Select a relevant microeconomics industry and discuss how it relates to the PPF. Consider why countries engage in international trade and how that country aligns with the PPF concept. Choose a topic that explores one or more factors of production and how they relate to the PPF.

Locate a recent article or event (published within the last year) that highlights your relevant microeconomics topic. Use newspapers, new stations, or other credible sources to discuss how your topic aligns with microeconomics.

Include the following in your discussion: State the article or event you selected. Identify the microeconomic concept(s). Describe your findings. Analyze the relevance to real-life applications. Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.

Beth is a second-grader who sells lemonade on a street corner in your neighborhood. Each cup of lemonade costs Beth $0.90 to produce; she has no fixed costs. The reservation prices for the 10 people who walk by Beth's lemonade stand each day are listed in the following table.

Person	1	2	3	4	5	6	7	8	9	10
Reservation price	$1.50	$1.40	$1.30	$1.20	$1.10	$1.00	$0.90	$0.80	$0.70	$0.60

Beth knows the distribution of reservation prices (that is, she knows that one person is willing to pay $1.50, another $1.40, and so on), but she does not know any specific individual’s reservation price.

a. Calculate the marginal revenue of selling an additional cup of lemonade. (Start by figuring out the price Beth would charge if she produced only one cup of lemonade, and calculate the total revenue; then find the price Beth would charge if she sold two cups of lemonade; and so on.)

Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Enter your responses rounded to two decimal places.

Price	Quantity	Total revenue ($ per day)	Marginal revenue ($ per cup)
1.50	1
1.40	2
1.30	3
1.20	4
1.10	5
1.00	6
0.90	7
0.80	8
0.70	9
0.60	10

b. What is Beth’s profit-maximizing price?

Instructions: Enter your response rounded to two decimal places.

$ .

c. At that price, what are Beth’s economic profit and total consumer surplus?

Instructions: Enter your responses rounded to two decimal places.

Economic profit: $  per day.

Consumer surplus: $  per day.

d. What price should Beth charge if she wants to maximize total economic surplus?

Instructions: Enter your response rounded to two decimal places.

Price to maximize total economic surplus: $

Assume that the government has run out of retirement funds, and people need to rely on themselves for retirement. In the loanable funds market, which curve shifts to which direction?

Question 1 1 pts

Say's Law indicates that:

Group of answer choices

demand creates its own supply.

a stable, inflexible interest rate will guarantee perpetual full-employment.

supply creates its own demand.

falling prices will decrease the purchasing power of a declining level of total money demand

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Question 2 1 pts

Classical macroeconomic theory believed that if total spending was less than the amount necessary to establish full-employment, then:

Group of answer choices

product prices would rise, resulting in an increase in supply and a return to full employment

product and resource prices would fall, restoring full-employment

the government should use certain policies to bring the economy back to full employment.

product prices would fall, but resource prices would rise, restoring full employment.

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Question 3 1 pts

John Maynard Keynes expressed his ideas about macroeconomics and attacked Classical economics in his book,

Group of answer choices

An Inquiry into the Nature & Causes of the Wealth of Nations

The Gospel of the Flying Spaghetti Monster.

The General Theory of Employment, Interest and Money

The Great Unraveling.

The Theory of General Relativity.

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Question 4 1 pts

Except for convincing a good deal of the economics profession that government could play a positive role when it came to "stabilizing" the economy in the short-run in the above publication, John Maynard Keynes had a rather dull & uneventful life.

Group of answer choices

True

False

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Question 5 1 pts

5. Keynesian economics would best be described by which statement?

Group of answer choices

Keynesian economics is basically modern-day Marxism

capitalism is not a self-correcting economic system.

saving(s) is the driving force behind economic growth.

supply creates its own demand.

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Question 6 1 pts

Keynesian economics emphasizes the _______________, and changes in aggregate ______________.

Group of answer choices

short run; supply.

long-run; demand.

long-run; supply.

short-run; demand.

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Question 7 1 pts

7. In Keynesian economics, equilibrium can occur (Hint: the 45 degree "reference" line)

Group of answer choices

at any level where aggregate expenditures is equal to real GDP/income

only at levels less than full-employment.

only at levels greater than full-employment.

only at full-employment

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Question 8 1 pts

The concept known as the "neutrality of money" suggests:

Group of answer choices

that changes in the money supply has no impact on the economy--none.

that low interest rates may increase interest sensitive expenditures.

that changes in the money supply would have no impact on real economic variables, e.g. employment.

that changes in the money supply typically alter the velocity of money.

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Question 9 1 pts

In reaction to the last recession, household saving increased. Unfortunately, this was likely an additional drag on the economy in the short-run. This phenomenon is known as

Group of answer choices

crowding out.

the neutrality of money.

the paradox of thrift.

Say's Law.

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Question 10 1 pts

Unlike Keynesian" economists, Classicals generally disapprove of the use of fiscal policy as a short-run demand management tool.

