Economics

1. why is an understanding of international trade important to you 2. what major

1. why is an understanding of international trade important to you 2. what major events have contributed to a drastic change in the world economy during the last two decades? what…

1. world population is doubling in about every 30 years. what is the annual % gr

1. world population is doubling in about every 30 years. what is the annual % growth rate? What is the exponential growth factor? 2. Assuming 2% of the world's coal reserves have …

1. you are the manager of College Computers, a manufacturer of customized comput

1. you are the manager of College Computers, a manufacturer of customized computers that meet the specifications required by the local university. Over 90 percent of your client c…

1. you earn 5 percent interest on funds in your money-market account. If consume

1. you earn 5 percent interest on funds in your money-market account. If consumer prices increase by 6 percent per year, your real earnings on $ 10,000 in the money-making account…

1. “The North Carolina Board of Dental Examiners was established under North Car

1. “The North Carolina Board of Dental Examiners was established under North Carolina law and charged with administering a licensing system for dentists. A majority of the members…

1.(10 points) Suppose the market for car batteries is a perfectly competitive ma

1.(10 points) Suppose the market for car batteries is a perfectly competitive market, but that the production of car batteries creates external costs from water pollution. Recall …

1.(23) Consider a country in autarky with only two inputs, capital (K) and labor

1.(23) Consider a country in autarky with only two inputs, capital (K) and labor (L), that produces only two goods X and (3) a What is the condition for efficiency in production (…

1.(25) Consider the balance sheet below for Gold Rush Bank, NA. (a/k/a GRB) Asse

1.(25) Consider the balance sheet below for Gold Rush Bank, NA. (a/k/a GRB) Assets Liabilities Reserves = $135,000.00 Demand Deposits = $270,000.00 Loans = $45,000.00 Loans from F…

1.(Bounds of the Firm) Ashland Oil, Inc., buys its crude oil in the market. Larg

1.(Bounds of the Firm) Ashland Oil, Inc., buys its crude oil in the market. Larger oil refiners, such as Texaco, drill for their own crude oil. Why do some oil companies drill for…

1.(Exhibit: Short-Run Costs) At the given price, the most profitable level of ou

1.(Exhibit: Short-Run Costs) At the given price, the most profitable level of output occurs at quantity: D.T 2. (Exhibit: Short-Run Costs) If the price declines, the minimum quant…

1.(Figure: Payoff Matrix I for Blue Spring and Purple Rain) The figure Payoff Ma

1.(Figure: Payoff Matrix I for Blue Spring and Purple Rain) The figure Payoff Matrix I for Blue Spring and Purple Rain refers to two producers of bottled water. Each has two strat…

1.(Government Regulation) What three types of government policies are used to al

1.(Government Regulation) What three types of government policies are used to alter or control firm behavior? Determine which type of regulation is used for each of the following:…

1.(Mexico, the United States) 2.(0.25 of a pair of shoes in Mexico, 0.25 of a pa

1.(Mexico, the United States) 2.(0.25 of a pair of shoes in Mexico, 0.25 of a pair of shoes in the United States, 0.8 of a pair of shoes in the United States) 3.(0.25 of a pair of…

1.(TCO A) Suppose you are hired to manage a small manufacturing facility that pr

1.(TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market dema…

1.(revenue, cost) generated to the 2.(dividing, multiplying) the price 3.(increa

1.(revenue, cost) generated to the 2.(dividing, multiplying) the price 3.(increases, decreases) as additional workers 4.(increases, decreases) as a additional workers 5.curve slop…

1.(revenue, cost) generated to the 2.(dividing, multiplying) the price 3.(increa

1.(revenue, cost) generated to the 2.(dividing, multiplying) the price 3.(increases, decreases) as additional workers 4.(increases, decreases) as a additional workers 5.curve slop…

1.) (30 points) In many waterways the limiting factor for algae growth is nitrog

1.) (30 points) In many waterways the limiting factor for algae growth is nitrogen. Algae populations may explode (bloom) when nitrogen is introduced into the waterway. This can o…

1.) A $50 million discount loan by the Fed will ______ the money supply by _____

1.) A $50 million discount loan by the Fed will ______ the money supply by _______ A) increase; $50 million. B) increase; $50 million times the money multiplier. C) decrease; $50 …

1.) A 15 percent increase in the price level: A)Increases the value of a dollar

1.) A 15 percent increase in the price level: A)Increases the value of a dollar by 15 percent B)Decreases the value of a dollar by 15 percent C)Decreases the value of a dollar by …

1.) A firm produces an output with the production function Q = KL, where Q is th

1.) A firm produces an output with the production function Q = KL, where Q is the number of units of output per hour when the firm uses K machines and hires L workers each hour. T…

1.) A higher market interest rate: A) increases the future value of current mone

1.) A higher market interest rate: A) increases the future value of current money.                           B) increases the present value of future money. C) maintains the same …

1.) A negative shock to aggregate demand will lead to a higher unemployment rate

1.) A negative shock to aggregate demand will lead to a higher unemployment rate if: Select one: a. time bunching in economic activity is lower. b. intertemporal substitution in l…

1.) A recessionary gap is a result of a) Government deficit. b) Inadequate aggre

1.) A recessionary gap is a result of a) Government deficit. b) Inadequate aggregate demand. c) Too much expenditures. d) Both a and b. 2.) An inflationary gap is a result of a) G…

1.) A rock carving from ancient Norway depicts two identical people doing differ

1.) A rock carving from ancient Norway depicts two identical people doing different jobs in the same boat: one uses a bow to hunt while the other paddles. How does this early exam…

1.) Adam Smith believed that the best way to promote the public interest was to

1.) Adam Smith believed that the best way to promote the public interest was to A. have the govenment produce most goods and services. B. let people pursue their own selfish inter…

