ECON312N 2019 September All Assignments Latest

ECON312N 2019 September All Assignments Latest

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ECON312N Principles of Economics

Week 3 Assignment

Required Resources

Read/review the following resources for this activity:

Textbook: Review Chapter 1, 3, 4, 5

Lesson

Minimum of 2 scholarly sources                           

Introduction

In Chapter 4 of the text, we learned that a market is in equilibrium when the demand curve intersects with the supply curve. The general notion in Economics is that when a market is in equilibrium, the desires of consumers are considered to be aligned with those of suppliers, and there is an efficient use of resources in the market. These conditions, however, do not always prevail in the market. There are times when there is, what is known as, a disequilibrium condition in the market. Under this condition, there is either a surplus or a shortage in the market. A surplus occurs when there is an excess of supply of a commodity over the quantity demanded. A shortage, on the other hand, is a situation where the quantity demanded of a product exceeds the supply of the product.

The preponderance of evidence in the market for the services provided by nurses is that there is an issue of perennial shortages that has lasted for several decades.  Ms. Roberta Spohn, Assistant Executive Secretary of the American Nurses’ Association, Research and Statistics Unit, stated that “Although there are reports of manpower shortages in many other professional fields, nursing seems to enjoy the dubious distinction of continually suffering from this condition” (Spohn, 1954, p.865).

Activity Instructions

Provide a comprehensive analysis of demand and supply factors that seem to cause the persistent shortage of nurses in the U.S. Please make sure you address the following items, in your paper.

Identify, at least, five factors that are likely to cause the increase in the demand for nurses and five factors that are likely to cause a decline in the supply of nurses, or the failure of supply to keep up with demand.

What are the likely implications of the shortage of nurses on the quality of care given in U.S. hospitals?

What solutions do you propose to address this seemingly persistent issue of nursing shortages in the U.S.?

Has government policy intervention over the years helped or exacerbated the shortage of nurses? Provide reasons to justify your opinion. 

Writing Requirements (APA format)

Length: 2-4 pages (not including title page or references page)

1-inch margins

Double spaced

12-point Times New Roman font

 

ECON312N Principles of Economics

Week 5 Assignment

Resources

Read/review the following resources for this activity:

Textbook: Chapter 14, 15

Lesson

Link (website): FRED Economic Data (Links to an external site.) 

Minimum of 2 scholarly sources                           

Introduction

This assignment is based on the exploration and analysis of two of the most important economic variables used in economic analysis: Real GDP and Unemployment. These variables are compiled by the Bureau of Economic Analysis and are used extensively by the Federal Reserve of St Louis, in a database called FRED (Federal Reserve Economic Data), which is made up of nearly 140,000 economic time series from more than 50 data producers. The expectation is that at the end of the course, your new found ability to extract, manipulate, and understand economic data will be an enduring benefit from taking this course.

Activity Instructions

For this assignment, complete the following in the FRED Economic Data website:

Part A: Plot real GDP (Percent Change from Quarter One Year Ago – Quarterly Data) from 1977 (January) to 2018 (January). Note that the shaded areas on the graph show periods during which there were recessions.

Part B: Plot several measures of Unemployment from either 1977 or 1997 (Q1 - January) to 2018 (January) as specified in the instructions. Note that the shaded areas on the graph show periods during which there were recessions.

After plotting each graph in Part A and each Multi-Series Graph in Part B, copy and paste the graphs in a Word document. Then, provide a detailed comparative analysis of the performances of the variables. See the specific question in Parts A and B that follow.

Accessing and Using the FRED Website

Click on the link for the FRED Economic Data website (in the Required Resources area). Then, follows these steps:

Once you are at the website, copy and paste the research variable in the data (search) window. Click on the “magnifying glass” (search icon) to the left of the window.

A new page opens with the variable listed. Click on the variable.

A page opens with the graph. Change the dates in the date window to the right.

To select the beginning date, click inside the first window and click on the arrows to get to the desired year. After selecting the year, a new window opens with a list of months. Select the desired month.

Click the second window and repeat step #4 to choose the end date.

After selecting the desired dates, the graph appears.

