Suppose you're in charge of establishing economic policy for this small island country.

Which of the following policies would lead to greater productivity in the fishing industry? Check all that apply.

Imposing a tax on fishing poles

Imposing restrictions on foreign ownership of domestic capital

Sharply increasing the interest rate on student loans to people pursuing advanced degrees in fishing

Offering free public education to every worker in the country

What is the economic impact of a federal budget deficit? Describe the effect of debt financing accomplished by a sale of bonds to the general public.

1. How can capital indivisibility create an economy of scale?

2. Adam Smith claimed that he had discovered the most important factor affecting productivity. What was he referring to?

3. What is craft production?

4. What type policy did Adam Smith advocate in order to realize this economy of scale?

5. Large firms can often buy inputs in large quantities. This often creates an ________.

Diseconomies of Scale – Sources and Possible Remedies  

6. What are the most important diseconomies of scale at the plant level? _________. What is the solution to this problem? ___________

7. What is the most important diseconomy of scale at the firm level? _________ How have firms addressed this issue? _______

• US Steel was created to monopolize the steel industry. It had a 64% market share. What happened next? Did US Steel find a solution to its diseconomy of scale?
• Downsizing?
• “Taylorism?” How have workers usually reacted to Taylorism? Why did the Soviet leader V.I. Lenin think that Soviet workers would embrace “Taylorism?” Did Soviet workers like Taylorism?
• piece-rate pay?
• Piece-rate pay can be an effective solution to shirking, however, it does require that the firm use or employ a _____ to make sure that workers do not cut corners.
• Requiring managers to buy the company’s stock?
• Creating residual claimants?
• hostile take overs? Compared to the U.S., hostile take overs have been rare in Europe and Japan. What have been the consequences for Europe from not allowing hostile take overs? _____________. What have been the consequences for Japan from not allowing hostile take overs? ______________
• efficiency wage?

Indicate (with brief descriptions) the monetary factors which have been proposed as causes of the Depression which began in 1929 in the United States.

Bob consumes two goods, gasoline and sandwiches. He has an income of $100 and faces

a price of gasoline of $2 per gallon and a price of sandwiches of $5.

(a) Graph and write the equation for Bob’s budget line.

(b) Bob consumes 4 sandwiches. If Bob’s consumption bundle is just affordable, how

much gas is he consuming?

(c) If Bob consumes the bundle in (b) and the price of sandwiches rises to $8, then by

how much will Bob’s income have to increase so that he can still just afford the bundle

he currently consumes?

(d) Suppose that Bob must spend both money and (ration) coupons to purchase gasoline and

sandwiches. He has 40 coupons and the coupon price of gasoline is 2 and the coupon

price of sandwiches is 1. Show Bob’s budget set. Show Bob’s budget set if his income

were to rise to 250 and if his income were to fall to 30.

Part B: Read the scenario (below), and then respond to the instruction that follows.

Scenario: You are part of an international health conference where health professionals from around the world have gathered. Your role is to provide a greater understanding of the history and current standings of the U.S. healthcare system. The first day of the conference focuses on the history of healthcare. You will have a friendly debate with Germany and Canada on how healthcare has evolved.

Create a table that presents

1. the similarities and differences of the healthcare systems among the U.S., Germany, and Canada. Pertinent information should include but is not be limited to:

a. Total population

b. Gross national income per capita

c. Life expectancy at birth for males and females

d. Total expenditure on health per capita

e. Total gross domestic product percentage (GDP %) expenditure on health

What are two areas that you believe are primary contributors to the '08-'09 financial crisis for both the US and Iceland?

Hello! Please help explain the two areas from an economic standpoint (preferably Macro but anything will do).

Thank you so much!

1. What is OLS regression? What are the limitations of OLS?

2. What are the null and research hypothesis for ANOVA? What is a limitation of the

ANOVA test?

3. Which test yields and f-statistic and what does this f-statistic represent?

What type of market structure is the cricket ball product line of Kookaburra Sport fall under? Would it be imperfect competition or an oligopoly? How would I determine this?

Chapter I. Ten Principles of Economics

1. Explain the two main causes of market failure and give an example of each (6th edition). Relate this to examples in your home country Honduras.
2. Your roommate is a better cook than you are, but you can clean more quickly than your roommate can. If your roommate did all the cooking and you did all the cleaning, would your chores take you more or less time than if you divided each task evenly? Give a similar example of how specialization and trade can make two countries both better off.

How do social costs of using fossil based fuels and the prospects of global warming affect the elasticity of gas demand?

Should we tax fossil fuels to entice consumers to switch to alternative fuels?

7. Which of the following statements is (are) correct?
(x) Bold Brewing produced 2,000 bottles of ginger ale each day in 2011. It employed 10 workers each
working 8 hours a day. In 2012, it produced 1920 bottles of ginger ale each day employing 8 workers
who worked 8 hours each day. Productivity at Bold Brewing increased by 20 percent in 2012.
(y) In 2011, ABC Electronics produced 90,000 calculators, employing 80 workers, each of whom worked 8
hours per day. In 2012, the same firm produced 114,750 calculators, employing 85 workers, each of
whom worked 10 hours per day. Productivity at ABC Electronics decreased by 4 percent in 2012.
(z) Best Green Foods produced 426,850 cans of green beans in 2011 and 443,924 cans of green beans in
2012. Labor hours at Best Green Foods increased by 4 percent in 2012. Productivity at Best Green
Foods was unchanged in 2012.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (x) only

8. Which of the following statements is (are) correct?
(x) New products are invented every year that enhance the standard of living. Consequently real GDP
growth probably underestimates the rate of real economic growth.
(y) A government can encourage growth and, in the long run, raise the economy's standard of living by
encouraging saving and investment.
(z) Across countries, investment and growth rates are positively related for rich countries, but negatively
related for poor countries
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (y) only

9. When a nation has very little real GDP per person,
A. an increase in capital will likely have a large impact on the growth rate of production if the nation lagged
behind many other nations in capital use.
B. it has the potential to grow relatively quickly due to the “catch-up effect”
C. it could be either a large nation or a small nation
D. All of the above
E. A and B, only

1. Discuss Plato's position on wisdom and the distinction between knowledge and opinion

2. Discuss the term 'teleological' and its relation to human behavior and action.