1.Which of these statements describes an economy’s stock of human capital?

A.Number of hours worked per year.

B.Number of engineering degrees held by workers

C.Value of the production per type of worker.

2.Which factors would increase the aggregate production function?

A.Aging airport facilities that cause flight delays.

B.Restrictions on immigration.

C.A robot that fills up prescriptions faster and more accurately than pharmacists.

3.Which of the following would NOT directly result in capital deepening?

A.Increase in quality of physical capital.

B.Increase in quantity of physical capital.

C.Increase in amount of labor available to businesses start ups.

Assume that the economy is initially at the natural level of output. A permanent increase in taxes will cause which of the following?

Question 7 options:

	a decrease in the aggregate price level, and no change in output in the medium run
	a reduction in unemployment in the short run
	a reduction in output and no change in the aggregate price level in the short run
	no change in investment in the medium run
	more than one of the above

Which of the following events will cause a reduction in the aggregate price level?

Question 4 options:

	an increase in T
	an increase in the markup
	an increase in output
	an increase in G
	an increase in the variable z

1) In the past 3 weeks there have been considerable fiscal and monetary policy initiatives. Give an example of one of each of these. Indicate what was done, why it should have an effect on the economy, and some possible problems that may lead to is not having as great an effect as ‘anticipated’.

2) We are seeing massive unemployment numbers in recent weeks. Provide your thoughts on what type of unemployment we’re seeing, and whether you feel the ‘bads’ associated with unemployment will be felt sooner or later based on other factors you’ve seen/heard/ and learned about. Be sure to include those factors and the effects you think they will have on the unemployed in terms of making it better or worse. (again, you’re going to be graded on how well you support your thoughts using theories and information learned in class, not necessarily on whether you are ‘actually correct’)

Suppose the United States could import footwear from Thailand at the price of $20 per pair or from Mexico at $24 per pair. The domestic price of footwear in the United States is $35. Suppose prior to NAFTA, the U.S. imposed a 50% tariff on all footwear entering the country. Suppose the US demand for footwear is given by Q = 100 – 2P. Assume US producers face a constant MC = $35. What is the welfare effect of joining the NAFTA for the US if doing so requires eliminating the tariff on Mexican made footwear?

What is the welfare effect in terms of areas on the supply and demand graph; that show consumer surplus, government revenue AND loss to producers Graphically, what is the welfare effect for the U.S.?

16.) What is the long-run effect on potential output (Y_f) of a temporary favorable supply shock (A↑)? Up, Down, or Same?

What is the long-run effect on the Price level (P) of a temporary favorable supply shock (A↑)? Up, Down, or Same?

The marginal propensity to consumer is the fraction of one’s overall income spent on consumption. True or False?

An exogenous (or autonomous) increase in some type of spending (e.g., a rise in government purchases) will, in the short-run, cause a larger rise in GDP due to the multiplier effect (e.g., rounds of “respending” that result from the original increase). True or False?

Determine the discounted payback period of a new manufacturing process that costs $15,000,000 with an annual savings of $3,800,000 going up by 3% per year at a MARR of 10%

Please show all work and steps. Any help will be appreciated and thank you for your time!

Economic growth

a.         According to the Solow model of economic growth, what determines the growth rate of real income per person in the very long run (steady state)?  Explain.

b.         What public policies have been proposed to increase the rate of economic growth?  Explain.

Discuss the structure, conduct and performance of the pharmaceutical industry. How does its structure, conduct and performance impact patients? Given the structure, conduct and performance of the pharmaceutical industry, predict the responsiveness of the industry to a common disease as compared to a very rare disease. Assume both diseases have very similar impacts on patients.

Discuss controversies surrounding the development of the government’s role in providing, financing, and regulating health insurance and health services. Include in your discussion the economic reasons for government intervention in a market based health care system. Please be sure to incorporate the reasons identified in your text as well as any additional reasons you wish to provide. Provide a critique of these reasons

1. Economic policy has been described by some commentators as hyper-Keynesianism. On the other hand, others have argued this term is misplaced because the goal of the policy is not to expand aggregate demand but to maintain income.

1. In one paragraph, explain why the term hyper-Keynesianism might be appropriate when describing most countries’ fiscal and monetary policies today. Try to be as specific as possible.

2. In one paragraph, explain how these policies serve as an income maintenance program.

3. Think about your own economic situation. Without providing personal details you do not wish to share, write a paragraph explaining how you think the present Covid-19 economic crisis is affecting your economic future. Do you think government policies are helping you or hurting you? Write no more than one paragraph.

