Firm Utopia is producing a good Y which is a normal good. Use clearly labeled Demand and Supply curves, to show and explain what will happen to the equilibrium price and quantity of good Y in each of the following situations?

(a)        Due to an expansion, there is an increase in income to the consumers who buy good Y.

(b)       The cost of X which is a major ingredient in producing Y increases significantly.

(c)        Utopia buys improved machinery that reduces the cost of producing Y.

(d)       Good Z, a major rival of Y decreases its price.

(e)        Situations (a) and (b) occur at the same time.

. How would a tax on bond held by individuals affect the demand for money, interest rate, investment, aggregate demand, price and real GDP?

2. Trace the impact of buying more bonds by government on bond prices, interest rates, investment, aggregate demand, real GDP, unemployment, and the price level.

3. True or false, explain you answers.

1. Lenders sell bonds, and borrowers buy them.
2. An increase in reserve requirements raises the reserve ratio and decreases the money supply.
3. When the government runs a budget deficit, interest rates rise, and investment falls.
4. Joan uses some of her income to buy mutual fund shares. A macroeconomist would refer to Joan’s purchase as investment.
   

4) Jeremiah deposits in a bank an amount of $1000 that he had been holding at home in a jar for a long time.
a. If the banking system is 100 percent reserve, how does the money supply change?
b. If the reserve requirement is 10 percent and the bank holds no excess reserves, how does the money supply change?
c. If the reserve requirement is 10 percent and the bank holds an excess reserve of 2 percent, how does the money supply change?

What is the impact of uncertainty on producers and consumers? How can information asymmetry benefit or harm pricing?

Choose and explain any of the pricing models in your own terms. What are its advantages and disadvantages?

Why do firms seek to maximize profit, and what strategies do they use to do so? Are some of the strategies more effective under certain conditions?

Now that you have learned a bit about how Amazon uses A/B tests, what do you think are some of the risks and challenges associated with performing so many hypothesis tests? What would you do to mitigate those risks? Think about the results of the tests. What were the effects? Look at the size of the effects. Were they small or large? Why were the sample sizes so large?

True or false?

1. If the expected profit is lower with the new technology, the farmer will never have an incentive to adopt the new technology.

2. The end of the bracero program devastated the processing tomato industry, where many bracero workers were employed.

3. The U.S. government ended the Bracero Program in 1964 partly because unions argued that Bracero workers competed with U.S.-born workers.

4. Economic research shows that farm workers in the United States are becoming less willing to engage in follow-the-crop migration

5. In an agricultural household model with perfect markets, an increase in the price of the crop will increase the amount of family labor used to produce the crop.

6. An increase in the price of the crop makes all agricultural households better off.

Barbara was a regular shopper at Egeeay Supermarket, which was part of a large nationwide supermarket chain. She was there at least once a week and sometimes more often if the specials were really good. When Barbara was there this week, she slipped on some grapes in the pet-food section in aisle 3, slipping and falling, and breaking her ankle. The store manager was not sure how the grapes got there or how long they had been there, but store policy was to do checks every 15 minutes of the floor in the fruit section. The store manager indicated that there were a number of spillages every week in the green grocery section of the store. The store owner wishes to know: a) Whether Egeeay Supermarket owes a duty of care to Barbara? (3.5 marks, maximum 200 words) b) If they do, has it breached that duty of care? (3.5 marks, maximum 200 words) c) Whether your answer would be different if Barbara had slipped on some grapes in the fruit section of the store. (3 marks, maximum 150 words

What are the most important reasons for low public trust in government? How could public trust in government be increased

Based on the full text of the Second Amendment, do you think the Framers meant for gun rights to be a collective right or an individual right? Is the right to bear arms absolute? What restrictions could reasonably be placed on gun ownership without running afoul of the Second Amendment?

Using the Social Ecological model, explain how this social determinant exists at EACH level (individual, community, policy, etc). Provide concrete examples of how we can address the inequities caused by this social determinant at each level.

In this module, you learned about third party contract rights and that there are generally two ways to have rights under an existing contract. In the following scenario, determine whether Jake has the right to sue.

Betty contracted with Scooby’s Skate store to deliver a pair of skates to Jake for his birthday. Scooby’s owner was going on a trip and delegated the delivery of the skates to Brian. Brian failed to make delivery.

1. Can Jake sue Brian for breach of contract, as he was not a party to the original contract? Explain your answer. (5 pts)
   
2. Brian was not a party to the original contract. Why would a court hold him responsible for failing to make delivery? If you do not think a court would hold him responsible, explain your answer. (5 pts)
   
3. Can Jake sue Scooby’s Skates for breach of contract? Explain your answer. (5 pts)