Posted by cloris on .
Using the aggregate supply and demand model analyzes the long-run effect of a less open immigration policy in the U.S. on the following:
• The real wage rate
• The level of employment, the unemployment rate want be so high
• The rate of inflation
• Economic growth
Discuss the pros and cons of such a policy from a short-run versus a long-run perspective.
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Suppose that the residents of Veggieland spend all of their income on cauliflower, broccoli, and carrots. In 1998 they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 carrots for $50. In 1999 they buy 75 heads of cauliflower for $225, 80 bunches of broccoli for $120, and 500 carrots for $100. If the base year is 1998, what is the CPI in both years? What is the inflation rate in 1999