Economics

1. Using the information in this chapter, label each of the following b. The ori

1. Using the information in this chapter, label each of the following b. The original Phillips curve relation has proven to be very f. In the late 1960s, the economists Milton Fri…

1. Using the table above calculate the marginal product of labor. 2. Calculate t

1. Using the table above calculate the marginal product of labor. 2. Calculate the value of the marginal product of labor for each quantity of labor. 3. How many workers should Sc…

1. Using the table, how many units of land, labor, and capital would you hire? 2

1.   Using the table, how many units of land, labor, and capital would you hire?                       2.The marginal revenue product curve is equivalent to the ______________ cur…

1. Visit the World Trade Organization, www.wto.org, on the menu click on About W

1. Visit the World Trade Organization, www.wto.org, on the menu click on About WTO, then under Introductory Brochures you will find Understanding the WTO, under Basics you will fi…

1. Voluntary exchange between two people makes one person better than the other

1. Voluntary exchange between two people makes one person better than the other a) True b) False 2. The marginal cost of an activity is a) The opportunity cost of the best alterna…

1. We all complain about high gasoline prices and some politicians would impose

1. We all complain about high gasoline prices and some politicians would impose a $1 subsidy (tax reduction) per gallon during the summer. Given that gasoline is very inelastic in…

1. We have described four factors of production: natural resources, labor, capit

1. We have described four factors of production: natural resources, labor, capital, and entrepreneurship. Think of any banks you have been to Write a list of some of the things us…

1. Welfare effects of free trade in an exporting country Consider the Kenyan mar

1. Welfare effects of free trade in an exporting country Consider the Kenyan market for lemons The following graph shows the domestic demand and domestic supply curves for lemons …

1. Welfare effects of free trade in an exporting country Consider the Kenyan mar

1. Welfare effects of free trade in an exporting country Consider the Kenyan market for lemons. The following graph shows the domestic demand and domestic supply curves for lemons…

1. What approach(es) has the Affordable Care Act used to increase insurance cove

1. What approach(es) has the Affordable Care Act used to increase insurance coverage? A. Expanding Medicaid eligibility B. Expanding Medicare eligibility C. Providing insurance su…

1. What are network effects? What are the other names for this concept? 2. List

1. What are network effects? What are the other names for this concept? 2. List several products or services subject to network effects. What factors do you believe helped each of…

1. What are some of the steps that the Federal Reserve took in 2008 to prevent f

1. What are some of the steps that the Federal Reserve took in 2008 to prevent further contractions of the economy and money supply? 2. What were the banks' reactions? 3. How can …

1. What are some production items that the typical measure of GDP might miss? Wh

1. What are some production items that the typical measure of GDP might miss? Why? GDP sums up how a country is doing. It doesn't include the well being of a country, education, w…

1. What are sunk costs and how are they included in engineering economy analyses

1. What are sunk costs and how are they included in engineering economy analyses? 2. Why is a common analysis period necessary in comparing mutually exclusive alternatives by the …

1. What are the conditions necessary to achieve a steady-state equilibrium? (Hin

1. What are the conditions necessary to achieve a steady-state equilibrium? (Hint: There are 3) 2. Go to the aggregate page in the Excel file. Find the steady-state equilibrium of…

1. What are the economic tradeoffs between low- income and high-income countries

1. What are the economic tradeoffs between low- income and high-income countries in international conferences on global environmental damage? 2. What arguments do low-income count…

1. What are the factors that affect the amounts that consumers, businesses, gove

1. What are the factors that affect the amounts that consumers, businesses, government, and foreigners wish to purchase at each price level are the: (1point) 2. If investment incr…

1. What are the factors that affect the amounts that consumers, businesses, gove

1. What are the factors that affect the amounts that consumers, businesses, government, and foreigners wish to purchase at each price level are the: (Ipoint) 2. If investment incr…

1. What are the four main categories of resources? Explain each of them. 2. (a)

1. What are the four main categories of resources? Explain each of them. 2. (a) Explain what happens in the simple circular flow diagram? (b) What effect do price controls have on…

1. What are the four stages of listening? A. Sensing, interpreting, evaluating,

1. What are the four stages of listening? A. Sensing, interpreting, evaluating, and reacting/responding B. observing, hearing, evaluating, conclusion C. seeking, evaluating, stati…

1. What are the key limitations of per capita national income as a concept of we

1. What are the key limitations of per capita national income as a concept of well-being? Explain the nature of limitation in each case. Which of these limitations can be adjusted…

1. What are the major characteristics of pure monopoly? A pure monopolist is the

1. What are the major characteristics of pure monopoly? A pure monopolist is the only ( buyer, seller ) of a product for which there are ( some, no ) close substitutes. To maintai…

1. What are the major pros and cons of granting patent rights to inventors and c

1. What are the major pros and cons of granting patent rights to inventors and companies? Patents help to reduce product prices when the product first comes out, unfortunately, th…

1. What characteristics does the “perfectly competitive market” have? A) Many co

1. What characteristics does the “perfectly competitive market” have?             A) Many competitors, different products, and no one firm has market price control             B) …

1. What do economists mean by scarcity? Can you think of anything that is not sc

1. What do economists mean by scarcity? Can you think of anything that is not scarce according to the economic definition of scarcity? 2. What is a production possibilities fronti…