With the graph well-centered on your computer screen, press on the Prt Scr/Syst Rq key of your keyboard to copy the graph on the screen.  Alternatively, you can also use the snipping tool on your computer to capture the graph.  Note that the combination for a Screen Shot may be different for laptops.

Paste the graph in a Word document where you are writing your detailed analysis of the performances of the variables. Hint: make sure the following labels appear on the cropped graph: “FRED Graph” at the top left and “fred.stlouis.org” on the bottom right.

Part A: GDP: A Measure of Total Production and Income (Chapter 14)

Plot real GDP (FRED code: A191RO1Q156NBEA) from 1977 (January) to 2018 (January).

Provide a brief description of the general performance of the output of goods and services produced in the United States during periods of recessions (from 1980 to 2009).

Provide a general description of the performance of the economy during the Great Recession of 2007 to 2009 (Hint: focus your discussion on the following economic indicators: unemployment rates, incomes, profits, financial markets, real estate market etc.).

Plot real GDP per Capita (FRED code: A939RC0Q052SBEA) from 1977 (January) to 2018 (January).

Provide a general description of the performance of real GDP per capita from 1977 to 2018.

Most Economists, Policymakers, Social Scientists, and Business Analysts use a country’s real GDP per capita as the main indicator of the average person’s standard of living in that country. Robert Kennedy expressed his disagreement with the over-reliance on the use of GDP per capita with the following comments:

Gross Domestic Product, he argues “… does not allow for the health of our children, the quality of their education, or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our courage, nor our wisdom, nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America except why we are proud that we are Americans” (1968, para. 23).

Do you agree or disagree with the late Robert Kennedy’s assessment of the importance of GDP per capita in determining the standard of living? Provide reasons to support your position.

Part B: Jobs and Unemployment (Chapter 15)

Items A-E below will require Multi-Series Graphs. This means plotting a graph with more than one variable (line). To add an additional line (variable) to a graph, you will first plot the initial variable, then click on the tab labeled as “Edit Graph.”  An Edit Graph box opens. Click on the tab labeled “Add Line” within the Edit Graph box, and type the FRED code for the additional variable and hit enter.  Select the correct variable from the list that populates and click the “add data series” tab.  Note: you will do a separate Multi-Series Graph for each grouping (A-E) below:

Measures of Unemployment

Plot the variable Civilian Unemployment Rate (FRED code: UNRATE) from 1997 (January) to 2018 (January). (Note: this is the official Unemployment Rate)

Create a Multi-Series Graph and plot the variable Special Unemployment Rate (FRED Code - U6RATE) from 1994 (January) to 2018 (January). (Note: this is Total Unemployed, Plus All Marginally Attached Workers, Plus Total Employed Part-Time for Economic Reasons, as a Percent of the Civilian Labor Force plus all Marginally Attached Workers).

Duration Unemployment

Plot the variable Of Total Unemployed, Percent Unemployed Less Than 5 Weeks (FRED code: LNS13008397) from 1977 (January) to 2018 (January).

Create a Multi-Series Graph and plot the variable Of Total Unemployed, Percent Unemployed 27 Weeks and Over  (FRED code: LNS13025703) from 1977 (January) to 2018 (January).

Educational Attainment

Plot the variable Unemployment Rate - Bachelor's Degree and Higher, 25 years and over (FRED code: LNS14027662) from 1997 (January) to 2018 (January).

Create a Multi-Series Graph and plot the variable Unemployment Rate - High School Graduates, No College, 25 years and over (FRED code: LNU04027660) from 1997 (January) to 2018 (January).

Gender

Plot the variable Unemployment Rate - Men (FRED code: LNS14000001) from 1977 (January) to 2018 (January).

Create a Multi-Series Graph and plot the variable Unemployment Rate - Women (FRED code: LNS14000002) from 1977 (January) to 2018 (January).

Race

Plot the variable Unemployment Rate - White (FRED code: LNS14000003) from 1977 (January) to 2018 (January).

Create a Multi-Series Graph and plot the variable Unemployment Rate - Black (FRED code: LNS14000006) from 1977 (January) to 2018 (January).

