CUNY City College of New York American National Debt in Real Time Paper

Question Description

Can you help me understand this Economics question?

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Part I: Definitions/Identifications
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GDP
GNP
Excise Tax
Depreciation
National Debt Clock (Identify by web address)
Bureau of Labor Statistics
1040
Schedule C
Schedule SE
Form 1065
PART II: Short Answers
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What is the underground economy?
What is the “brain drain?”
Discuss the question of the mobility of labor.
Distinguish between the socialist and capitalist economic systems. What role do members of the
nomenklatura play in the socialist system?
What is the workforce participation rate? What is the current rate?
What is underemployment? How does it arise?
What is “full employment”? What is the rate of unemployment that qualifies as “full
employment”? What is the current rate of unemployment in the United States?
What are the four types of unemployment?
Explain the concept of vicarious liability.
How does a limited partnership differ from a general partnership?
Explain the concept of “joint and several liability.” Give a clear example involving three partners
Fritz, Franz and Felix.
How does a not-for-profit corporation differ from a regular corporation in three ways?
PART III: EXERCISES
1. Create a table of information then graph the supply and demand for labor based on that table,
indicating equilibrium, shortage and surplus.
2. How are social security and Medicare funded? How about Medicaid?
3. HAVE FUN WITH THIS!!! What would be your “ideal job” after college (or graduate school)?
Using the percentages we discussed in class, what type of income would you need to generate
to sustain your life style choices? Start where you would like to live; number of roommates…

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Explanation & Answer:
2 pages

Tags:
GDP

global economy

national debt

labor statistics

excise tax

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