Briefly discuss five (5) ways in which economic planning can be used to reduce the economic impact of global pandemics such as the Corona Virus in the future.
[30 marks]

Briefly discuss five (5) ways in which economic planning can be used to reduce the economic impact of global pandemics such as the Corona Virus in the future.
[30 marks]

Briefly discuss five (5) ways in which economic planning can be used to reduce the economic impact of global pandemics such as the Corona Virus in the future.
[30 marks]

Subject: Business Law

George Company Limited (GCL) is desirous of purchasing ventilator machines to enhance its operations of its employee’s medical service company, due to the increase of the Covid 19 related illnesses in Trinidad. The Operation Manager of GCL has located an ideal ventilator machine in China from Wuhan Machine Services Limited (WMSL). GCL has dealt with WMSL over the last 10 years on several business matters, but never with respect to ventilator machines. Mr. Noitall from GCL, developed specifications of the ventilator which they required and emailed it to WMSL. WMSL submitted an offer to GCL which consist amongst other information the following,” the ventilator will be of the same type submitted to other companies in Trinidad and Tobago” It also included information on price, freight on Board etc. GCL accepted WMSL’s offer via official letter dated the 3rd March 2020. Mr. Noitall on a subsequent visit to Jetson Incorporated saw that they had the same ventilators that GCL ordered from WMSL and requested from Jetson’s management to take a closer observation at its engineering capabilities. However, to his amazement, it was of a very poor standard and he subsequently reported that fact, to his executive management. GCL immediately decided via email to inform WMSL that they are no longer interested in purchasing the ventilator machines. WMSL responded shortly thereafter to GCL’s email and advised GCL that they had a valid agreement with WMSL and they will treat any decision by GCL not to proceed with the transaction as a breach of contract. Kindly advise GCL whether or not they can avoid this agreement Please use the IRAC( Issue, Rule, Analysis, Conclusion) method when giving the answe

Think of some firms with HQs in countries other than the US, and discuss how they entered the US and how they manage their marketing globally. Let's focus on B2B.

a) Explain 5 major uses of national income statistics

b) Explain 3 major limitations of national income statistics

c) Distinguish between market price and factor cost

Discuss the implications of economic growth (Marginal benefits  AND Marginal Costs) for the U.S. economy, society, environment, children's future, social programs, military might, global preeminence, technological growth, educational opportunities, etc. Think about what life would be like in the United States with very high, average, or very low rates of economic growth, as food for thought.

Talk about the different monetary standards that are applied by many countries today?

What requirements must an instrument meet to be negotiable? Why do you think these are requirements?

Do some quick Internet research concerning a case that involves a holder in due course. Briefly explain the facts of the case, and the court's decision. Do you agree with the outcome? Explain.

Briefly identify the reasons why developing countries so often use a technology with an excessively high capital labor ratio.

B. In each of the following cases, do you think the price elasticity of supply is (i) perfectly elastic; (ii) perfectly inelastic; (iii) elastic, but not perfectly elastic; (iv) inelastic, but not perfectly inelastic? Explain your answer.

• An increase in demand this summer for domestic travel leads to a huge jump in the price of motel rooms.
• The price of a kilowatt of electricity is the same during periods of high electricity demand as during periods of low electricity demand.
• Fewer people want to fly during February than any other month. The airlines cancel about 10% of their flights as ticket prices fall about 20% during this month.
• Owners of Airbnb vacation homes in Maine rent them out during the summer. Due to the covid pandemic, a 30% decline in the price of Airbnb rental leads more than half of homeowners to occupy their vacation homes themselves during the summer.

Provide introduction about Oman vision. And outline 4 basic principles that Oman Vision
2040 is relying on for preparing the vision 2040.

When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.

The following graphs show the production possibilities frontiers (PPFs) for Freedonia and Lamponia. Both countries produce lemons and sugar, each initially (i.e., before specialization and trade) producing 24 million pounds of lemons and 12 million pounds of sugar, as indicated by the grey stars marked with the letter A.

Freedonia08162432404856646456484032241680SUGAR (Millions of pounds)LEMONS (Millions of pounds)PPFA

Lamponia08162432404856646456484032241680SUGAR (Millions of pounds)LEMONS (Millions of pounds)PPFA

Freedonia has a comparative advantage in the production of   , while Lamponia has a comparative advantage in the production of   . Suppose that Freedonia and Lamponia specialize in the production of the goods in which each has a comparative advantage. After specialization, the two countries can produce a total ofmillion pounds of sugar and

million pounds of lemons.

Suppose that Freedonia and Lamponia agree to trade. Each country focuses its resources on producing only the good in which it has a comparative advantage. The countries decide to exchange 16 million pounds of lemons for 16 million pounds of sugar. This ratio of goods is known as the price of trade between Freedonia and Lamponia.

The following graph shows the same PPF for Freedonia as before, as well as its initial consumption at point A. Place a black point (plus symbol) on the graph to indicate Freedonia's consumption after trade.

Note: Dashed drop lines will automatically extend to both axes.

FreedoniaConsumption After Trade08162432404856646456484032241680SUGAR (Millions of pounds)LEMONS (Millions of pounds)PPFA

The following graph shows the same PPF for Lamponia as before, as well as its initial consumption at point A.

As you did for Freedonia, place a black point (plus symbol) on the following graph to indicate Lamponia's consumption after trade.

LamponiaConsumption After Trade08162432404856646456484032241680SUGAR (Millions of pounds)LEMONS (Millions of pounds)PPFA

True or False: Without engaging in international trade, Freedonia and Lamponia would have been able to consume at the after-trade consumption bundles. (Hint: Base this question on the answers you previously entered on this page.)

True

False

Julia spends 60 hours a week on sleeping. The remaining 108 hours is shared between working and leisure. Julia's single employment opportunity is to wash the dishes at a restaurant, which earns her an hourly wage of 3000.

Draw the budget line such that you put the number of hours of leisure per week on the horizontal (x) axis, and the consumption per week on the vertical (y) axis.

Provide the following pieces of information.

The slope of Julia's budget line.

The budget line intersects the horizontal axis at (x,y) = (  , 0).

The budget line intersects the vertical axis at (x,y) = (0,  ).

If Julia decides to work 40 hours a week, she can spend a week on consumption.

If Julia wants to consume 150000 a week, she can afford hours of leisure a week.

Now assume that the government introduces a 20% income tax on the first 20 working hours in a week.

In this case, if Poor Tony decides to work 40 hours a week, he can spend  HUF a week on consumption.

If Poor Tony wants to consume 150000 HUF a week, now he can afford  hours of leisure a week.

Consider a consumer with preferences represented by the utility function:

u(x; y) = x^1/4y^1/2

Suppose the consumer has income M = 10 and the prices are px = 1 and py = 2.

(a) Are goods x and y both desirable?

(b) Are there implications for the utility maximization problem for the consumer from your finding in a? If so, explain in detail.