from congestion or pollution) cause a less than optimal allocation of resources in road transport (8%)
c)    Why might GDP not be a good measure of the level of welfare or economic activity within an economy? (8%)
d)    What is meant by ‘the multiplier’? What determines its size and why does it matter? (8%)
e)    Using Aggregate Supply and Aggregate Demand analysis explain the short- and long-run effects national economic output and prices of a reduction in government spending? (8%)

Part 3
‘Gold reaches record price of almost $1,900 per ounce’ was just one of the many headlines on the soaring price of gold in late 2011. The price of gold rose by 28% from $1,483 per troy ounce on 01 July 2011 to a high of $1,895 on 05 September. By 26 September it had fallen by 16% to $1,598. Figure 1 shows the price of gold to be very volatile.

Question:
In an essay of 1250 words or fewer, use economic analysis to explain changes in the price of gold and why the price of gold has proved so volatile.

Reference From Griffiths And Wall Economic And Business Management Third Eidtion Or Any Economic Books.

economy

gold reaches record price of almost $1,900 per ounce was just one of the many headlines on the soaring price of gold in late 2011.The price of gold rose by 28% from $1,483 per troy ounce on 01 july 2011 to a high of $1,895 on 05 september.By 26 september it had fallen by 16% to $1598. Figure 1 shows the price of gold to be very volatile. In an essay of 1250 words or fewer, use economic analysis to explain changes in the price of gold and why the price of gold has proved so volatile.
reference from Griffiths and walls and Business Management third edition or any economics book

Part 2
Answer all five questions below in 1250 words or fewer. The questions carry equal marks.

a)    Show that, compared to perfect competition, monopolies reduce output and increase price. Does this mean that monopolies are always against the public interest? (8%)
b)    Explain how the existence of externalities (whether from congestion or pollution) cause a less than optimal allocation of resources in road transport (8%)
c)    Why might GDP not be a good measure of the level of welfare or economic activity within an economy? (8%)
d)    What is meant by ‘the multiplier’? What determines its size and why does it matter? (8%)
e)    Using Aggregate Supply and Aggregate Demand analysis explain the short- and long-run effects national economic output and prices of a reduction in government spending? (8%)

Part 3
‘Gold reaches record price of almost $1,900 per ounce’ was just one of the many headlines on the soaring price of gold in late 2011. The price of gold rose by 28% from $1,483 per troy ounce on 01 July 2011 to a high of $1,895 on 05 September. By 26 September it had fallen by 16% to $1,598. Figure 1 shows the price of gold to be very volatile.

Question:
In an essay of 1250 words or fewer, use economic analysis to explain changes in the price of gold and why the price of gold has proved so volatile.

Reference From Griffiths And Wall Economic And Business Management Third Eidtion Or Any Economic Books.