Should We Reduce Population? Consumption? Can We Have it All?
Think about everything you saw in this module.
Are we doomed as a society or is there hope? What do you think? Should we reduce population? Should we reduce consumption? Can we have it all? Is there a racist agenda behind population control and the desire to have the rest of the world consume less?
In: Economics
Please write your name and student ID number clearly at the top of your answer paper.
1. Production Possibilities Frontier gives us the information about the combinations of goods and services that can be produced by a country given its resources and production technology.
a. Assume that China can only produce 2 goods: toys and computers. Draw China’s PPF and clearly
specify the axes.
b. In class we learned about China’s demographic challenge. Describe this challenge in a few sentences.
c. To address the demographic challenge, say China opens up a favorable immigration policy to
encourage the migration of skilled labour into the country. In the same graph that you drew for part a, draw the change that will occur on the PPF. Explain why the PPF changed this way.
2. UAE has experienced phenomenal growth in the past couple of decades. List and explain 3 factors that helped propel this growth.
3. Fill in the following blanks. You only need to write the answer in the answer paper. Number the answers clearly.
a. The value of everything we give up to obtain something is called __________________
b. The economic system of collective ownership and joint share in the prosperity is known as ____________________
c. The country is said to have the __________________________________ in the production of a good if it has the lowest opportunity cost.
d. The gain in well-being of consumers from consumption of a good or service is known as ____________________________
e. The biggest advantage of free markets is that an efficient allocation of resources is achieved at _________________________________
f. If the price of a product increases, then the producer surplus in the market is expected to _______________________________ (increase/decrease)
g. Pegging the CNY against USD for almost 2 decades helped Chinese growth by keeping the prices of Chinese-made products ___________________ (low/high) in the foreign markets.
h. In the 1930s major part of UAE’s GDP comprised of Pearl fishing. This belongs to the ________________________ sector in the model of industrialization.
i. When the government imposes a tax in a market, the total surplus is calculated as the sum of ____________, _________________, and ________________
4. We
and cause a loss in welfare.
a. In the market for a life-saving drug such as insulin, what kind of price control would the government
know that any government intervention is likely to move the market away from the equilibrium point
want to impose? Why?
b. Say the government imposes a price floor above the equilibrium price. Using a graph explain what
happens to the market price, quantity bought and sold, consumer surplus, and producer surplus after the price floor is imposed. Show all of these things and the deadweight loss on the graph.
In: Economics
Q3: Choose one of the products from List A (avocados, camel milk, champagne, gold, Japanese melons, oysters, truffles, vanilla) OR from List B (air travel, palm oil)
If you chose a product from List A,
summarize the impact of each event using the table below
In: Economics
Milner Brewing Company experienced the following monthly sales
(in thousands of barrels) during 2010:
|
Please fill the blanks in the table below to answer these three
questions: (round to the nearest integers)
(a) Develop 2-month
moving average forecasts for May through July.
(b) Develop 4-month
moving average forecasts for May through July.
(c) Develop
forecasts for February through July using the exponential smoothing
method (with w = .5). Begin by assuming .
|
(c) Exponential |
||||
|
Actual |
(a) 2-month |
(b) 4-month |
Smoothing |
|
|
Month |
Sales |
Moving Average |
Moving Average |
w = .5 |
| Jan. | 100 |
--- |
--- |
--- |
| Feb. | 92 |
--- |
--- |
100 |
| Mar. | 112 |
--- |
100 + .5(92 − 100) = 96 |
|
| April | 108 |
--- |
96 + .5(112 − 96) = 104 |
|
| May | 116 | |||
| June | 116 | |||
| July | --- |
In: Economics
Monetary Policy
FOMC Press Release - 10/30/19
Watch the following video of Federal Reserve Chairman, Jerome Powell, presenting the findings of the last Federal Open Market Committee Meeting on October 30, 2019. You can click on the FOMC Press Conference Video, October 30, 2019, and watch about the first 10 minutes of the overall press conference in the Videos section of the Federal Reserve website.
Federal Reserve Videos (Links to an external site.)
In: Economics
the government often intervenes when private markets fail to provide an optimal level of certain goods and services for example the government imposes an excise tax on gasoline to account for the negative externality that drivers impose on one another why might the private Market not reach the socially optimal level traffic without the help of government?
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Briefly, how and why do think humans and organizations can make adaptations to changing environments? Support your answer with related examples
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Imagine that Canada did not have a market-based economy, but instead had a centrally controlled, planned economy. So, instead of letting private businesses make decisions about what to make, these are all made by government-controlled manufacturers and producers. You are one of the central planners, in charge of making decisions about what the government should produce. Your focus is on clothing. Explain the information you would need to know to improve the social efficiency of the clothes that are produced. Then, explain how the introduction of markets would improve the social efficiency of the production and distribution of clothing.
In: Economics
Four holes must be drilled in a casting which forms
the housing for an electric motor. The holes may be located and
drilled without the aid of a jig by a skilled machinist whose wage
rate is $26 per hour. His production time will be 3.5 minutes per
housing. A jig could be built at a cost of $600 permitting the
holes to be drilled by a machinist at a lower skill level. In this
case the lower wage rate would be $19 per hour and the production
rate would be four minutes per housing. Which alternative would you
recommend if 2,200 housings are to be produced?
b)The total production cost using no jig with a skilled machinist
is?
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Graph the market failure of Higher Education
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What factors should be examined before opening business?
Note: The answer should be in simple language.
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critically analyze race using the conflict theory
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