1. What do economists mean by the Production Possibilities Frontier and Full Pot

1.   What do economists mean by the Production Possibilities Frontier and Full Potential GDP? Identify the strong industries and sectors (such as pharmaceuticals or manufactured e…

1. What do feel is the future of the global economy five years from now? Ten yea

1. What do feel is the future of the global economy five years from now? Ten years from now? Use at least 3 citations from global news sources to support your views. 2. Is the wor…

1. What do monetarists think are the short-term effects and the long-term effect

1. What do monetarists think are the short-term effects and the long-term effects of using discretionary monetary policy to smooth out economic fluctuations caused by the business…

1. What do monetarists think are the short-term effects and the long-term effect

1. What do monetarists think are the short-term effects and the long-term effects of using discretionary monetary policy to smooth out economic fluctuations caused by the business…

1. What do so many politicians and journalist tell us that fair means? 2. After

1.What do so many politicians and journalist tell us that fair means? 2.After fifty year of poverty fair programs in the US what are the results? 3.What was an early definition of…

1. What do you believe are the most significant long-term threats to Netflix? Ho

1. What do you believe are the most significant long-term threats to Netflix? How is Netflix trying to address these threats? What obstacles does the firm face in dealing with the…

1. What do you think utilitarian theory tells us about the morality of such ques

1. What do you think utilitarian theory tells us about the morality of such questions as abortion, capital punishment, or euthenasia? 3-5 sentences 2. Is utilitarian theory helpfu…

1. What documents provided by the seller describes the condition of the property

1. What documents provided by the seller describes the condition of the property? A). Home inspection report B). Loan estimate C). Comparative market analysis D). Property disclos…

1. What does absolute advantage mean? What does comparative advantage mean? Expl

1. What does absolute advantage mean? What does comparative advantage mean? Explain which is the basis for trade, and why. 2. 6. You and your neighbor are the only people in a wor…

1. What does tax reform (under the 1986 label) do to the progressivity of the ta

1. What does tax reform (under the 1986 label) do to the progressivity of the tax code?   2. Did the 1986 tax reform include any lump sum taxes? Did it include all lump sum taxes?…

1. What does the Quantity Theory of Money assume about the relationship of M and

1.What does the Quantity Theory of Money assume about the relationship of M and Y? The quantity theory assumes that changes in M will have a small impact on Y. The quantity theory…

1. What does the term market failure refer to? a. a firm that is forced out of b

1. What does the term market failure refer to? a. a firm that is forced out of business because of losses b. an unsuccessful advertising campaign that reduces buyer demand c. a si…

1. What economic concepts can the Production Possibility Frontier (PPF) reminds

1. What economic concepts can the Production Possibility Frontier (PPF) reminds you? List at least three and explain. (12 Points) 2. What are examples of public goods? Discuss why…

1. What effects do the following transactions have on the demand deposits and re

1. What effects do the following transactions have on the demand deposits and reserves of Alpha Bank? On the whole commercial banking system? Why? (The required reserve ratio is 2…

1. What facts support the conclusion that it was unethical for MegaLender to mak

1. What facts support the conclusion that it was unethical for MegaLender to make loans to consumers without verifying their income using Principle Bases and Consequence Bases The…

1. What happens when the supply of euros increases? a. Yen/Euro rises b. Euro/Ye

1.   What happens when the supply of euros increases? a.   Yen/Euro rises b.   Euro/Yen falls c.   Euro/USD falls d.   Pound/Euro rises e.   all of the above 2. As the US becomes …

1. What impact will the ACA have to physician practice billing? 2. How will bund

1. What impact will the ACA have to physician practice billing? 2. How will bundling of services under the ACA affect hospital billing and physician reimbursement? 3.  Health Care…

1. What indication do you find that the playing-card notes issued by the governo

1. What indication do you find that the playing-card notes issued by the governor served as a means of payment? Why were they accepted as such? 2. What indicates that the notes se…

1. What is Entrepreneurship? 2. How widespread is entrepreneurial activity in th

1. What is Entrepreneurship? 2. How widespread is entrepreneurial activity in the scope of business today? 3. Entrepreneurs learn to think differently from managers and employees …

1. What is Keynesian economics? Explain how policymakers used Keynesian economic

1. What is Keynesian economics? Explain how policymakers used Keynesian economics in response to the Great Recession. Be sure to include discussion about the types of fiscal and m…

1. What is Keynesian economics? Explain how policymakers used Keynesian economic

1. What is Keynesian economics? Explain how policymakers used Keynesian economics in response to the Great Recession. Be sure to include discussion about the types of fiscal and m…

1. What is X-inefficiency? What are the two potential causes of X-inefficiency?

1. What is X-inefficiency? What are the two potential causes of X-inefficiency? Why monopolies may be particularly prone to such inefficiency? Explain. 2. The owner of Tie-Dyed T-…

1. What is a backgrounder? a. A story about a famous, unusual or heroic person b

1. What is a backgrounder? a. A story about a famous, unusual or heroic person b. A tragic, funny, odd or inspirational story about real people c. A flavor or mood story in which …

1. What is a market economy and why is it essential that government play a role

1. What is a market economy and why is it essential that government play a role in such an economy? 2. The three primary forms of business are sole proprietorships, partnerships, …

1. What is a shadow price and how can business managers use it to make decisions

1. What is a shadow price and how can business managers use it to make decisions? 2. Formulate and write out the following linear programming problem. You do not need to solve thi…