In: Economics
What are the possible consequences for Yemen in terms of it being labeled a failed state?
In: Economics
In the case of Yemen, how does nationalism lead to conflict?
In: Economics
Is a recessionary or inflationary gap bad for an economy? Have you ever wondered how the federal government and the Federal Reserve react to smooth out recessionary and inflationary gaps? In this activity, you will explore the concepts of fiscal policy and the attempts the U.S. government takes when the U.S. economy is in a recessionary or inflation gap. You will discuss the concepts of aggregate supply and aggregate demand to determine how the U.S. economy can work its way back to long-run equilibrium based.
Locate a recent article (published within the last year) that discusses fiscal policy and whether the U.S. economy is in an inflationary or recessionary gap. You can use the Hunt Library, newspapers, new stations, or other credible sources to locate an article. Analyze the article and then address the following concepts in your discussion.
Summarize your findings using at least 250 words and provide a minimum of one reference. Use current APA formatting to document your sources.
In: Economics
If Brazilian oranges were sold in the United States, oranges and orange juice would be cheaper.
Use the laws of demand and supply to explain whether the above statement is true or false.
If Brazilian oranges are sold in the U.S. market, then the _________ will increase, the price of oranges _________.
A.
quantity of oranges supplied; will fall, and the statement is true
B.
supply of oranges; will fall, and the statement is true
C.
quantity of oranges supplied; will rise, and the statement is false
D.
supply of oranges; will rise, and the statement is false
If Brazilian oranges are sold in the U.S. market, the _________ will increase because _________.
A.
supply of orange juice; the cost of producing orange juice will fall and the quantity demanded will increase
B.
price of orange juice; the demand for orange juice will decrease
C.
quantity supplied of orange juice; it will be cheaper to produce orange juice and the quantity demanded will increase
D.
quantity of orange juice demanded; the quantity supplied will increase and its price will fall
17. Which of the following events in the market for smartphones illustrates the law of demand?
1. The price of a smartphone falls.
2. Producers announce that smartphone prices will fall next month.
3. The price of a call made from a smartphone falls.
4. The price of a call made from a land-line phone increases.
5.An increase in memory makes smartphones more popular.
A.
Events #1, #3, and #4
B.
Only Event #2
C.
Only Event #1
D.
Events #2, #3, #4, and #5
E.
All 5 events
A.
private goods
B.
rival goods
C.
exculdable goods
D.
environmental goods
A.
a flat tax
B.
proportional
C.
regressive
D.
progressive
A.
the economic decline of major industries.
B.
an economic recession.
C.
people not getting along (having friction) with their employers.
D.
changing weather throughout the year.
E.
the normal process of jobs being created and destroyed.
Dry weather has delayed rice planting and harvests will be low. But wheat is enjoying a bumper crop.
Using the demand and supply model, explain how the prices of rice and wheat will change and how the markets for rice and wheat will influence each other.
A poor rice harvest will _____ rice and ____ its price.
A.
decrease the demand for; raise
B.
decrease the supply of; raise
C.
decrease the demand for; lower
D.
decrease the supply of; lower
A.
increases the supply of; raises
B.
increases the demand for; raises
C.
increases the supply of; lowers
D.
increases the demand for; lowers
A.
substitutes, so a higher price of rice will increase the demand for wheat
B.
substitutes, so a lower price of wheat will increase the demand for rice
C.
complements, so a lower price of wheat will increase the demand for rice
D.
complements, so a higher price of rice will decrease the demand for wheat
A.
your real starting salary equals your father’s nominal starting salary.
B.
your starting salary exceeds your father’s starting salary.
C.
your starting salary is less than your father’s starting salary.
D.
your starting salary is the same as your father’s starting salary.
A.
equals the change in total spending divided by the change in total output.
B.
refers to the fact that a change in nonincome-determined spending leads to a larger change in total output and employment.
