1. Costs of Reducing Water Pollution

Using the Costs of Reducing Water Pollution table, which of the following explains why the lake should not be made entirely free of pollution?

Multiple Choice

• The marginal social costs of reaching 0 PPM are greater than the marginal social benefits from doing so.

• There would be no benefit in making the lake completely clean.

• The total social cost would exceed the total social benefit of completely cleaning the lake.

• Society cannot clean up the lake.

2.  If relative prices change, then the inflation rate must change. TRUE/False?

3. In economics, a public good

Multiple Choice

• is provided in an optimal amount by the market.

• always causes government failure.

• is any good produced by the government.

• allows free riders to benefit from the good.

7.  The business cycle is the alternating periods of economic growth and contraction. TRUE/FALSE?

Federal Reserve monetary policy strives to bring about full employment and price stability. Explain how the Federal Reserve loosens or tightens monetary policy through open market operations and how this affects the economy. Include in your answer how looser or tighter monetary policy affects the amount of reserves in the banking system and interest rates, and how loose or tight monetary policy is supposed to affect GDP, employment and inflation.(8-12 sentences)

Suppose the world price of steel falls substantially. The demand for labor among steel-producing firms in Pennsylvania will increase/decrease . The demand for labor among automobile-producing firms in Michigan, for which steel is an input, will increase/decrease . The temporary unemployment resulting from such sectoral shifts in the economy is best described as ? unemployment.

Suppose the government wants to reduce this type of unemployment. Which of the following policies would help achieve this goal? Check all that apply.

Extending the number of weeks for which unemployed workers are eligible for unemployment insurance benefits from the government

Improving a widely used job-search website so that it matches workers to job vacancies more effectively

Increasing the benefits offered to unemployed workers through the government's unemployment insurance program

Think of a situation where you have used Decision Analysis and explain what that process was like.

Management at the Macho Burrito Hacienda has completed a study of weekly demand for its super-supremo-dos-nacho-double-grande-mucho-muncho burritos. The study revealed that the demand for the four-pound cheese-stuffed, bacon-smothered, grease-dripping, colossal-sized macho burrito meal (X) is given by the following equation:

                                    Q_X = 1,320 -1,000 P_X + 700 P_T + 7 I + 200 A

where  Q_X           = the number of the four-pound macho burrito meals sold

                        P_X        = the price of the four-pound macho burrito meals

                        P_T            = the price of bacon cheeseburger double-decker tacos

                        I           = per capita income

                        A         = Advertising expenditure                  

            Currently P_X = 5, P_T = 2, I = 40 and A = 20.

1. Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.

(b)       Should the Macho Burrito Hacienda raise the price of its burrito meals to increase Total Revenue? Why or why not?

(c)        Calculate consumer surplus at the Revenue-maximizing price.

(d)       If the cost per burrito is $3 and Macho Burrito Hacienda behaves as a monopolist, how many burrito meals will be sold and at what price?

What do you think will happen to the rate of return on educational investment as the U.S. approaches zero population growth?

1-What are the problems according to Trump administration the technological competition of two countries' firms;

2- What tools are used by the US and how, to address these problems.

What do you think was the most important thing that took place on television during the 1970’s?

Explain how Reagan’s election impacted America’s government beyond 1988

In the short run in production a firm:

a.has at least one fixed input

b.can only change one input

c.has at most one variable input

d.can change all of its inputs

A firm’s production function describes the relationship between

a.inputs and cost of production

b.inputs and output

c.output and cost

d.output and revenue

If a firm’s expansion path curves upward at an increasing rate, this implies

a.it uses proportionately more labor than capital as output expands

b.its costs will be increasing at an increasing rate as output expands

c.its production function exhibits increasing returns to scale

d.it uses proportionately more capital than labor as output expands

Beer

Traditionally, Newland is a wine-drinking country. However, recent market research has shown that demand for beer in Newland is steadily growing. RichBrew Inc. Of Richland, one of the world's largest beer producers, therefore wants to increase its exports of specialty beers,

ordinary beer and non-alcoholic beer to Newland. Before its accession to the WTO, Newland limited the importation of beer of any kind to a meagre 50,000 hectolitres per year. This quantitative restriction was put into place in the late 1950s to protect the many winegrowers in Newland from competition from imported beer. The National Association of Wineries (NAW) was, and still is, a powerful lobby in Newland politics. Beer production in Newland has always been and remains small.

On accession to the WTO, Newland abolished the quantitative restriction on the importation of beer. However, around the same time, it revised its tax regime for alcoholic and non-alcoholic beverages. In addition to a value added tax (VAT) of 21 per cent ad valorem applied to all alcoholic beverages, the following excise tax rates currently apply: N$5 ppl on wine; N$6 ppl on ordinary beer; and N$15 ppl on specialty beers.

