Answer the following questions using examples and applications from the readings. Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.Questions:The demand for labor is said to be a â??derivedâ? demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor?What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years? How does a firm determine its prices and the quantity of labor required in the resource market during a specific period? Why do income inequalities exist? How are income inequalities measured? How have income inequalities changed from 1980 to the present?What is the role of the U.S. government, in terms of dealing with the problem of income inequalities? What are the arguments, for and against, government involvement in this area?Why do nations trade? What is meant by the concept of â??Comparative Advantageâ?? Could a nation be better off economically, if it practiced an isolation policy?The United States has had a significant trade imbalance for several years. What are the problems associated with having a negative trade balance? What can be done to correct the imbalance?How are exchange rates determined? What is the significance of currency devaluations to the home country? To other countries?Collate your answers in an MS Word document and save it using the filename LastnameFirstInitial_M53A1. Submit it to the Submissions Area by the due date assigned.Remember, quotations, paraphrases, and ideas you get from books, articles, or other sources of information should be cited using APA style. Help with citing sources can be found through the Academic Resources page under the Help menu .Standard presentation components (15%) Style (8 points): Tone, audience, and word choiceUsage and Mechanics (16 points): Grammar, spelling, and sentence structure APA Elements (20 points): In text citations and references, paraphrasing, and appropriate use of quotations and other elements of style44Assignment 1 Grading CriteriaMaximumPointsExplained the meaning of a derived demand. (8 points) Explained how the concept of derived demand helps to determine the demand for labor. (24 points)32Identified factors that determine the supply of labor in a market. (12 points) Researched and explained which significant factors have changed the supply of labor over the last twenty years. (20 points)32Explained how a firm determines its prices in the resource market during a specific period. (16 points) Explained how a firm determines the quantity of labor required in the resource market during a specific period. (16 points)32Explained why income inequalities exist. (8 points) Explained how income inequalities are measured. (8 points) Researched and described how income inequalities have changed from 1980 to the present. (16 points)32Explained the role of the U.S. government in terms of dealing with the problems of income inequalities. (8 points) Discussed the arguments for and against government involvement in dealing with problems of income inequalities. (24 points)32Explained the reasons why nations trade. (4 points) Explained the meaning of the concept of â??comparative advantage.â? (8 points) Discussed whether or not a nation would be better off economically if it practiced an isolation policy. (20 points)32Identified the problems associated with the United States having a significant trade imbalance for several years. (16 points) Explained what could be done to correct the trade imbalance. (16 points)32Explained how exchange rates are determined. (8 points) Explained the significance of currency devaluations to the home country. (12 points) Explained the significance of currency devaluations to other countries trading with the home country. (12 points)32Standard presentation components (15%) Style (8 points): Tone, audience, and word choice Usage and Mechanics (16 points): Grammar, spelling, and sentence structure APA Elements (20 points): In text citations and references, paraphrasing, and appropriate use of quotations and other elements of style44Total:300
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