how do fuel prices both high and low contribute to our globalized food economy

Why does better employment insurance leads to more structural unemployment?

How are the three versions of the Solow Growth Model different?
Why do you think we need three different versions of the same model? (Hint: Steady-state growth rates)
What is convergence and conditional convergence? Give examples.

Discuss the current state of the apartment housing market in Strathfield South, Sydney, identifying the drivers of this development growth. Include any capital market issues (e.g. credit availability and exposure, interest rate expectations, potential tax changes) that you think may impact the market in your discussion.

Explain in detail some of the national, political, social and business cultures of UAE.

Explain what Fair Trade seeks to do. State two advantages produced by the Fair Trade model and two disadvantages.

Many opponents of free trade use the following example to illustrate its negative effects: Joe Smith started the day early having set his alarm clock (MADE IN JAPAN) for 6AM. While his coffeepot (MADE IN CHINA) was perking, he shaved with his electric razor (MADE IN HONG KONG). He put on a dress shirt (MADE IN SRI LANKA), designer jeans (MADE IN SINGAPORE) and tennis shoes (MADE IN KOREA). After cooking his breakfast in his new electric skillet (MADE IN INDIA) he sat down with his calculator (MADE IN MEXICO) to see how much he could spend today. After setting his watch (MADE IN TAIWAN) to the radio (MADE IN INDIA) he got in his car (MADE IN GERMANY) filled it with gas from SAUDI ARABIA and continued his search for a good paying AMERICAN JOB. At the end of yet another discouraging and fruitless day he checked email on his computer (MADE IN MALAYSIA) then decided to relax for a while. He put on his sandals (MADE IN BRAZIL) poured himself a glass of wine (MADE IN FRANCE) and turned on his TV (MADE IN INDONESIA), and then wondered WHY he can’t find a good-paying job in America.

Should America encourage free trade with its trading partners or seek a more protectionist approach? Take a stand on this issue. It is not enough to argue BOTH sides of the issue. Support your opinion with good economic reasoning. Who benefits from your approach and who loses? Why? Include impacts on both American citizens and the citizens of the other countries with whom we (U.S.) trade. If your home country is outside the U.S. indicate the possible impact of your stand (favoring either free trade or trade protectionism) on your country. Some common search topics include employment, tariffs, quotas, and free trade agreements. In short, you think free is good for economy? is it bad? Or little both?

What characteristics of the GATT/WTO system allowed it to rapidly reduce tariffs after 1947 (make sure your answer includes MFN status, uniformity of treatment, etc.). Why did that process accelerate in the 1960s? How did “MFN status” eventually become a problem for the GATT/WTO?

In recent decades, economic inequality (both income inequality and wealth inequality) has become a prominent topic in American politics. How would you define income inequality? How is income inequality measured? What has happened to income inequality in the United States since the end of the Second World War in 1945? What evidence can you provide to support your answer? What are the reasons for the changes in income inequality since 1945.

What is wealth inequality and how does it differ from income inequality? Is wealth more or less equally distributed than income? Why do you suppose that is? What has happened to wealth inequality in the U.S. in recent years? What accounts for those changes?

Do you think the trend in economic inequality is a problem? Why or why not?

1. Economies of scale:
   1. Exist when larger firms can produce at lower cost than smaller firms.
   2. Exist when Average costs go down as production increases
   3. Are more likely to exist in industries with larger fixed costs
   4. All of the above

2. True or false. Monopolies are always a bad way to deliver goods and services.

3. An industry that has a few large firms that own a majority of the market share is called
   1. A monopoly
   2. An oligopoly
   3. A monopolistic competition
   4. Perfectly competitive

4. An attribute of destructive competition is:
   1. Firms earn 0 profit
   2. Quality tends to suffer
   3. Firms are forced out of the industry
   4. All of the above

6. John has a car he wants to sell. His goal is to get as much as he can for the car (profit-maximizer). He lists the car in the local paper with no price – just “highest bidder” and announces a time to come by if interested. 3 potential buyers show up. Paul is willing to pay $1,000 for the car. George is willing to pay $2,000 for the car. Ringo is willing to pay $8,000 for the car. George makes an offer of $2,000 first and Paul leaves. Answer the following questions:

a. Who will get the car and at what price?

i. Paul will come back and get the car for $1,000

ii. George will get the car for $2,000

iii. Ringo will get the car for $8,000

iv. Ringo will get the car for just over $2,000

b. What will the consumer surplus be?

i. 0 because the buyer is paying exactly his willingness to pay price

ii. Ringo will leave with a consumer surplus of just under $6,000

iii. Ringo will leave with a consumer surplus of just over $6,000

iv. Ringo will leave with a consumer surplus of $8,000

c. Suppose John was willing to sell the car for $1,500 but no less. What is the producer surplus in this case?

i. 0 because John did not get his expected price

ii. 0 because John got more than his expected price

iii. 0 because John got less than his expected price

iv. Just over $500 give the price he was able to sell it for that much more than his willingness to sell price