1. Find an example of each of the following: moral hazard problem, asymmetric information problem, and the adverse selection problem. Explain how each leads to an overallocation or underallocation for society. How can each be fixed?

True or false. Food pyramids have changed over time. Is it time to quit consuming dairy products?

2. Consider a hypothetical beauty contest, where there are five finalists (i.e., final candidates) and seven reviewers (i.e., voters) who jointly decide Miss KU. The five finalists are Aram,

Bora, Chanhui, Dahye, and Eunmi. The seven reviewers have the following order of preferences over the five finalists.

Adam: Aram-Bora-Chanhui-Dahye-Eunmi

Ben: Aram-Dahye-Bora-Eunmi-Chanhui

Chris: Aram-Dahye-Bora- Eunmi -Chanhui

David: Chanhui-Bora-Dahye- Eunmi -Aram

Eileen: Chanhui-Dahye-Bora-Aram- Eunmi

Fred: Bora-Chanhui-Dahye-Aram- Eunmi

Gale: Eunmi -Chanhui-Dahye-Boram-Aram

Because different reviewers have different orders of preferences over the five finalists, they agreed to choose the winner(s) democratically, but they could not agree on a voting procedure.

(1) If the plurality rule is used, who is selected as Miss KU? Among the seven reviewers, who has an incentive to defend the plurality rule as the voting procedure?

(2) If the Borda count is used, who is going to be Miss KU? Who has an incentive to defend the Borda count as the voting procedure?

(3) If the STV rule is used, who will be Miss KU? Who has an incentive to defend the STV rule as the voting procedure?

(4) If Gale is the dictator who has the ultimate power in the decision making, who will be selected as Miss KU?

Using Gretl, derive the potential output trend for the economy of your choice. Indicate the periods of inflationary/deflationary gaps

How Corona Virus impact the following groups economically?

1. International students

2. Small businesses

3. Airlines

4. First Nation People

12. According to the AD/AS model, which of the following statements is (are) correct?
(x) Changes in the money supply will not shift the long-run aggregate supply curve because the availability of resources does not change as the money supply changes if monetary neutrality is present.
(y) The verticality of the long-run aggregate supply curve suggests that in the long run, the economy will always return to the level of output that occurs when the rate of unemployment is at its natural level.
(z) An increase in the availability of resources would cause the long-run aggregate supply curve to shift to the right. As a result of that supply curve shift, the price level will fall and real output will increase if aggregate demand is unchanged.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) only
13. According to the AD/AS model, which of the following statements is (are) correct?
(x) The sticky-wage theory of the short-run aggregate supply curve says that wages tend to be sticky because of contracts, social norms, and notions of fairness.
(y) The sticky-wage theory of the short-run aggregate supply curve says that when the price level rises more than expected production is more profitable and employment rises.
(z) Sticky nominal wages can result in higher profits for firms when the price is lower than expected because the real wage falls when output prices fall.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) only

15. According to the AD/AS model, which of the following statements is (are) correct?
(x) Ceteris paribus, a decrease in the price of a major input would cause production costs to fall and the short-run aggregate supply curve would shift to the left.
(y) An increase in demand would cause movement along the SRAS since the increased demand would cause the price level to rise.
(z) When production costs rise for the economy as a whole, the short-run aggregate supply curve shifts to the left.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) on

Which of the following statements about the sticky wage theory of the short-run aggregate supply curve (SRAS) is (are) correct?
(x) Wages are “stuck” because contracts typically require that input prices must change at the same rate as output prices in order to keep firms from increasing profits as they increase production.
(y) Wages and other input prices are “sticky” because contracts fix some input prices and firms are unable to change the input prices they face as output prices are changing.
(z) The sticky wage theory of the short-run aggregate supply curve says that when the price level rises
more than expected, real wages fall because nominal wages are increasing at a slower rate than the price level.
A. (x), (y) and (z) B. (x) and (y) only
C. (x) and (z) only D. (y) and (z) only
E. (x) only

Which of the following statements about the sticky price theory of the short-run aggregate supply curve (SRAS) is (are) correct?
(x) Because not all prices adjust instantly to changing conditions, an unexpected fall in the price level leaves some firms with higher-than-desired prices, and these higher-than-desired prices depress sales and induce firms to reduce the quantity of goods and services they produce.
(y) The sticky price theory of short-run aggregate supply says that when the price level falls unexpectedly, some firms will have higher than desired prices which depresses their sales.
(z) An increase in aggregate demand will cause an increase in price in the output market. Sticky input prices will force firms to take losses since they can’t increase the prices of inputs that are used in the production of the output.
A. (x), (y) and (z) B. (x) and (y) only
C. (x) and (z) only D. (y) and (z) only
E. (x) only

