Economics

1. Discuss why a tariff on imports violates the principle of comparative advanta

1. Discuss why a tariff on imports violates the principle of comparative advantage and makes winners out of losers and losers out of winners. 2. Who bears the cost of import barri…

1. Discuss why a tariff on imports violates the principle of comparative advanta

1. Discuss why a tariff on imports violates the principle of comparative advantage and makes winners out of losers and losers out of winners. 2. Who bears the cost of import barri…

1. Discuss, from both an economic and a political viewpoint, why countries have

1. Discuss, from both an economic and a political viewpoint, why countries have become increasingly interdependent on each other. Use outside sources to reference at least one tra…

1. Disposable income is equal to A) income minus taxes. B) income plus taxes C)

1. Disposable income is equal to A) income minus taxes. B) income plus taxes C) income plus saving minus taxes. D) consumption plus government purchases minus taxes. E) consumptio…

1. Distinguish between Discretionary Fiscal Policy and Automatic Fiscal Policy a

1. Distinguish between Discretionary Fiscal Policy and Automatic Fiscal Policy and give an example of each. 2. Is current Discretionary Fiscal Policy Expansionary or Contractionar…

1. Distinguish between explicit and implicit costs, giving examples of each. Wha

1. Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college? Why does the economist classify normal …

1. Distinguish between explicit and implicit costs, giving examples of each. Wha

1. Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? 2. Why can the distinction between fix…

1. Distinguish between how the market reacts to a temporary difference in prices

1.Distinguish between how the market reacts to a temporary difference in prices for the same resource and how the market reacts to a permanent differene for similar resources. 1.D…

1. Do nations with high living standards, as compared to low living standards, f

1. Do nations with high living standards, as compared to low living standards, face the problem of scarcity? If you won $1 billion in a lottery (That is even more than Kylie has.)…

1. Do the following Production Functions exhibit increasing, constant or decreas

1. Do the following Production Functions exhibit increasing, constant or decreasing returns to scale in K and L. (That is if K and L are changed). Demonstrate in each case careful…

1. Do the math. Due to in-kind-transfers 36 million more Americans were poor in

1.      Do the math. Due to in-kind-transfers 36 million more Americans were poor in 2010 than in 1965. 2.      Which of the core choices that confront every nation is failing in …

1. Do you own a home with a mortgage? If so, by how much does the mortgage intre

1. Do you own a home with a mortgage? If so, by how much does the mortgage intrest deduction reduce your taxes? If you dont own a home, assume you did and that you had a $150,000 …

1. Do you think that eliminating or limiting the amount of deposit insurance wou

1. Do you think that eliminating or limiting the amount of deposit insurance would be a good idea? Explain your answer. 2. A German sports car is selling for 70,000 euros. What is…

1. Do you think that inflation imposes a net cost to the economy after consideri

1. Do you think that inflation imposes a net cost to the economy after considering the gains and loss? If so, which type of cost? Discuss each scenario below. a) Bill gets paid mo…

1. Do you think the price elasticity of demand for Ford sports-utility vehicles

1. Do you think the price elasticity of demand for Ford sports-utility vehicles (SUVs) will increase, decrease, or remain the same when each of the following events occur? Explain…

1. Doctor\'s office visits. Suppose that a consumer\'s annual demand for office

1. Doctor's office visits. Suppose that a consumer's annual demand for office visits is described by the equation q = 8-0.1p. If office visits cost $30, and the consumer has no he…

1. Does the fifth reason for changes in demand, change in income and distributio

1. Does the fifth reason for changes in demand, change in income and distribution of wealth in the community, only apply from a macro view? In other words, could a company view a …

1. Does the monopolist produce in the short run? a. Yes, since P > AVC. b. Yes,

1. Does the monopolist produce in the short run? a. Yes, since P > AVC. b. Yes, since P > AFC. c. No, since P < AVC. d. No, since P < AFC. 2. How much output should th…

1. Domestic currency depreciation will: help domestic firms that export and hurt

1. Domestic currency depreciation will: help domestic firms that export and hurt domestic firms that import. help domestic firms that import. hurt domestic firms that export and h…

1. Download the excel file on the course website. The data were taken from the W

1. Download the excel file on the course website. The data were taken from the World Eco nomic Outlook (WEO) database and from The Economist's Big Mac data2 from January, 2016. Th…

1. Dr. JD, an oncologist, read a study that concluded that whites are more prone

1. Dr. JD, an oncologist, read a study that concluded that whites are more prone to melanoma than blacks. After reading this, Dr. JD started spending more time with his white pati…

1. Draw a demand and supply diagram of a commodity you buy every day for your ow

1.     Draw a demand and supply diagram of a commodity you buy every day for your own consumption or a hypothetical commodity, say X, and show the equilibrium price and quantity d…

1. Draw a real expenditures curve on a graph showing a recessionary gap. Explain

1. Draw a real expenditures curve on a graph showing a recessionary gap. Explain what happens to real GDP when it is initially to the right of the equilibrium point and why? Indic…

1. Draw market demand and supply curves for physicians and physician assistants

1. Draw market demand and supply curves for physicians and physician assistants indicating a market clearing price (wage) for each. Label each graph. Consider the effect on each l…

1. Drawing on John Rawls’s concept of the veil of ignorance, develop an ethical

1. Drawing on John Rawls’s concept of the veil of ignorance, develop an ethical code that will (a) guide the decisions of a large oil multinational toward environmental protection…

1. Due to a recession that lowered incomes, the 2002 market prices for last-minu

1. Due to a recession that lowered incomes, the 2002 market prices for last-minute rentals of U.S. beach-front properties were lower than usual (June Fletcher, “Last-Minute Beach …