C.
allows for an increase, but not a decrease, in total output and income since wages and other incomes tend not to fall
D.
is larger the greater the portion of total spending going toward the purchase of imports.
A.
the costs of production will decrease.
B.
competition will force firms to attain economic profits rather than accounting
profits..
C.
competition will force firms to produce surplus output which drives up price
D.
the costs of production will increase.
A.
the deadweight loss that a tax generates.
B.
the inefficiency of a tax.
C.
the revenue collected by government because of a tax.
D.
the division of the burden of a tax between buyers and sellers.
E.
the division of the burden of a tax between the public and the government.
A.
$656
B.
$615
C.
$244
D.
$285
E.
$900
A.
legal barriers to entry
B.
a price-discriminating monopolist
C.
a case in which a single firm controls a resource necessary to produce the good
D.
natural barriers to entry
30. In the long run, a decline in the money supply ______ the price level and will lead to a ______ in real GDP.
a. lowers; reduction.
b. lowers; does not change.
c. lowers; increase.
d. does not change; increase.
A.
lowers, reduction
B.
lowers, does not change
C.
lowers, increase
D.
does not change, increase
A.
sell securities on the open market, raise the reserve requirement, and raise the discount rate.
B.
sell securities on the open market, lower the reserve requirement, and lower the discount rate.
C.
reduce the reserve requirement, reduce the discount rate, and reduce open market operations
D.
buy securities on the open market, lower the reserve requirement, and lower the discount rate.
A.
whether the good is a necessity or a luxury.
B.
the number of substitutes available to consumers
C.
the amount by which the demand curve shifts when the price of another good changes
D.
the time period buyers have to respond to a price change
E.
the price of the good relative to total income
A.
only the importer.
B.
only the exporter.
C.
both the exporter and the importer.
D.
the exporter at all times and sometimes also the importer.
E.
neither the exporter nor the importer.
A.
only the importer.
B.
only the exporter.
C.
both the exporter and the importer.
D.
the exporter at all times and sometimes also the importer.
E.
neither the exporter nor the importer.
A.
a normal; a normal
B.
neither an inferior good nor a normal good;
neither an inferior good nor a normal good
C.
an inferior; an inferior
D.
an inferior; a normal
E.
a normal; an inferior
A.
A reduction in the level of real GDP.
B.
The Fed’s purchase of government securities.
C.
A reduction in the discount rate.
D.
An increase in the required reserve ratio that decreases money supply.
E.
An increase in the price level.
In: Economics
The market for apple pies is competitive and has the following demand schedule:
| Price | Quantity Demanded |
| $7 | 600 |
| 8 | 500 |
| 9 | 400 |
| 10 | 300 |
| 11 | 200 |
| 12 | 100 |
| 13 | 0 |
| Q | TFC | MC | TC | ATC |
| 1 | $9 | $2 | ||
| 2 | 9 | 4 | ||
| 3 | 9 | 6 | ||
| 4 | 9 | 8 | ||
| 5 | 9 | 10 | ||
| 6 | 9 | 12 |
a. When P = $11, how many pies does each producer make? [Hint: Find MR. Use the profit maximization rule: MR = MC. Firms never choose the quantity such that MR < MC. Or, you can directly compute profit for each quantity.]
b. How many producers are there? How much profit does each producer earn? [Hint: To get the number of producers in the market, use the relationship between market quantity and the quantity produced by each firm. Because we assume all firms are identical, firms are producing the same quantity.]
Long-run equilibrium
c. In the long-run, there is free entry and exit process. How much profit does each producer earn in the long-run equilibrium? Why?
d. What are the market price and the number of pies each producer makes? How many pies are sold? [Hint: Use the condition for the market price in the long-run. Next, note that once the market price is determined, each seller’s quantity is determined by the above table.]
e. How many producers are operating in the long-run? Is the number of sellers larger than that in the short-run? Why?