4. Which of the following statements about the misperceptions theory of the short-run aggregate supply curve (SRAS) is (are) correct?
(x) The theory is used to explain the upward sloping SRAS curve since an increase in prices, ceteris paribus, will increase the output supplied in the short run.
(y) The theory says that if the price level increases more than people expect, firms believe that the relative price of what they produce has increased, so they increase production.
(z) Suppose the price level falls but suppliers only notice that the price of their particular product has fallen. Thinking there has been a fall in the relative price of their product, they cut back on production of their product.
A. (x), (y) and (z) B. (x) and (y) only
C. (x) and (z) only D. (y) and (z) only
E. (z) only

Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choose what kinds of non-toxic, all-natural products they'd like to use and get them in a bundle. Families can choose all kinds of products from food to hygiene necessities and cleaning supplies. Suppose they are thinking of expanding their business into five domestic markets: Phoenix, Dallas, Chicago, New York, and Atlanta. Assume their primary goal of business is to maximize economic profits, although they want to do business honestly.

Show all your calculations and process. Describe your answer for each question in three- to five-complete sentences.

1. You are a business adviser for Alba and Gavigan. Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
2. Are they likely to make economic profits initially? Can they continue to make economic profits in the long term? Why or why not? Discuss.
3. What advice would you give to Alba and Gavigan to help them make more profit in the long term?

by 1993, nations in the european union(EU) had eliminated all barriers to the flow of goods, services, labor, and capital across their borders. Even such things as consumer protection laws and the types of plugs required to plug in appliances have been standardized to ensure that there will be no barriers to trade. how do you think this elimination of trade barriers affected EU output?

Respond to the following question with three well composed paragraphs:

Does the fact that something is abundant mean it is not scarce in the economic sense? Why or why not?

can the climate and economy go against each other ?

need 1000 words please

The nation of Leisureland can produce two goods, bicycles and bowling balls.

The western region of Leisureland can, if it devotes all its resources to bicycle production, produce 100 bicycles per month. Alternatively, it could devote all its resources to bowling balls and produce 400 per month—or it could produce any combination of bicycles and bowling balls lying on a straight line between these two extremes.

The eastern region of Leisureland can, if it devotes all its resources to bicycle production, produce 400 bicycles per month. Alternatively, it could devote all its resources to bowling balls and produce 100 per month—or it could produce any combination of bicycles and bowling balls lying on a straight line between these two extremes.

Respond to the following questions (you may want to construct a graph in order to help with your answers – you are not required to present a graph):

a)    What it is the opportunity cost of producing an additional bowling ball measured in terms of forgone bicycles in western Leisureland?

b)    What is the opportunity cost of producing an additional bowling ball measured in terms of forgone bicycles in eastern Leisureland?

c)    Explain the difference in opportunity cost between western and eastern Leisureland. Which region has a comparative advantage in producing bowling balls? Bicycles?

d)    Suppose it is determined that 400 bicycles must be produced. How many bowling balls can be produced?

e)    Where will these goods be produced?

After all of your glorious battles against the common enemy, you finally decide to retire from hack & slash and live peacefully for the rest of your life. You decide to deposit some (1000 gold) of your hard-earned gold to a bank that earns you the most interest for a 20-year period. You have three options to choose from: Bank of Orgrimmar, Bank of Stormwind and Bank of Ironforge. Each of the banks have different payment plans to choose from as given below: Bank of Orgrimmar: Deposit 50 gold at the end of each quarter for the first 5 years. Then, for the next 15 years, the bank suggests a rate of 5% compounded quarterly. Bank of Stormwind: Deposit 1000 gold now (year 0), then for the next 20 years the bank suggests a rate of 3% compounded annually. Bank of Ironforge: Deposit 100 gold at the end of each year for the first 10 years. Then for the next 10 years, the bank suggests a rate of 8% with a continuous compounding. Which bank should you deposit your gold? Propose your own counteroffer to any bank you favor the most (you may offer to change the interest periods, payment periods or interest rates. Be realistic in your counteroffers!)

In 2002 a U.S. court of appeals imposed remedies relating to a lower court’s findings that Microsoft had a monopoly in personal computer (PC) operating system and had maintained its monopoly through illegal actions.

At the U.S. Justice Department’s Web site, www.usdoj.gov,

Click on the Agencies on the top of the window,

Click on Antitrust Division and then on website

Click on Antitrust Case Filings

Find U.S. vs. Microsoft case filings.

Scroll down to District Court filings and find Findings of Fact

In the list of Findings of Fact find Court’s Findings of Fact (11/5/99).

In your initial response to the topic you have to answer all questions:

1. On what basis did the court conclude that Microsoft was a monopoly (see “Market Share”)?
2. What was Microsoft’s market share of Intel-compatible PC operating system? Of all operating system, including those of Apply computers?
3. What evidence did the court cite in claiming that Microsoft charged above-competitive prices (see “Microsoft’s Pricing Behavior”)?
4. Reflection – the students also should include a paragraph in the initial response in their own words reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace.

Research your local community for industry experts that you could consult and source information from to better your practice. This includes specialist or external providers. List three providers or specialists and provide a summary of their services along with an explanation of the type of information that they could provide you. (50–80 words each)