Q	0	1	2	3	4	5	6	7	8
TC	10	18	24	30	38	50	66	91	120
AC		18	12	10	9.5	10	11	13	15
MC		8	6	6	8	12	16	25	29
TR		16	32	48	64	80	96	112	128
MR		16	16	16	16	16	16	16	16

A perfectly competitive TV production firm in Lost Angeles faces the above short-run cost schedule.
The price per unit of output is £16.

a) How much (supernormal) profit is made at this output?
b) What would happen to the price in the long run if this firm were typical of others in the industry?   
c) What would happen to costs and revenues if the Canadian government intervened in this market to encourage firms to move production to Vancouver, Canada?  
d) While television production is up, the US television station industry is collapsing thanks to the internet and Netflix. To what extend should government intervene in the markets prone to market failure?

3) Forbearance is defined as:

A) An invitation to negotiate.

B) An offer.

C) A counteroffer.

D) A bilateral contract.

E) Promising to refrain from doing something you are legally entitled to do.

4) In a bilateral contract, the consideration for each promise is ________.

A) an invitation to negotiate

B) forbearance

C) actually doing the act called for in the contract

D) a return promise

E) refraining from doing something the contracting party is otherwise legally entitled to do

5) For a promise to be enforced by the courts, there must be ________.

A) a written contract

B) forbearance

C) an invitation to negotiate

D) consideration

E) a bilateral contract

6) An example of forbearance is ________.

A) selling assets to avoid payment to creditors

B) one party making a promise, knowing the other party will rely on it

C) refraining from the use of liquor, assuming the promisor is of legal drinking age

D) a promise to do something that you are already obligated to do

E) past consideration

7) Suppose that Dakiyah promises to pay Fernando $300 for his television. Fernando promises to sell Dakiyah his television for $300. The parties have not documented the transaction in writing. Which of the following is an accurate statement regarding this arrangement?

A) There is no contract between the parties because the promises are not in writing.

B) This is a unilateral contract.

C) This is merely an invitation to negotiate.

D) There is an oral contract.

E) Dakiyah's promise constitutes an offer, while Fernando's promise is a counteroffer.

8) In a unilateral contract, the consideration for a promise is ________.

A) an act

B) a return promise

C) forbearance

D) an invitation to negotiate

E) a counteroffer

9) Which of the following is an exception to the rule requiring consideration?

A) Bilateral contracts

B) Promissory estoppel

C) Unilateral contracts

D) Forbearance

E) Specific performance

10) When would a court consider the adequacy of consideration?

A) To verify that property was sold at its fair market value.

B) To verify that a sale of assets was not done to avoid payment to creditors.

C) To verify that one party gave a promise in return for the act of another party.

D) To verify that each party gave a valid promise to the other party.

E) When one party has promised forbearance as consideration.

11) Sam offers Betty his bicycle for $75. Which of the following is an example of an illusory promise on the part of Betty?

A) "I'll take it."

B) "I'll take it if I decide to do so."

C) "I won't pay $75, but I will pay $50."

D) "I'll take it if you will let me try it out first and the brakes work well."

E) "I'll take it if you will put new tires on it first."

12) A person who has legal ________ to contract is one who has the mental ability to understand his or her rights and obligations under a contract.

A) affirmance

B) capacity

C) ratification

D) construction

E) assent

13) A person may have either no capacity, and therefore any attempted contract is ________, or limited capacity, resulting in ________ contracts.

A) void; voidable

B) voidable; void

C) conditional; unconditional

D) unconditional; conditional

E) informal; formal

14) A minor may be given full legal capacity to enter into contracts when he or she becomes ________.

A) emancipated

B) aware

C) sentient

D) employed full-time

E) employed at least part-time

15) In order to disaffirm a contract, a minor must ________.

A) petition the court

B) express in writing the intention to disaffirm

C) express an intention by words or actions

D) have his parents confirm in writing their consent to the disaffirmance

E) select a portion of the contract to disaffirm, because a minor cannot disaffirm an entire contract

16) When must a disaffirmance of a contract based on minority occur?

A) Before or within a reasonable time of the minor's reaching the age of majority

B) Within thirty days of the minor's reaching the age of majority

C) Within sixty days of the minor's reaching the age of majority

D) Within ninety days of the minor's reaching the age of majority

E) Within one year of the minor's reaching the age of majority

17) As a general rule, most states will not allow a minor to disaffirm contracts for which of the following?

A) Life insurance

B) Health insurance

C) Psychological counseling

D) Life insurance, health insurance, and psychological counseling

E) Health insurance and psychological counseling, but a minor does have the right to disaffirm a contract for life insurance, because life insurance premiums have a disparate impact (actuarially) on minors

18) What is the purpose of the minor's right to disaffirm contracts?

A) To reduce the judicial caseload for breach of contract actions

B) To allow minors a windfall in terms of keeping property without paying for it

C) To punish adults who contract with minors

D) To give minors superior bargaining power in negotiating contracts

E) To protect the minor from competent parties that might otherwise take advantage of the minor

19) A contract that supplies the minor with the basic needs such as food, clothing, and shelter is called ________.

