Hello, I have 17 questions that I will write below that I need you to answer IN DEPTH please. I also have a discussion question that I need you to answer in 2 paragraphs. Please answer all the questions as in depth as possible.

Discussion Question:

Question - Why is unemployment so high in Europe? Discuss In 2 Paragraphs, in Depth, Show me your knoweledge on this topic.

Reading: You can use any Web browser to search for the words “European unemployment.” Just by scanning the headlines, see how many possible explanations you can list. Why Is Unemployment So High in Europe? Between World War II and the mid-1970s, unemployment in Western Europe was low. From 1960 to 1974, for example, the unemployment rate in France never got as high as 4 percent. The worldwide recession of the mid-1970s, however, jacked up unemployment rates. But unemployment continued to climb in Continental Europe long after the recession ended, topping 10 percent during the 1990s, and was still 8 percent to 9 percent in 2007. Some observers claim that the natural rate of unemployment has increased in these countries. Economists have borrowed a term from physics, hysteresis (pronounced his-ter-eé-sis), to argue that the natural rate of unemployment depends in part on the recent history of unemployment. The longer the actual unemployment rate remains above what had been the natural rate, the more the natural rate itself increases. For example, those unemployed can lose valuable job skills, such as the computer programmer who loses touch with the latest developments. As weeks of unemployment stretch into months and years, the shock and stigma may diminish, so the work ethic weakens. What’s more, some European countries offer generous unemployment benefits indefinitely, reducing the hardship of unemployment. Some Europeans have collected unemployment benefits for more than a decade. No consensus exists regarding the validity of hysteresis. The theory seems to be less relevant in the United States and Great Britain, where unemployment fell from 10 percent in 1982 to 4.5 and 5.5, respectively, in 2007. An alternative explanation for high unemployment in Continental Europe is that legislation introduced there in the 1970s made it more difficult to lay off workers. In most European countries, job dismissals must be approved by worker councils, which consider such factors as the worker’s health, marital status, and number of dependents. Severance pay has also become mandatory and can amount to a year’s pay or more. With layoffs difficult and costly, hiring became almost an irreversible decision for the employer, so firms have become reluctant to add workers, particularly untested workers with little experience. Also, high minimum wages throughout Europe, high payroll taxes, and an expanded list of worker rights have increased labor costs. For example, in Sweden, women are guaranteed a year’s paid leave on having a child and the right to work no more than six hours a day until the child reaches grade school. Swedish workers are also guaranteed at least five weeks of vacation a year; French workers get at least six weeks (Americans have no minimum vacation guarantees). Regardless of the explanation, the result is high unemployment in Continental Europe, particularly among young workers. As noted in an earlier chapter, 60 percent of those unemployed in Germany in 2006 had been out of work more than a year, versus less than10 percent of those unemployed in the United States. Few private sector jobs have been created there since 1980. If Continental Europe had the same unemployment rate and the same labor participation rate as the United States, about 30 million more people there would be working there.

Questions :

1- ) The National Bureau of Economic Research maintains a Web page devoted to business cycle expansions and contractions at http://www.nber.org/cycles.html (Links to an external site.)Links to an external site.. Please take a look at this page to see if you can determine how the business cycle has been changing in recent decades. Has the overall length of cycles been changing? Have recessions been getting longer or shorter?

2- ) Please review the Summary of Commentary on Current Economic Conditions by Federal Reserve District (Beige Book), available through the Federal Reserve System at http://www.federalreserve.gov/monetarypolicy/beigebook/beigebook201409.htm (Links to an external site.)Links to an external site. Summarize the national economic conditions for the most recent period covered in the report. Overall, is the economy healthy? If not, what problems is it experiencing?

3- ) (Economic Fluctuations) Describe the various components of fluctuations in economy activity over time. Because economic activity fluctuates, how is long-term growth possible?

4- ) (Aggregate Demand and Supply) Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction? What happens to aggregate output and the price level in each case?

a. The price level changes

b. Consumer confidence declines

c. The supply of resources increases

d. The wage rate increases

5- ) One supply-side measure introduced by the Reagan administration was a cut in income tax rates. Use an aggregate demand/aggregate supply diagram to show what effect was intended. What might happen if such a tax cut also shifted the aggregate demand curve?

6- ) How are economic fluctuations linked among national economies? Could a recession in the United States trigger a recession abroad?

7-) What is the relationship between demand-side economics and the federal budget deficit? Briefly explain.

8-) Why does an aggregate demand curve slope downward? Briefly explain.

9-) Is it possible for the price level fall (deflation) while production and employment both rise? (Hint: Use AD-AS Model)

10-) Why do economists pay attention total employment, price level and growth? Briefly discuss.

11. How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value added and its importance in the income approach. Consider the following data for the selling price at each stage in the production of a five-pound bag of flour sold by your local grocer. Calculate the final market value of the flour.

Stage of Production Sale Price

Farmer: $0.30
Miller: $0.50
Wholesaler: $1.00
Grocer: $1.50

12. Given the following annual information about a hypothetical country, answer questions a and b:

Personal consumption expenditures: $200

Personal taxes: 50

Exports: 30

Government purchases: 50

Gross private domestic investment: 40

Imports: 40

Government transfer payments: 20

a. What is the value of GDP?
b. What is the value of net exports?

13. What are the leakages from and injections into the circular flow? How are leakages and injections related in the circular flow?

14. One often-heard criticism of the U.S. national income accounts is that they ignore the effect of environmental pollution. The World Bank’s group on Environmental Economics and Indicators has been investigating ways of assessing environmental degradation. Pleasetake a look at the World Bank’s work on “green accounting” at http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/ENVIRONMENT/EXTEEI/0,,contentMDK:20487830~menuPK:1187769~pagePK:148956~piPK:216618~theSitePK:408050,00.html (Links to an external site.)Links to an external site. Briefly discuss what kinds of problems the World Bank has identified, and what proposals it has made to deal with those problems?

15. Identify the component of aggregate expenditure to which each of the following belongs:
a. A US resident's purchase a new car manufactured in Japan.
b. Construction of a new house
c. A city government's acquisition of 10 new police cars
d. An increase in semiconductor inventories over last year's level

16. DVD players and HDTVs have not been part of the US economy for very long. Both goods have been decreasing in price and improving in quality. What problems does this pose for people who are responsible for computing a price index?

17. Suppose US economy is in a deep recession. How does this recession affect the US major trading partners such as Canada, China, Japan, etc? Briefly discuss.