Based on the readings, do you think that minimum wage laws affect overall poverty? Explain.

The global economy has seen significant changes since the banking crisis in 2008. Many economies have gone through large-scale austerity programs to reduce deficits. How has this affected the business organizational structure? How has employment and personal income been affected?

1. Describe the term “departmental thought world”.
2. Why do firms have the “departmental thought world”?

Match the term to its definition.

1. Decrease in Supply

2. Increase in Quantity Supplied

3. Increase in Demand

4. Decrease in Demand

5. Decrease in Quantity Supplied

6. Increase in Supply

7. Decrease in Quantity Demanded

8. Increase in Quantity Demanded

Select

A. Buyers want less because price increases.

B. Sellers offer more because price increases.

C. Sellers offer less because price decreases

D. Buyers want more because price falls.

E. Buyers want less at every price.

F. Sellers offer less at every price.

G. Sellers offer more at every price.

H. Buyers want more at every price.

Please provide a business that is doing a great job following the 4Es, and also a business that is doing a bad job and may still be thinking like a 4 Ps organization?

Briefly discuss the optimistic and pessimistic view of the distributional effects on globalization.

Briefly explain a series of measures proposed by Hamilton (1791) to achieve the industrial development in the US.

What is the role of international institutions and organisations in globalisation in the period after 1945?

U.S. oil benchmark crashes below $0 a barrel to mark historic plunge

1. Review   and discuss the collapse of the Futures Oil Market, which   fell into the negative realm in May 2020.                                                                                      

What were the main reasons for this fall into the negative realm? Critically discuss.

Consumer Surplus Background: There has been a lot of talk about trade restrictions, in the hopes that such policies will encourage production and hence job growth in this country. Economists, generally, are skeptical of policies that reduce or restrict international trade. A historical example can help illustrate some, although not all, of that economic skepticism. In 1980, the United States negotiated a Voluntary Export Restraint Agreement (VER) with Japan. The VER limited Japanese automobile exports to the United States. This drop in supply caused the price of domestically (U.S.) produced autos to rise. Basic stylized data are below

• Price of a typical U.S.-produced car (pre-VER) = $6,000

• Price of a typical U.S.-produced car (post-VER) = $7,000

• Number of U.S.-produced cars sold in United States (pre-VER) = 8 million

• Price elasticity of demand for U.S. autos (pre-VER) = -1.5

Prices are loosely typical of 1980, in case you’re wondering why these cars are so inexpensive.

Problem

(a) Draw a graph showing the consumer surplus before and after the VER. Label the initial pre-VER price and quantity (using the numbers above) and the post-VER price and quantity (you do not yet know post-VER quantity but you know pre-VER quantity) and show the pre-VER consumer surplus, the post-VER consumer surplus, and the change in consumer surplus.

(b) Use the above data to calculate the change in consumer surplus that resulted from the VER. Assume a linear market demand curve. Also assume that the demand curve does not shift during the period of interest, and that cars are a sufficiently homogenous commodity that you can analyze this with one demand curve. Calculate the change in consumer surplus as a number (the units will be dollars), and show your work.

Hint: Recall the definition of elasticity, ? = %∆? %∆? = ∆? ∆? ? ?

You can calculate, from the data above, the %ΔP, and you know ε, so you can solve for %ΔQ = ε*%ΔP where the symbol * denotes multiplication. Knowing %ΔQ and initial (preVER) Q you can calculate post-VER Q. That information is enough to calculate the change in consumer surplus, in dollars. Refer to the graph from part (a) to help you see this.

(c) Based on your answer above, would consumers be better off if imports of automobiles to the United States are restricted? Why or why not? What about workers— would U.S. workers be better off if imports are restricted and international trade is reduced?

Harvoni is a lifesaving medication for people with hepatitis C. A four -week supply averaged $32,114 for privately insured patients in the united states in 2015. In Switzerland, the price was $16,861. Why are the prices so different? Should the government intervene to reduce the price? How might the government intervene?

The world has been attacked by COVID - 19 virus, causing dramatic changes in:

1. The level of economic activities.
2. The priorities of different sectors and activities.
3. In the patterns of spending and lifestyles of people.

Explain the above statement, and mention your expectations for life after COVID - 19 in terms of the above three points.

“A set of economic conditions should be available to ensure the success of any business.”

Explain the above statement, based on your study of the interrelations between different markets

The table below shows the possible production combinations of beer and sausage for Heapland

a(1). Suppose current productionis at point D. What is the opportunity cost of producing 10 more barrels of bourbon?Provide a clear explanation in the box below.

d(2). Suppose that the citizens of Heapland have yet to discover the joys of bourbon, so they only produce computers, point H. What happens to the opportunity cost of producing more and more bourbon? Why? Provide a clear explanation in the box below.

c(2). Which is the “best” production point? Why is that point “best”? If you do not think there is a “best” point, why? Provide a clear explanation in the box below.