An economy in which people exchange goods and services in a market is called a

1. Is economics a science? Why or why not? Your response should be less than 500 words long. (A good answer requires a clear and precise definition of science)

Is globalization triggering cultural homogeneity or heterogeneity? In developing your argument, make sure that you pay attention to economic, 4 political and cultural dimensions of globalization. In other words, do not reduce globalization solely (and erroneously) to economic globalization. Argue below

Intensifying globalization is triggering a one-world culture where global corporations (e.g., McDonald’s, Apple, Coca-Cola), global transportation (e.g., quick shipping), and global communications (e.g., Al Jazeera, social media, Internet) dominate cultural landscapes from Toronto to Johannesburg to Beijing. As a result, local cultures are being changed or assimilated by the dominant outside culture (e.g., Westernization, Americanization, transnational capitalist values).Intensifying globalization is triggering a one-world culture where global corporations (e.g., McDonald’s, Apple, Coca-Cola), global transportation (e.g., quick shipping), and global communications (e.g., Al Jazeera, social media, Internet) dominate cultural landscapes from Toronto to Johannesburg to Beijing. As a result, local cultures are being changed or assimilated by the dominant outside culture (e.g., Westernization, Americanization, transnational capitalist values).

Suppose the simplified consolidated balance sheet shown below is for the entire commercial banking system and that all figures are in billions of dollars. The reserve ratio is 25 percent.

Instructions: Refer to the balance sheet below. Enter your answers as whole numbers.

a. What is the amount of excess reserves in this commercial banking system?

    What is the maximum amount the banking system might lend?

     Show in columns 1(a) and 1'(a) how the consolidated balance sheet would look after this amount has been lent.    

     What is the size of the monetary multiplier?

b. Using the original figures, answer the questions in part a assuming the reserve ratio is 20 percent. What is the amount of excess reserves in this commercial banking system?

    What is the maximum amount the banking system might lend?

    Show in columns 1(b) and 1'(b) how the consolidated balance sheet would look after this amount has been lent.   

    What is the monetary multiplier?

What is the resulting difference in the amount that the commercial banking system can lend when the required reserve ratio is 20 percent rather than 25 percent?

A B

.Reserves 52 checkable deposits 200 a b

Securities 48

loans 100

- Perfect Competition

A. State the short-run profit maximizing rule for a firm and explain why it ensures that profits are maximized.

B. State the condition under which a competitive firm will go out of business (i.e., shutdown) and explain why it will do so.

A course of chemotherapy costs $8000. If give to patient a, it will increase life expectancy by two months; for patient B, by six months, for patient C, by one month; for patient D, by five months; and for patient E, by four months What is the marginal cost per additional year of life for the patient most likely to benefit? What is the marginal cost per additional year of life for the patient least likely to benefit? Draw the total and marginal benefit curves (label the Y axis “Years of life gained” and the X axis “number of patients treated”). If all five patients are treated in alphabetical order, which one determines the marginal cost per year of life gained, patient A, patient E, or some other patient?

What is Barcelona, Spain goat cheese consumption rates? Please provide information on the cheese farming practices in Spain barcelona.

The ESPL (E-Sports Professional League) is a new business venture that is being loosely organized by over 60 potential teams of players. The plan is to operate weekly competitions in smaller venues that can seat up to 500 spectators. New teams can enter and exit the league at very low cost. You have been hired to act as an economic consultant to the new league.

a. Based on market research, you have estimated that the industry demand for tickets every week is given by the equation P = 100 – 0.001Q, where P is the league standard ticket price and Q is the total number of tickets sold in the league each week. You have also estimated, based on estimates of team costs, that the weekly industry ticket supply is given by the equation P = 2 + 0.0005Q. Based on your research, compute the league standard ticket price and quantity of tickets sold each week.

b. One particular team, Team Green, faces weekly total costs given by the equation C = 1000 + Q + 0.05Q2. What will be the profit-maximizing number of tickets for this team to sell each week? Show your work. Compute the weekly profit. What is the level of fixed costs?

c. Due to positive profits, new teams enter the league, forcing down the league standard ticket price. How low can the ticket price go for Team Green for it to remain in operation? Show your work.

On 26 February, Hong Kong’s Financial Secretary Paul Chan announced that all permanent residents in Hong Kong will receive a HK$10,000 from the HKSAR government. This policy will cost the HKSAR government roughly HK$71 billion and it is aimed at tackling the worse economic downturn that the city has experienced in the last 10 years.

a. Briefly explain why this policy can increase equilibrium output in the short run.

b. An economist argues that if the HKSAR government spends HK$71 billion on goods and services instead of giving each Hong Kong resident a HK$10,000, the policy effect on output would be larger. Briefly discuss the economic rationale behind this economist’s argument.

Recall the Application about the decrease in price of illegal drugs in the United States to answer the following question(s).


Recall the Application. The decrease in price of illegal drugs could be caused by either a(n) ________ in demand or a(n) ________ in supply of the drugs.

1. Describe any five Employee Sourcing Challenges facing Human Resource Managers in Organizations Today

Assignment Question(s):                                                    (Marks:30)

Q. 1. Suppose both supply and demand in a market are relatively inelastic. Will a tax placed on the product in market generate a relatively large or small deadweight loss? Why? [15 Marks]

Q. 2. If the world price of a good exceeds the domestic price of the good, will the country export or import the good. In this scenario who gain from free trade: Domestic consumers or Domestic producers? Explain. [15 Marks]

b. Supply i. Define supply. ii. State the law of supply. iii. List and explain the determinants of supply and how each can either cause an increase in supply and a decrease in supply. 1. There are 6 determinants of supply listed in the slide set. You should be able to list and explain how each shifts the supply curve to the left or right. iv. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied and the causes of those changes. 1. Be sure you include the causes of the changes!

4) Consider a decision that you made recently (i.e. within the last two weeks or so). Answer the following questions:

1. a) What were the benefits and costs that you considered when making your decision?

2. b) Would any of those costs that you identified in (a) above be considered sunk costs?

3. c) Were there any additional marginal benefits or marginal costs associated with the decision that you think you should have considered?