Create a third line (variable) on this graph by plotting the variable Unemployment Rate – Hispanic (FRED code: LNS14000009) from 1977 (January) to 2018 (January).

Using the graphs on measures of unemployment, duration of unemployment, educational attainment, gender and race, provide a comprehensive assessment of the labor market during the period of the Great Recession (2007 to 2009). (NOTE: In responding to this question, please briefly comment on the employment situations before and after the Great Recession).

Writing Requirements (APA format)

Length: 3-5 pages (not including title page or references page)

1-inch margins

Double spaced

12-point Times New Roman font

Title page

References page (minimum of 2 sources)

 

 

 

 

ECON312N Principles of Economics

Week 7 Assignment

Required Resources

Read/review the following resources for this activity:

Textbook: Review all chapters (Weeks 1-7)

Lesson: Week 1-7

Minimum of 4 scholarly sources

Introduction

There are several problems that every economy must contend with. The culmination of these problems is often a recession or an inflation, each of which requires an extensive policy prescription. A recession is technically defined as two consecutive periods of negative growth in real GDP. The National Bureau of Economic Research (NBER) which dates U.S. recessions defines recession as “a significant decline in economic spread across the economy, lasting more than a few months, normally in real GDP, real income, employment, industrial production and wholesale-retail sales.” (NBER, 2008, para. 2). Inflation is measured by the Bureau of Labor Statistics (BLS) as an increase in the overall price in the economy. The inflation rate is the percentage change in the prices of goods and services from one period to the other. To measure the percentage change in the general level of prices, economists use the GDP deflator method or the Consumer Price Index (CPI) method. It is important to note that as the general level of prices rise, the purchasing power – or value – of money diminishes, and as the general level of prices decline, the value or purchasing power of money rises.

When an economy is going through recessionary or inflationary periods, two key policy prescriptions are used to deal with either problem are Fiscal Policy and Monetary Policy. Fiscal Policy is often initiated by the executive branch of government and approved by the legislative branch of government. The main tools of Fiscal Policy are Taxes and Government Spending. Monetary Policy, on the other hand, is conducted by the Federal Reserve Board. The main tools of Monetary Policy are Required Reserve Ratio, Discount Rate, and Open Market Operation.

A recessionary gap (see Figure 1) occurs when the full employment equilibrium in an economy falls short of potential GDP.

Below full employment macroeconomic equilibrium graph with price level on y-axis and real GDP on x-axis

Figure 1: Below Full Employment Macroeconomic Equilibrium. Reprinted from Bade & Parkin (2018, p. 545).

Activity Instructions

For this assignment, complete the following:

If you were an economic advisor to both the President and the Chair of the Federal Reserve Board, what Fiscal Policy and Monetary Policy recommendations would you make to deal with a recession?

In the literature on Health Economics, there is a significant amount of research on the impact of the Great Recession (2008-2009) on the nursing profession. If you were the Health Policy Advisor to the President, what specific recommendations would you make to the President to minimize the effects of recessions on the nursing profession?

In the implementation of Fiscal and Monetary Policies, discuss the limitations of these policies and explain how the limitations are likely to affect the effectiveness of your recommendations.

Note: In making the recommendations, provide clear and concise channels of transmission of the policy from its implementation to its effect on Aggregate Demand or Aggregate Supply. Providing channels of transmission shows the ripple effect of an event on one or more variables in the process of achieving an ultimate Macroeconomic objective.

Example

Sample Question: What is the effect of an increase in U.S. Exports?

Sample Answer: An increase in U.S exports will increase Business Investments (I) and Household Consumption (C). The increases in consumer spending and Business Investments will increase Aggregate Demand (AD) which will shift the AD curve to the right. The rightward shift in the AD curve, assuming the Aggregate Supply curve does not shift, will cause an increase in the general level of prices and an increase in real GDP.

Before you answer the question, identify the four phases of the Business Cycle and indicate which of the phase is associated with a recession.

Writing Requirements (APA format)

Length: 3-5 pages (not including title page or references page)

1-inch margins

Double spaced

12-point Times New Roman font

Title page

References page (minimum of 4 scholarly sources)

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