1.) An excise tax on a good typically reduces the net price received by the sell

1.) An excise tax on a good typically reduces the net price received by the seller. (TRUE/FALSE) 2.) The burden of an excise tax on gasoline falls entirely on consumers of gasolin…

1.) An increase in demand is defined as an increase in the quantity that people

1.) An increase in demand is defined as an increase in the quantity that people are willing and able to purchase at at least one price. some prices. different prices. 2.) Changes …

1.) Assume that the market starts in equilibrium at point W in panel (b). In the

1.) Assume that the market starts in equilibrium at point W in panel (b). In the short run, an increase in demand from D0 to D1 will result in rising prices and falling profits fo…

1.) Comment on the original definition of sustainable development: \"development

1.) Comment on the original definition of sustainable development: "development that meets the needs of the present without compromising the ability of future generations to meet …

1.) Consider an electric company that generates atmospheric pollution. Suppose t

1.) Consider an electric company that generates atmospheric pollution. Suppose the Government imposes a tax directly on the sellers of electricity. This will have the greatest eff…

1.) Consider the discrete Bertrand game described in the Oligopoly lecture notes

1.) Consider the discrete Bertrand game described in the Oligopoly lecture notes/video. According to the rules of this game each student selects a number from the set {0,1,2, 3, 4…

1.) Consumers maximize total utility within their budget constraint by buying A)

1.) Consumers maximize total utility within their budget constraint by buying A) the cheapest goods they can find. C) the goods with the largest marginal utility per dollar spent.…

1.) Discuss and illustrate with a graph how each of the following events will af

1.) Discuss and illustrate with a graph how each of the following events will affect the market for coffee a.) a blight on coffee plants kills off much of the Brazilian crop b.) T…

1.) Economic activities tend to cluster in time because: Select one: a. of the v

1.) Economic activities tend to cluster in time because: Select one: a. of the vertical LRAS curve. b. of labor unions. c. it pays to coordinate economic activities with those of …

1.) Explain the What, How, For and Whom of the core economic choices that every

1.) Explain the What, How, For and Whom of the core economic choices that every nation faces. 2.) Explain the 4 Types of Factors of Production (What are the 4 Factors of Productio…

1.) Explain what we would expect to happen to the money supply if the Federal Re

1.) Explain what we would expect to happen to the money supply if the Federal Reserve sells $5.5 million worth of U. S. Government bonds while banks increase their discount loans …

1.) Explain why a Perfectly Competitive firm can sell as much as it wants at the

1.) Explain why a Perfectly Competitive firm can sell as much as it wants at the market price but a Monopolist must lower its price to sell more. 2.) Explain why a Perfectly Compe…

1.) Firm XYZ is a monopoly. The firm sells its product in a market where the mar

1.) Firm XYZ is a monopoly. The firm sells its product in a market where the market demand for the firms product is: Q^D = 20-2xP, where Q^D = quantity demand $P = the selling pri…

1.) For a monopolistic competitive firm : A) total revenue is a straight, upslop

1.) For a monopolistic competitive firm : A) total revenue is a straight, upsloping line because a firm's sales are independent of product price. B) the marginal revenue curve lie…

1.) How can changes in technology or consumer demand make itdifficult for people

1.) How can changes in technology or consumer demand make itdifficult for people to get jobs? a. by making it difficult for people to buy what theywant b. by changing the number o…

1.) If Pepsi increases its prices which of the following would NOT happen? The d

1.) If Pepsi increases its prices which of the following would NOT happen? The demand for Pepsi would drop. The quantity demanded of Pepsi would drop. The demand for Coke would in…

1.) If a 35 percent increase in price of golf balls led to an 42 percent decreas

1.) If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is A) unit-elastic. B) perfectly elastic. C)…

1.) If the demand curve faced by a firm is downward sloping a. Its price must be

1.) If the demand curve faced by a firm is downward sloping a. Its price must be equal to its marginal cost b. Its profit-maximizing price would be equal to its marginal cost c. I…

1.) If two goods are both desirable and preferences are strictly convex, then: a

1.) If two goods are both desirable and preferences are strictly convex, then: a. there must be a kink in the indifference curves. b. indifference curves must be straight lines. c…

1.) If you were a manager of a business selling RESTAURANT MEALS, what would hap

1.) If you were a manager of a business selling RESTAURANT MEALS, what would happen to your GROSS REVENUES if you LOWERED the price of this product per meal? A. Gross revenues wou…

1.) Imagine that the economy is hit by destructive hurricane Florence, which aff

1.) Imagine that the economy is hit by destructive hurricane Florence, which affects the total factor productivity. What are the equilibrium effects of this? (Determine how equili…

1.) In 1970, 1.3 barrels of oil produced $1,000 of GDP. In 2004, it took only 0.

1.) In 1970, 1.3 barrels of oil produced $1,000 of GDP. In 2004, it took only 0.64 barrels of oil. What implications does this have for economic fluctuations in the United States …

1.) Independent consumption a) Represents a component of consumption that is ind

1.) Independent consumption a) Represents a component of consumption that is independent of the disposable income. b) Decreases when consumer wealth goes down. c.) Decreases when …

1.) John and Judy are the only two residents in a neighborhood, and they would l

1.) John and Judy are the only two residents in a neighborhood, and they would like to hire a security guard. The value of a security guard is $60 per month to John and $180 per m…

1.) Microeconomics focuses on A. Issues such as productivity, unemployment and i

1.) Microeconomics focuses on A. Issues such as productivity, unemployment and inflation B. The general level of prices (inflation) C. Industries, firms, and consumers that make u…