econ.... answers all questions with well labelled graphs.
African American influence on American cuisine is undeniable. One famous side dish is "collard greens", prepared by African slaves for centuries and still prepared by their descendants.The dish is also prepared, enjoyed and written about by non-African-Americans. In 2016, Whole Foods may have crossed the line with an incendiary tweet. To familiarize yourself with the issue, start here: Whole Foods gets in hot water with Black Twitter.Then dig a little deeper with your own research, OR with this opinion piece from The Atlantic:What's Leafy, Green, and Eaten by Blacks and Whites? Your task is to explain what you have learned from this short research about the delicate nature of appropriating other cultures' culinary traditions, particularly if that culture experienced a history of prolonged oppression.
What about bannock (also known as fry bread) a common staple of indigenous communities in Canada? What is its history and earliest origins? Why do indigenous people have a love/hate relationship with it? You can start by researching Chef Rich Francis who has often taken a firm position on this topic. How does this tie in with our discussion of food sovereignty last week?
Why should a restaurant be sensitive to these issues?
Part I (Do Problem 1 - 30 points) 1. Use the following version of Model 1 to address parts a -e. Show your work. W/P = d0 -d1*L + d2*K + d3*RM (1) Endogenous Exogenous Ls = so + $1*(W/P) - $2*T (2) W, P. L, LS, Y K, RM, T L = LS (3) AD, C, I M, K, G Y = 100*L K.3 (4) AD = k*M/P (5) AD = C +1+ G (6) C = .8* (Y-T) (7) Y = AD (8) a. (6) Determine the reduced form equation for employment. b. (4) Determine the reduced form equation for output (income). (4) Identify the Aggregate Supply curve. d. (8) In this model, how would an earthquake that destroyed a major nuclear power plant affect employment, output, real wages, and the price level? e. (8) In this model, determine how a fall in taxes (T) would affect employment, output, real wages, and the price level. 2. Use the data in the table below to answer parts a - c. (15 points) a. Use a CPI type index (Laspeyres) to determine how much prices have changed from year 1 to year 2. b. Use a GDP current weight deflator index (Paasche) to determine how much prices have changed from year 1 to year 2. c. Use a chain weighted index to determine how much prices have changed from year 1 to year 2. Year Cell Phones Computers Cars Price Quantity Price Quantity Price Quantity 1 100 100 1000 50 5000 10 2 80 150 600 100 8000 123. Exchange rates are expressed in per Euro terms. {15 points} a. [8] Based on the data in the table below, calculate the trade weighted exchange rate for the Eurozone countries for 201 1 based on a scan year base of 1m. How much has it changed since EDGE? b. i?) Assuming that the price ind ex for Europe in EDGE was 90.2 and that it presently stands at 111.5. how much has the real exchange rate between the USA and Europe changed between EDDD and 2011. lCountry Share of Exchange Rate Exchange Rate Price Index Price index Trade EDDD 2G\" EDGE} EM 1 __IE- 1D2.5 121-95 II_ __IEI_ W1 .3 Part ii (Answer two of the following three questions 2D points each.) Ee- sum it: mutate comm-Eng graphics mm 4. Model 1 [T he Neoclassical Model} seems to provide a 1riew of money that contradicts that posed at the top of this exam. Furthermore. many economists and policy makers argue that money has powerful effects on output and employment. Explain why these yieWs contradict the predictions of Model 1. Briefly discuss why it is difficult to predict the effects of expansionary monetary policy on the real economy. 5. On Friday, April 1\". 211111. the Bureau of Labor Statistics reported that the unemployment rate had dropped to 3.3%, that the change in non-farm payroll employment was 21 EDEN], that the labor force participation rate was 64.2%. and that the employment ratio was 53.5%. If you were a journalist asked to explain what this information says about the labor market. how would you do so? He sure to put these indicators in historical context. it. What role do interest rates play in Model 1? Be sure to distinguish between real and nominal interest rates as well as how they are determined. Explain the connection between interest rates and crowding out. Part I (30 points) 1. Use the following version of Model 1 to address parts a -e. W/P = d0-dl*L + d2*K + d3*RM (1) Endogenous Exogenous L' = so + $1*(W/P) + $2*EITC (2) W. P. L, L' , Y K,RM,EITC L = L' (3) AD, C, I, T M, k, G Y = 100#L7K-3 (4) AD = k*M/P (5) EITC=earned income tax credit AD =C+I+G (6) C=.8* (Y-T) (7) T=.25*Y (8) Y = AD (9) a. Determine the reduced form equation for employment. b. Determine the reduced form equation for output (income). c. Identify the Aggregate Supply curve. d. Use the results from a, b, and c to determine how an increase in the earned income tax credit (EITC-subsidies to low income workers) would affect employment, output, real wages, and the price level. e. Use the results from a, b, and c to determine how a rise in governmental purchases (G) would affect employment, output, real wages, and the price level. Part II. Answer two of the following three questions (20 points each). Be sure to show your work. 2. Use the data in the table below to represent a household's consumption and income for each given year. a. Use a fixed weight index (Laspeyres) to determine how much income has changed for this household from year 1 to year 2. b. Use a current weight index (Paasche) to determine how much income has changed from year 1 to year 2 c. Use a chain weighted index to determine how much income has changed between the two years. Year Steak (pounds) Eggs (dozen) Beer (pints) Price Quantity Price Quantity Price Quantity $10 100 $1.30 500 $3.00 100 2 $20 80 $1.50 1000 $5.00 1202. Use the-data in the table belowr to represent a household's consumption and income for each given year. a. Use a xed weight index [Laspeyres] to determine how much income has changed for this household from year I to year 2. b. Use acurrent weight index (Paasche) to determine how much income haschanged from year 1 toyearZ. c. Use achain weighted index to determine how much income has changed between the two years. 3. The data in the table below describe key features of the trade relations between [Edna and three of its major trading partners. Use these data to answer parts a. and b. Exchange rates are expressed in Chinese Yuan or Renminbi terms. Countryr Share of Exchange Rate Exchange Rate Price Index Price Index Trade zoos rota zoos (CPI) rota (CPI) m \"l Mm 325 Ell-{HEM} a. Calculate the trade weighted exchange rate for China for EDIE. assuming that the IDES rate equals l. How much has it changed since 2005'? [Be carer! to use appropriate units in your calculations] b. Assume that China's price index in SIDES was iii] and that for 2012. it stands at l. How has the real exchange rate between the US 45: China changed between EMS and 2012'? c. Explain why the real exchange rate represents terms of trade. 4. [in a number of occasions, US. Senators have proposed levying a tariff on Chinese imports. Assume that the US. is a large open economy. Carefully illustrate and discuss the potential effects of such a policy on the real exchange rate. net exports. and domestic invesunent. How would the results change if the [1.5. were a small open economy? 1. Use the following version of the ISALM model to answer all parts of this question. Endogenous Exogenous Consumption: C = EDD + .B'Wd Variables Variables Dispoable Income: Yd = 'r' T Taxes T = 125 + .ZEW C, 'r'd, T, Y M, G, P, Yf Investment l = 2m] 20*r AD, I, r. NX (foreign?) Net Exports NX =1DD - 2*? .. 5*r +.1'i'f Md Aggregate Demand AD = C + I + G + N): Goods Market Equilibrium Y = AD Money Demand Md = (.5? r- 50*r)*P Money Market Equilibrium Md = M Assume Y