1. Due to the presence of diminishing returnsto capital, doubling the amount of

1. Due to the presence of diminishing returnsto capital, doubling the amount of physical capital available forone worker to use will _______. (Points: 1)       decrease output by …

1. Duggin Corp. purchased equipment with a cost of $70,000 at the beginning of 2

1.   Duggin Corp. purchased equipment with a cost of $70,000 at the beginning of 2017. The equipment has an estimated life of 25 years or 25,000 units of product. The estimated re…

1. Dummy Variables (20 points) To study the effects of computer ownership on col

1. Dummy Variables (20 points) To study the effects of computer ownership on college gpa, the following regression equation is estimated as colGPA=1.26+.157PC+447hsGPA+.0067ACT (n…

1. During a period of expansionary monetary policy, the rate of growth of the mo

1. During a period of expansionary monetary policy, the rate of growth of the money supply is reduced, leading to a decrease in the price level. 2.Suppose that a bank has total de…

1. During a tragic event, Charlie Sheen and his former boss Chuck Lorre were los

1.  During a tragic event, Charlie Sheen and his former boss Chuck Lorre were lost at sea. Fortunately, the pair washed up on the shore of a deserted island.  The two start to wor…

1. During inflation, if your nominal income remains the same, your real income w

1. During inflation, if your nominal income remains the same, your real income will: A) Fall B) Rise C) Stay the same D) Equal your money income 2. The price level will erode ____…

1. During the financial crisis of 2007-2008, financial safe havens like Switzerl

1. During the financial crisis of 2007-2008, financial safe havens like Switzerland experienced a large ---- of foreign currency deposits. This made Swiss exports ---- competitive…

1. During the last FOMC meeting on March 15 of this year, the FED decided to rai

1. During the last FOMC meeting on March 15 of this year, the FED decided to raise the target range for the federal funds rate to 3/4 to 1 percent. a. Assuming the raise in the fe…

1. Dynamism creates opportunity as well as constraints. Identify the most promis

1. Dynamism creates opportunity as well as constraints. Identify the most promising opportunities facing companies from advanced markets. Then do the same for firms from developin…

1. ECO1050 u06q1 Question 1 (Points: 3) Which of the following is true of a perf

1. ECO1050 u06q1 Question 1 (Points: 3) Which of the following is true of a perfectly competitive firm? (3 points). 1. It has a perfectly inelastic demand. 2. It sells a product t…

1. ECO1050 u07q1 Question 1 (Points: 2) We define a monopoly as a market with wh

1. ECO1050 u07q1 Question 1 (Points: 2) We define a monopoly as a market with what? (2 points). 1. Many suppliers with barriers to entry. 2. One supplier and no barriers to entry.…

1. ECO1050 u07q1 Question 1 (Points: 2) We define a monopoly as a market with wh

1. ECO1050 u07q1 Question 1 (Points: 2) We define a monopoly as a market with what? (2 points). 1. Many suppliers with barriers to entry. 2. One supplier and no barriers to entry.…

1. ECO1050 u08q1 Question 1 (Points: 2) Which of the following is true if a prod

1. ECO1050 u08q1 Question 1 (Points: 2) Which of the following is true if a product has zero external costs? (2 points). 1. Marginal social costs are greater than marginal private…

1. ECO1050 u09q1 Question 1 (Points: 3) What are the four factors of production

1. ECO1050 u09q1 Question 1 (Points: 3) What are the four factors of production that produce goods and services? (3 points). 1. Labor, capital, money, and entrepreneurship. 2. Lab…

1. ECO1050 u10q1 Question 1 (Points: 3) In the United States, the poorest 20% of

1. ECO1050 u10q1 Question 1 (Points: 3) In the United States, the poorest 20% of households receive approximately what percent of total income? (3 points). 1. 12.5%. 2. 9.5%. 3. 7…

1. Each hour that one spends studying economics is an hour that could be used fo

1. Each hour that one spends studying economics is an hour that could be used for some other activity. The value of the most valuable activity given up to study economics is calle…

1. Each of the following situations could exist for a firm in the short run. In

1. Each of the following situations could exist for a firm in the short run. In each case, indicate whether the firm should produce in the short run or shut down in the short run,…

1. Each point on an LAC for an individual firm Select one: a. Is NOT on the expa

1. Each point on an LAC for an individual firm Select one: a. Is NOT on the expansion path in an isoquant analysis b. Is the minimum point on a firm’s short – run average cost cur…

1. Each point on an LAC for an individual firm a. Is NOT on the expansion path i

1. Each point on an LAC for an individual firm a. Is NOT on the expansion path in an isoquant analysis b. Is the minimum point on a firm’s short – run average cost curve c. Is ass…

1. Each year, The Economist publishes data on the price of the Big Mac in differ

1. Each year, The Economist publishes data on the price of the Big Mac in different countries and exchange rates. The accompanying table shows some data from 2007 and 2015. Use th…

1. Economic Feasibility You are asked to conduct a five-year (Year 0 to Year 4)

1. Economic Feasibility You are asked to conduct a five-year (Year 0 to Year 4) economic feasibility study. Based on project schedule, you conclude that the system will not be in …

1. Economic analysis of a monopolistically competitive industry is more complica

1. Economic analysis of a monopolistically competitive industry is more complicated than that of pure competition because: A) monopolistically competitive firms cannot realize an …

1. Economic fluctuations in the classical model Aa Aa The following graphs show

1. Economic fluctuations in the classical model Aa Aa The following graphs show the labor market for the fictional economy of Wilshire. For both scenarios, assume that the economy…

1. Economic growth I. is represented by an outward shift of the production possi

1. Economic growth I. is represented by an outward shift of the production possibilities curve. II. is defined in terms of a series of events that increase the economy’s ability t…