Questions
In August 2019, Hurricane Dorian wreaked havoc throughout the Caribbean. Dorian was the most powerful tropical...

In August 2019, Hurricane Dorian wreaked havoc throughout the Caribbean. Dorian was the most powerful tropical hurricane on record to strike the Bahamas, and is regarded as the worst natural disaster in the country's history. Estimates suggest the total damage could cost almost $3 billion dollars. Use the one- period closed-economy macro model to understand the economic effects of this loss in capital. In other words, imagine a decrease in K. For each of the following questions, state how each variable would change, if at all, and provide a brief discussion explaining your answer: (a) Output (b) Marginal product of labour (c) Real wage (d) Consumption (e) Leisure

In: Economics

Choose a human-made, renewable resource which is subject to the Tragedy of the Commons.  Has the problem...

Choose a human-made, renewable resource which is subject to the Tragedy of the Commons.  Has the problem been solved?  If so, how?  If not, why not?  

In: Economics

With the Phase 1 deal being signed, will the U.S. and China continue to work in...

With the Phase 1 deal being signed, will the U.S. and China continue to work in a positive direction? Why or why not?

In: Economics

Question 7 In Santa Monica, California, it was reported that a “finder’s fee”—an up-front payment of...

Question 7

In Santa Monica, California, it was reported that a “finder’s fee”—an up-front payment of up to $5,000—was being required of prospective tenants seeking to rent special apartments. What is this an example of?

the black market

a price floor

price gouging

a government price ceiling

Question 8

Mesa Petroleum Company built a small park in front of its corporate office. This is an example of __________.

imposing external costs on its shareholders

providing a pure public good

providing external benefits to the community

assuming city responsibilities

Question 9

What is the most frequently cited example of an externality?

service charges

public protest

pollution

sales taxes

Question 10

A negative externality exists when __________.

all costs are taken into account in the demand curve

all costs are taken into account in the supply curve

the market demand curve is not the true demand curve

the marginal social costs are not taken into account in the supply cur

In: Economics

Dr. North, a surgeon practicing in Georgia, engaged an Arizona professional corporation consisting of twenty lawyers...

Dr. North, a surgeon practicing in Georgia, engaged an Arizona professional corporation consisting of twenty lawyers to represent him in a dispute with a Georgia hospital. West, a member of the law firm, flew to Atlanta and hired local counsel with Dr. North’s approval. West represented Dr. North in two hearings before the hospital and in one court proceeding, also negotiating a compromise between Dr. North and the hospital. The total bill for the law firm’s travel costs and professional services was $21,000, but Dr. North refused to pay $6,000 of it. The law firm brought an action against Dr. North for the balance owed. Dr. North argued that the action should be dismissed because the law firm failed to register as a foreign corporation in accordance with the Georgia Corporation Statute. Will the law firm be prevented from collecting on the contract? Explain.

In: Economics

Consider the following data on real GDP per capita in: Year Per Capita Real GDP 1950...

Consider the following data on real GDP per capita in:

Year

Per Capita Real GDP

1950

14 339

1960

17 351

1970

23 790

1980

30 732

1990

35 868

2000

43 288

2010

46 406

2011

47 554

2012

47 741

2013

48 066

2014

48 780

a) Calculate the percentage growth rates in real GDP per capita in each of the years 2011 through 2014, from the previous year.

b) Now, instead of calculating the annual percentage growth rates in the years 2011 through 2014 directly, use as an approximation

100×logyt-logyt-1

where yt is real per capita GDP in year t. How close does this approximation come to the actual growth rates you calculated in part (a)?

In: Economics

Explain what ‘consumer surplus” and “producer surplus” are , and why they are important concepts

Explain what ‘consumer surplus” and “producer surplus” are , and why they are important concepts

In: Economics

Let us assume a 2x2x2 model (country H & F, good A & B, factors L...

Let us assume a 2x2x2 model (country H & F, good A & B, factors L & K).

The two countries are identical except L < L* and K > K*

More over good A is labor intensive and good B is capital intensive

(a) Now suppose the relative demand for good A (Rd) is NOT identical in H and F. Rather at each relative world price of good A, the H country’s relative demand for good A (Rd) is way smaller than that of country F. In this case show the autarky prices using a graph with world relative supply and relative demands and show the direction of trade.

In: Economics

how context is important in project management?

how context is important in project management?

In: Economics

3. If the government were to reduce income taxes, how would the reduction affect output and...

3. If the government were to reduce income taxes, how would the reduction affect output and the price level in the short run? In the long run? Describe how the aggregate supply and aggregate demand curves would be affected?

In: Economics

Comment on the government’s budget. How did it change after the increase in government purchase?

Comment on the government’s budget. How did it change after the increase in government purchase?

In: Economics

TRUE OR FALSE a. When potential real GDP is equal to actual real GDP, there is...

TRUE OR FALSE
a. When potential real GDP is equal to actual real GDP, there is no unemployment.
b. A significant increase in wages will shift aggregate supply curve to the right in the short run.
c. When the government decided to reduce their spending, then the aggregate supply curve will decrease or shift to the left in the short run.
d. If the central Bank wants to expand aggregate demand, it can increase the money supply, which would increase the interest rate.
e. To find spending multiplier, we have to calculate one divided by marginal propensity to consume.

Explain why true and why false!

In: Economics

How did “free market fundamentalism” contribute to the US/global financial crisis of 2008? How do the...

How did “free market fundamentalism” contribute to the US/global financial crisis of 2008? How do the makers of the film The Inside Job criticise public and private actors in this crisis? What role did the US state play (or refused to play) in this crisis? Why? Can you draw parallels between this crisis and the 1997-98 East Asian crisis?

In: Economics

explain how and why businesses or our government determine demand and supply curve to find equilibrium...

explain how and why businesses or our government determine demand and supply curve to find equilibrium price and quantity. (must be 150 words or more)

In: Economics

Discuss these strategies businesses use to manage their brand. 1. Experience goods 2. Search Goods 3....

Discuss these strategies businesses use to manage their brand. 1. Experience goods 2. Search Goods 3. Goods that are occasional or aspirational purchases 4. Goods that are publicly consumed 5. Credence Goods

In: Economics