Non-alcoholic beer is not subject to excise tax. However, non-alcoholic beer is subject to a VAT of 21 per cent ad valorem whereas soft drinks are subject to a VAT of 15 per cent ad valorem. As stated above, all alcoholic beverages are subject to a 21 per cent VAT but resellers of imported alcoholic beverages are subject to more onerous VAT-related administrative requirements.

At the time of importation, the Newland Customs Service imposes a charge of N$0.5 per litre on alcoholic beverages that are, after importation, bottled in aluminium cans rather than glass bottles.

In Newland, beer, whether domestic or imported, may only be sold by licensed beer merchants; it may not be sold in supermarkets. No such restrictions exist on the sales of domestic or imported wine.

RichBrew Inc. not only wants to sell its beer in Newland's supermarkets, it also wants to establish a wholesale trade company in Newland as well as a network of retail shops to handle the distribution and sales of its beer. RichBrew has been told it can do neither because it is not a company incorporated in Newland.

Pursuant to the Fair Competition Act of 1991, imported as well as domestic beer and wine are subject to a minimum price requirement, annually set by the Ministry of Commerce of Newland. Furthermore, Newland prohibits the use of additives in lager while leaving the use of additives in specialty beers and wine unregulated.

In support of the national wine industry, Newland's National Federation of Restaurateurs, a government-sponsored organisation, has instructed its 10,000 members not to serve beer with traditional Newland dishes. Municipal authorities in Newland's main wine-producing region prohibit serving beer on weekends. Note also that, since the Armed Forces Reform Act of 1996, the armed forces of Newland are required by law to buy domestic alcoholic beverages to serve in army mess halls.

As stated above, beer production in Newland has always been and remains small. The Newland beer industry consists primarily of microbreweries, which produce beer in a more environment-friendly manner than RichBrew Inc. As part of its environmental policy, the Government of Newland intends to lower the excise tax on beer produced by microbreweries to N$5 ppl (instead of the N$6 ppl (for ordinary beer) and N$15 ppl (for specialty beer) currently applied). Also, the Government of Newland intends to give financial incentives (i.e. subsidies) to Newland-based beer merchants engaged in the retail selling of beer from microbreweries.

Finally, RichBrew Inc. has recently acquired a moribund brewery in Newland, and, in order to revive this brewery, it wants to employ in Newland brew masters from Richland. However, RichBrew Inc. has been informed that, under Newland's Regulated Professions Act of 1997, only brew masters with a degree obtained in Newland are allowed to work in Newland. Newland argues that brewmasters trained in Richland are not ‘like’ brewmasters trained in Newland.

You are an associate with the Brazilian law firm Nogueira Neto Avogados. Your firm has been hired by RichBrew Inc. to give legal advice on all the issues raised above. You have been instructed to limit your legal brief to the question of whether there are violations of the national treatment obligations under WTO law.

49. Which of the following is the most logically sound proof in favour of God’s existence?

(A) \Every society throughout human history has had some notion of God, and there-fore God must exist."

(B) \I feel God’s existence through the Holy Spirit, and therefore know that He exists."

(C) \Everything that begins to exist has a cause. The universe began to exist. There-fore, the universe has a cause, which I call God."

(D) \It is ridiculously unlikely that the universe just came into existence the way it is now, without some supernatural intervention. Therefore, God exists."

50. Which of the following NOT a method of incomplete induction?

(A) Via online surveys on SurveyMonkey.

(B) Online surveillance.

(C) Reading people’s diaries.

(D) Polling every single person you’re interested in.

51. The United States historically had the institution of slavery. This meant that there was a market for slaves. According to the textbook, what impact did Eli Whitney’s invention of the cotton gin have on the market for slaves?

(A) Supply increased.

(B) Supply decreased.

(C) Demand increased.

(D) Demand decreased.

53. It is a Friday night, and you have an option between three distinct activities:

1. Enjoying a long walk with your dog.

2. Re-watching Game of Thrones.

3. Working out with your bros until you get pumped. You hate Game of Thrones, but enjoy the other two activities; working out is your favourite. What is your opportunity cost of watching Game of Thrones?

(A) The pleasure from watching Game of Thrones.

(B) The pleasure from walking your dog.

(C) The pleasure from working out.

(D) The combined pleasure of all three activities.

54. The actress Betty White will probably die soon. What effect does this have on the market for Betty White memorabilia today?

(A) Supply increases.

(B) Supply decreases.

(C) Demand increases.

(D) Demand decreases.

55. Which of the following is the best example of inductive thinking?

(A) A mathematical proof of the Pythagorean Theorem.

(B) \All dogs are mammals. Tony is a dog. Therefore, Tony is a mammal."

(C) I hate Mondays.

(D) I asked around, and Brock University is where all the beauties are.