Looking back how did the cultural products of the
Great Depression serve to reflect, shape, and assuage Americans’
fears and concerns during this volatile period? How do our cultural
products—such as books, movies, and music—reflect and reinforce our
values in our own times? What was the New Deal? the 2nd New Deal?
Any difference in them? Did Roosevelt face any challenges with the
African Americans? What is going on there? Do we see any impact of
these today? Let'
A) Shift of the supply curve of Z to the left.
B) Shift of the supply curve of Z to the right.
C) Shift of the demand curve for Z to the left.
D) Shift of the demand curve for Z to the right.
2. Which of the following statements is true about the price elasticity of demand? why?
A) The price elasticity of demand for a good is generally higher in the long run than in the short run.
B) The demand for a good with a price elasticity of demand of zero is highly responsive to price changes.
C) As the number of substitutes for a product increases, the price elasticity of demand for that good decreases.
D) If the budget share of a particular good in a consumer's bundle increases, the price elasticity of demand
for that good is likely to decrease.
3. Sandra consumes two goods–tea and coffee. Her demand for tea is inelastic while her demand for coffee
is elastic. If there is an increase in the price of both tea and coffee, ________. why?
A) Sandra's revenue on both tea and coffee is likely to decrease
B) Sandra's expenditure on both tea and coffee is likely to increase
C) Sandra's expenditure on tea will increase and her expenditure on coffee will decrease
D) Sandra's expenditure on coffee will increase and her expenditure on tea will decrease
4. Which of the following statements is true? why?
A) A fall in the incomes of all consumers is likely to lead to an increase in the quantity demanded of pens.
B) A decrease in the quantity of land under coffee cultivation will shift the supply curve of coffee to the left.
C) A rise in labor costs due to wage demands by labor unions is likely to lead to a right shift in the supply
curve of cotton.
D) An increase in the cost of production leading to an increase in the price of cars is likely to cause the
demand curve for cars to shift to the left.
A) When the marginal product increases, the marginal cost decreases.
B) The marginal product of an input increases as more and more inputs are used.
C) The marginal cost curve intersects the average fixed cost curve at its minimum.
D) When the marginal cost curve lies above the average cost curve, the marginal cost curve slopes upward,
while the average cost curve slopes downward.
6. Which of the following statements is true of a perfectly competitive market? why?
A) Firms in the long run tend to earn positive economic profits.
B) Firms produce at a point where price is greater than marginal cost.
C) The equilibrium price is determined by a few large firms in the market.
D) The sum of consumer surplus and producer surplus is maximized at the equilibrium.
7. A firm is seeing a $500 loss in the short run. The fixed cost of operation for this firm is $1,000. What is
the best decision for this firm in the short run? why?
A) This firm should shut down production.
B) This firm should not shut down production.
C) There is not enough information provided to answer.
D) This firm should produce more than what it is currently producing.
8. Which of the following statements is true about the perfectly competitive market? why?
A) The entry and exit of firms is mostly dependent on the number of firms in the market.
B) When price is less than the firms' minimum average total cost, prices are likely to fall further.
C) The long-run supply curve of a firm is the portion of its marginal cost curve that lies below its average
total cost curve.
D) Short-run average total cost curves lie above the long-run average cost curves because firms have more
flexibility to change input combinations in the long run.
Show mathematically that a monopolist always sets its price above marginal cost.
What is the distinction between the short run and the long run? In reality, does a company operate in the short run or in the long run? How do you know? Is it a reasonable distinction to have for a company? With respect to profit and loss, what is the economic goal of business? How does maximizing profits accomplish that goal? What should, in your opinion, be the goal of a business? Identify three types of industries that fit into the Perfect Competition industry. Justify why you would classify each one into Perfect Competition. What happens in the long run to existing companies in an industry? To the new companies in the industry and to the industry as a whole? What will happen to the price and average costs in the long run? If the MC is greater than the ATC, and the MC is increasing, what will happen to the ATC and the AVC? If the MC is less than the ATC and the MC is decreasing, what will happen to the ATC and AVC? Explain. What are economic profits? How are they different than accounting profits? Should there be a difference? How do businesses make those types of profits? Is it true that a company in a perfect competition industry will have a perfectly elastic demand and supply? Why or why not? Why do the long run average costs decline first and then begin to rise? Is this pattern observed in the real world? Can you give examples of this? Why would a firm choose to operate at a loss in the short run? Explain carefully. Answer the following questions: A profit-maximizing business incurs an economic loss of $10,000 per year. Its fixed cost is $15,000 per year. Should it produce or shut down in the short run? Should it stay in the industry or exit in the long run? Suppose instead that this business has a fixed cost of $6,000 per year. Should it produce or shut down in the short run? Should it stay in the industry or exit in the long run?
Use your own words to explain the following terminologies.
1. Crowing-out effect
3. Expansionary fiscal policy
4. Money neutrality
Describe the problem Enron employees had when the company went bankrupt.
Summarize how improvements in forensic science have impacted the criminal justice system.
Predict how juvenile violence and delinquent behaviors associated with gang activity could be effectively prevented or deterred
Discuss the major differences between macroeconomics and microeconomics. Refer to two or three of the theories, concepts, terms or models that you can apply in daily life.
In recent studies, some criminologists suggest that the "Broken Windows Theory" actually does not address the crime problem. A November 1, 2016 NPR podcast offers some background on the emergence of this theory in New York City in the early 1990s and the recent studies indicating the problems with the theory in practice; How A Theory Of Crime And Policing Was Born, And Went Terribly Wrong.
The following link also offers an article on the Business Insider that suggests that this model will continue and why. The most hotly debated policing strategy of the last 20 years is far from finished.
Based on the information presented in How A Theory Of Crime And Policing Was Born, And Went Terribly Wrong, as well as on any other research like that you'd like to visit, outline the pros and cons of “broken windows” policing.
Raeworth’s approach in Chapter 3 can be considered behavioral economics. Provide a few examples of irrational or humanistic choices that consumers make and explain how these contrast with the neoclassical approach.
Part 1. How do community policing and problem-oriented policing impact communities in which they are employed?
Visit the NPR story New Orleans Police Struggle In Post-Katrina Era and respond to the question:
Since Hurricane Katrina, NOPD has been in transformation. What should be done to build police/community trust in New Orleans?
What is the nature of risk? Are our political & economic
systems sufficiently/efficiently accounting for risk?
(please write at least one paragraph)