. Draw a typical business cycle and identify the four phases of the cycle on your graph. List four macroeconomic variables that are pro-cyclical, and indicate whether each one is a leading, lagging, or coincident indicator.

A column in the New York Times in 2017 was titled “The Low-Inflation World May Be Sticking Around Longer Than Expected.” Are the low inflation rates of recent years entirely the result of Federal Reserve policy? Could they have occurred without the Fed having a mandate to achieve price stability? Briefly explain.

1. How has the relationship between pollsters and the media developed over time both in terms of the field of polling journalism overall, and specifically, The Marist Poll? 3. What lessons in polling journalism from the 2016 presidential election can be applied to the current 2020 presidential campaign?

3. What lessons in polling journalism from the 2016 presidential election can be applied to the current 2020 presidential campaign?

The demand for marijuana is given by
QMd =a−bPM−cPA−I

where QMd is the demand for marijuana, PM is the price of marijuana, PA is the price of alcohol, and I is the income. a, b, c > 0

a. Indicate whether alcohol is substitute or complement for marijuana. Why?

b. Is marijuana an inferior or a normal good? Why?

Discuss the issue of discrimination in the workplace. Fifty years after the Civil Rights Act of 1964, there remain great imbalances regarding jobs, pay, and opportunity for women and minorities. What positive measures might we adopt to reduce those imbalances? Is diversity in the workforce something that would benefit employers? If so, is affirmative action a good way of achieving that goal?

What does loyalty to your company mean, and how important is it, morally? Under what circumstances, if any, do employees owe loyalty to their employers. What conditions would justify, or morally require, an employee to blow the whistle on his or her employer?

Marx and Mill both thought that there were historical forces blocking the full development of human freedom. How are their views of freedom (and secondarily history) different? What do Marx and Mill want people to be free from? What did each thinker think that freedom was for? You can refer more to Marx in the answer if you prefer.

Locke and Marx each discussed the role of private property. Why did Locke defend it and why was Marx critical of it? What were the effects of private property on society and politics in each case?

What impacts do you believe COVID-19 will have on income inequality? Who will feel the most pressure? Is there something policymakers could do differently?

C(Q₁, Q₂) = 3,500 - 205Q₁Q₂ - (Q₁)² + (Q₂)²

A. What do you need to know from the equation above to see if there are Cost Complementarity? Are there Cost Complementarity?

B. What is MC₁(Q₁,Q₂) ?

C. What is MC₂(Q₁,Q₂) ?

D. Are there economies of scope? Explain.

E. What are the implications for a merger?

Briefly describe the four economic functions of property rights law

Briefly describe institutions that are used to enforce property rights globally

V. State whether you agree or disagree with the following statements and briefly explain why. Please draw graphs to explain your answer, where appropriate.

In some states, the state government owns and operates the liquor stores. The governor of one of these states made the following statement.

"An increase in the price we charge for liquor would fight the twin evils of alcoholism and the state budget deficit. Even a small price increase would greatly decrease the use of alcohol and would increase the revenue going to the state."  

1. Assume you are a professional economist and are asked to evaluate the $2.2 trillion economic stabilization package recently passed by Congress.

1. Outline the major features of the stabilization package.
2. Which features of the package make the most sense to you and you would support?
3. Which features of the package do not make sense to you and you think should be eliminated?
4. What additional features of economic stabilization would you propose that is missing from the stimulus package?

A monopolist faces a demand curve of Q = 164 – P, where P is price and Q is the output produced by the monopolist. What choice of output will maximize revenue?

Group of answer choices

70

74

82

86

if monopolist produces good X and faces a demand curve X = 112 - 2P, where P is price. What is the monopolist's marginal revenue as a function of good X?

Group of answer choices

44 - X

56 - 0.5X

56 - X

44 - 0.5X