A) a unilateral contract

B) an implied contract

C) a contract for a necessary

D) a ratification

E) a contract of adhesion

20) Which of the following occurs when a person reaches the age of majority and states, either orally or in writing, that he or she intends to be bound by the contact entered into as a minor?

A) Implied ratification

B) Express ratification

C) Express novation

D) Implied novation

E) Disaffirmance

21) Which of the following is a correct statement regarding the remedy available for an unenforceable agreement?

A) Only compensatory damages are available for an unenforceable agreement.

B) Only consequential damages are available for an unenforceable agreement.

C) No remedy is available for an unenforceable agreement.

D) Compensatory damages and punitive damages are available for an unenforceable agreement, depending on the circumstances of the case.

E) Compensatory damages, consequential damages, and punitive damages are available for an unenforceable agreement, depending on the circumstances of the case.

22) Bob is hired to do computer sales for an electronics store. He agrees that if he leaves his employment, he will not work for another computer store within twenty-five miles for a period of two years. This type of agreement is called a(n) ________.

A) covenant not to compete

B) implied-in-law contract

C) quasi-contract

D) termination agreement

E) public policy agreement

23) Major obstacles to genuine assent include all but which of the following?

A) mistake

B) misrepresentation

C) factual capacity

D) undue influence

E) duress

24) A(n) ________ is an erroneous belief about the facts of a contract at the time the contract is concluded.

A) assumption

B) projection

C) abeyance

D) mistake

E) accord

25) Which of the following is necessary in order to establish that a mutual mistake involving a basic assumption about the subject matter of a contract was made?

A) That the mistake involved the existence, quality, or quantity of the items to be exchanged.

B) That the mistake involved whether a party could profit from the contract.

C) That the mistake involved whether a party could profit from the contract or whether a party misunderstood the time constraints involved in the contract.

D) That the mistake involved the identity of parties to the contract or whether a party misunderstood the time constraints involved in the contract.

E) That the mistake involved a misunderstanding regarding the applicability of the Uniform Commercial Code to the contract.

26) For a mutual mistake to interfere with legal consent, it must involve a ________ effect on the agreement.

A) conditional

B) material

C) tertiary

D) criminal

E) statutory

27) An error by one party about a material fact is known as a ________ mistake.

A) primary

B) mutual

C) unilateral

D) secondary

E) conditional

28) Distinguishing between unilateral and mutual mistakes is important because the classification bears on which contracts ________.

A) are void

B) are voidable

C) lack consideration

D) lack legality

E) are entitled to enforcement in a court of equity

29) George offers to sell Penelope a ring that George found in his yard. He and Penelope look at the ring and decide that they are not sure what it is, probably just a shiny stone. Penelope pays George $10 for the ring. The ring turns out to be a diamond worth much more than $10. George wants the ring back, and Penelope refuses. What is the most likely result?

A) The ring will be returned to George because of mutual mistake.

B) The ring will be returned to George because of unilateral mistake.

C) The ring will be returned to George because of equity.

D) The ring will remain with Penelope unless George can establish that she was negligent in not recognizing the ring's true value.

E) The ring will remain with Penelope because the parties contracted on the assumption that they did not know the value of the ring.

30) Which of the following must a mutual mistake involve in order for a mutual mistake to interfere with legal consent?

A) A basic assumption about the subject matter of the contract.

B) A material effect on the agreement.

C) A basic assumption about the subject matter of the contract and an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement, but not a material effect on the agreement.

D) A basic assumption about the subject matter of the contract, a material effect on the agreement, and an adverse effect on a party who did not agree to bear the risk of mistake at the time of the agreement.

E) An admission by one of the parties that a misrepresentation occurred.

31) A person who makes a misrepresentation but has no knowledge about the falsity of the statement does not have ________.

A) information

B) premeditation

C) planning

D) plotting

E) scienter

32) When the party making the statement would have known the truth about the fact had he used reasonable care to discover or reveal it, the statement is a(n) ________.

A) innocent misrepresentation

B) fraudulent misrepresentation

C) non-material misrepresentation

D) negligent misrepresentation

E) commercial disparagement

33) Which of the following are elements of fraudulent misrepresentation?

A) A false statement and a mutual mistake

B) A false statement and intent to deceive

C) Intent to deceive and negligent representation of a material fact

D) A commercial relationship between the parties and negligent misrepresentation of a material fact

E) A non-commercial relationship between the parties and duress

1. Mainstream economics teaches us that market competition is the most efficient way to regulate the production and distribution of commodities. And yet, many who are critical of President Trump’s policies have argued for the government to command enterprises to produce what is needed for this public health emergency and then distribute the goods according to need.

In one paragraph, briefly give me at least two reasons why it might make sense for the government to suspend the market and take control of the production and distribution of goods.

In a second paragraph, explain what problems a government’s command and control policies might cause.

In a final paragraph, tell me whether or not you think the critics of President Trump are correct.

Comparing US transportation to that of European, how has European transportation proved to be more efficient than that of the US?