In: Economics
In: Economics
In: Economics
Draw and explain the Business Model canvas from the
Zoom Application
In: Economics
Describe the Theory of Optimal Currency Areas; and use that theory to consider whether the United States of America is an optimal currency area. Use statistical evidence to support your conclusion.
In: Economics
Consider the monopolistically competitive market structure, which has some features of a perfectly competitive market and some features of a monopoly. Complete the following table by indicating whether each attribute characterizes a perfectly competitive market, a monopolistically competitive market, both, or neither. Check all that apply. Attributes Perfectly Competitive Market Monopolistically Competitive Market Many sellers Easy entry Few sellers Price equals average total cost in the long run
In: Economics
In: Economics
In non-political terms, describe the economy of the United States. What elements of capitalism and socialism exist
In: Economics
Assistant Project Manager Jim Rains was 26 years old, newly hired at a large commercial construction company, and was assigned to work on a $34 million dollar university classroom project in the southeast United States. Upon arriving on the job site, Jim was introduced to head superintendent Bob Moore who had been with the firm for 25 years. Bob was an exceptionally proficient organiser and was often requested by clients for the supervision of their construction projects. As the project began, things on the whole went smoothly. In fact, Jim was learning and taking on more project management responsibilities every day.
The winter and spring months brought many days of rain. Often, Bob
would have to send several carpenters home because there was
nothing at the construction site for them to do when it was
raining. This did not sit well with the carpenters when they could
only work 3 days per week (and were paid for 3 days’ work) because
of rainouts. Other times, Bob would not send the carpenters home,
but would have them sweep up the floors that were already under
roof. This activity would normally take 2 hours with a crew of 4,
but Bob would be forced to pay them for a full 8-hour day. Some
days Bob, being one to hate inefficiency (and the potential loss of
workers not returning to the site after being sent home), sent some
of the carpenters (who would normally be just standing around and
sweeping on rainy days) to his home to work. There the carpenters
would work on interior framing, finish carpentry, and hang drywall
in Bob's new addition. Bob figured that as long as the carpenters
were just hanging around the site with little to do, they might as
well earn their pay.
The third time Bob sent carpenters to his house on a rainy day; Jim
decided to talk with Bob about the issue of billing the carpenter's
hours to the job site construction cost. Bob was very noncommittal
about the whole issue leaving Jim with the dilemma of confronting
one of the company's best superintendents. After three more days of
watching several carpenters go to Bob's house to work, Jim could no
longer stomach the practice and told Bob that it was unethical to
use company employees for personal work. Bob told Jim that if he
did not send the carpenters home on rainy days, they would get paid
for basically doing nothing. By sending the carpenters to his house
to use their skills, he was keeping his workers motivated and
satisfied instead of laying them off or having them do small,
time-filling jobs.
Getting nowhere with the superintendent, Jim had some major
decisions to make. Should he go to the project manager or someone
in the home office? What would the company think about some new
employee questioning the practices of a long-term employee?
Because Jim was new to the organization, he decided to talk with
Bob one more time and asked that he discontinue billing employee
hours to the construction project if they were in fact working on
Bob's own house. Bob again refrained from doing anything, only
commenting that the workers would soon be able to work a normal
5-day workweek because the rainy season was about to end. Jim still
could not let the issue go.
a) What key ethical principles are potentially being compromised in
this case based on your understanding of PMI’s code of
ethics?
b) Are these ethical concerns adequate and valid reasons for Jim to
decide to quit as the Project Manager? Provide a detailed
justification.
c) If you were Jim, what actions would you take now that Bob again
refrained from doing anything?
d) Is it right for Jim to seek advice from his close friends on how
to deal with this problem? Justify your answer.
In: Economics
Which model would you use to advise a government on immigration policy and why? (600 words max)
In paragraph form, compare the key differences between Ricardian, Specific Factor, and Hecksher-Ohlin models.
What question(s) or economic truth(s) does each model help us understand?
What happens in each model with a permanent increase in labour?
In: Economics