(Critical Thinking – Answer must contain 2+ sentences and th…

(Critical Thinking – Answer must contain 2+ sentences and the graph for full credit)    We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you describe how this would look graphically?

Calculate the unemployment rate and the labor force particip…

Calculate the unemployment rate and the labor force participation rate in the following cases: (round answers to one place after the decimal)   a) Employed: 100 million. Population: 200 million. In labor force: 110 million.  Unemployment rate: [ans1]%. Labor force participation rate: [ans2]%.   b) Unemployed: 10 million. Population: 200 million. Employed: 90 million.  Unemployment rate: [ans3]%. Labor force participation rate: [ans4]%.   c) In labor force: 30 million. Population: 80 million. Unemployed: 3 million.  Unemployment rate: [ans5]%. Labor force participation rate: [ans6]%.

Use the Rule of 70 to answer the questions on economic growt…

Use the Rule of 70 to answer the questions on economic growth. Round answers to two places after the decimal.   If annual real GDP per capita growth in Djibouti averages 6.6% per year, how long will it take the country to quadruple its real GDP per capita? [ans1] years   It took Botswana 25 years (1980-2004) to increase its real GDP per capita eightfold, what was its average economic growth during this period? [ans2]%