Group of answer choices

True

False

Select two countries (excluding the United States) and prepare a short report describing their basic Internet infrastructure. Are they public or commercial? How and where do they connect to backbones within the United States?

Marketers must ensure they keep the company at the centre of all analysis when carrying out an investigation of the macroenvironment and the immediate environment.

true-false

Country C is a farming country. Country C imports fertilizers from other countries. Price of fertilizers increases temporarily. Answer each of the following parts.

1. Draw an AD-AS graph to show the long-run equilibrium before the increase in price of fertilizers.
2. On your graph for part (a), show what happens to AD, SRAS and LRAS in short run.
3. In short run after the increase in the price of fertilizers, does the unemployment rate increase? Does the real GDP increase?
4. Does the full-employment output increase, decrease or remain the same? Does the natural rate of unemployment increase, decrease or remain the same? Explain briefly.

The introduction of technologies such as radio frequency identification tags (RFIDs) have created efficiencies for manufacturers and producers.

true-false

The potential for conflict among members is increased in a corporate vertical marketing system.

true - false

Explain 5 consequences on foreign direct investment when a country receives a lower sovereign rating.

The production team of a furniture manufacturing company is under pressure to increase profitability to get a loan from the bank to purchase a new pattern cutting machine. At the same time, there is a waste wood chips been thrown all the way.
i. Define the company’s problem in creative ways.
ii. Suggest TWO (2) potential alternatives for your defined problem in (i).

An assessment of the economic impact of COVID 19 on the Australian economy – an International Macroeconomic perspective.

Choice of exchange rate regime – would Australia be in a better position if it had a fixed exchange rate?

c. Discuss how an economist might consider the differences in incentives, efficiency and costs associated with the use of command and control (technology standards), Pigouvian taxes and tradeadle emissions permits to deal with issues of air pollution from factories?

Consider the GFC of 2008
a/ Why were mortgage backed securities (MBS) considered toxic. Explain your working and answer in words.

b/ What caused MBS to rapidly lose value? Explain your working and answer in words.

Question 41 1 pts

The effect of the multiplier associated with an initial increase in autonomous expenditures will be:

Group of answer choices

zero if there is an increase in the price level.

lessened if inflation occurs.

enhanced if inflation occurs.

the same whether or not inflation occurs.

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Question 42 1 pts

"Discretionary" fiscal policy is so named because it:

Group of answer choices

occurs automatically as the nation's level of GDP changes.

is invoked secretly by the Council of Economic Advisors.

involves specific change in taxes and expenditures undertaken expressly for stabilization purposes at the option of Congress.

is undertaken at the option of the nation's central bank.

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Question 43 1 pts

Expansionary fiscal policy is so named because it:

Group of answer choices

is aimed at achieving greater price stability.

a involves the expansion of the money supply

necessarily expands the size of the government

is designed to expand real GDP.

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Question 44 1 pts

The effect of built-in stabilizers (non-discretionary fiscal policies) on the business cycle is to:

Group of answer choices

only help the economy when it is in a downswing (recessionary).

make rich people richer and poor people poorer.

make both upswings and downswings smaller.

make the upswings larger and the downswings smaller.

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Question 45 1 pts

A $1 increase in government purchases will likely have a greater impact on real GDP than a $1 decrease in taxes because: (HINT: Don't forget about the mpc.)

Group of answer choices

government spending increases disposable income, tax cuts do not

a portion of a tax cut will be saved.

taxes vary directly with income.

government spending increases the money supply, tax cuts do not

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Question 46 1 pts

Which are contractionary fiscal policies?

Group of answer choices

decrease in the money supply.

increase in T and decreases in G.

decrease in T and increases in G.

increase taxation (T) and government spending (G).

an increase in interest rates.

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Question 47 1 pts

Which of the following best exemplifies "crowding out"? An increase in government spending:

Group of answer choices

is financed by borrowing, raising interest rates & causing private investment to fall

forces state & local governments to spend less.

is financed by an increase in the money supply, causing inflation.

causes taxes to rise automatically, reducing consumption.

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Question 48 1 pts

After virtually being in the economic stabilization policy "deep freeze" for over 2 decades, in the early days of "Great Recession":

Group of answer choices

none are correct

supply-side economics made a comeback

Walt Disney made a comeback

fiscal policy made a comeback

monetary policy made a comeback

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Question 49 1 pts

49. As noted in class, our (simple) spending multipliers were somewhat unrealistic. The actual size of the real world (or complex) spending multiplier is equal to (approximately):

Group of answer choices

10

1.5

0

negative 1.5

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Question 50 1 pts

Using an AS/AD diagram, how would you show expansionary fiscal policy?

Group of answer choices

with a leftward shift of the AS curve

with a rightward shift of the AS curve

with a leftward shift of the AD curve

with a rightward shift of the AD curve