In the United States, voters who are neither Democrat nor Republican are called Independent. It is believed that 10% of voters are Independent. A survey asked 22 people to identify themselves as Democrat, Republican, or Independent.

A. What is the probability that none of the people are Independent? Probability =

B. What is the probability that fewer than 5 are Independent? Probability =

C. What is the probability that more than 17 people are Independent? Probability =

The United States instituted tariffs (increase in price of Chinese goods imported into the US) on China selectively on 7/6/18 of 10% on ultimately $50billion of goods.

China retaliated in kind by imposing tariffs (increase in the price of US goods imported into China) on US on the same day by the same amount

On 5/15/19, The US increased the amount of the tariff to 25% and expanded the list of Chinese goods covered by the tariff.

Chinese responded in kind by the amount of the tariff and the list of goods covered.  

Using the production possibilities model, and making the assumptions that the US and China are the only countries in the world, and making the assumption of constant costs in production, and assume also that the 2 countries produce only 2 goods: Soybeans and Consumer goods, with the US having a comparative advantage in Soybeans, China having a comparative advantage in Consumer Goods, explain what you would expect to happen once these tariffs are imposed.  

Please include in your discussion, what effect, if any, these tariffs (trade war) would have on the costs of production, level of production, level of consumption in each country.

Finally, relax the assumption about US and China being the only two countries in the world. If other countries are allowed to trade with either China or the US, what would happen to the level of production and price of each good? Be sure to note all the assumptions you are making in your analysis. Your answers need not be lengthy, if you would like to include graphs that is ok.

George Washington's Farewell Address To the People of the United States Which of Washington's positions as stated in his Farewell Address do you consider the most important for the country at the time? Then think about today. Which of Washington's positions still has validity for the country and should be implemented or possibly is implemented but in a way different from the way Washington believed? How should the government or people of the nation change in order to keep faith with Washington's vision? Use specific quotes from the speech to support your statements.

The mean cost of domestic airfares in the United States rose to an all-time high of $375 per ticket. Airfares were based on the total ticket value, which consisted of the price charged by the airlines plus any additional taxes and fees. Assume domestic airfares are normally distributed with a standard deviation of $115. Use Table 1 in Appendix B.

a. What is the probability that a domestic airfare is $560 or more (to 4 decimals)?

b. What is the probability that a domestic airfare is $240 or less (to 4 decimals)?

c. What if the probability that a domestic airfare is between $320 and $480 (to 4 decimals)?

d. What is the cost for the 5% highest domestic airfares? (rounded to nearest dollar)

In 2018 the United States and China entered into a trade dispute that led both countries to impose tariffs on each other’s goods. Economists concluded that the tariffs contributed to slower growth in real GDP for both countries, though the effects were greater in China. Using aggregate demand and supply analysis explain and graph how a trade surplus can lead to a slowing real GDP in both countries.

An amusement park has estimated the following demand equation for the average park guest

Q=16?2P

Where Q represents the number of rides per guest and P the price per ride. The total cost of providing rides to a guest is

TC=2+0.5Q

If a one-price policy is used, how much should it charge per ride if the park wishes to maximize its profit?

What is the park's profit for each guest?

If a two-part tariff policy is used, what admission fee should the park charge to maximize its profit?

What is the park's profit for each guest?

A survey of 1320 people who took trips revealed that 108 of them included a visit to a theme park. Based on those survey results, a management consultant claims that less than 9 % of trips include a theme park visit. Test this claim using the ?=0.05

significance level.

Find

(a) The test statistic

(b) The P-value

(c) A or B in conclusion
A. There is not sufficient evidence to support the claim that less than 9 % of trips include a theme park visit.
B. There is sufficient evidence to support the claim that less than 9 % of trips include a theme park visit.

Consider the following hypothetical scenario: The city council has just approved the construction of an amusement park in your town. You are responsible for studying the impact of the new amusement park on the local economy and the surrounding community. Write a paper of approximately 500 words that addresses all of the questions below. Include the graphs, where indicated: o Question 1: You know that the amusement park will increase the traffic flow in the streets around the amusement park. There are both businesses and neighborhoods adjacent to the increased traffic flow. The cost to the community is estimated to be $6 per person.  What kind of externality is this? Why? o Graph the market for amusement park business, labeling the demand curve, the social-value curve, the market equilibrium level of output, and the socially optimal level of output.  What is the per-unit amount of the externality? o Question 2. You know that the amusement park will have events in the evening. This will increase both foot traffic and street traffic at night. You believe this will improve the safety of the surrounding businesses, with an estimated benefit of $2 per park attendee. What kind of externality is this? Why? o Question 3 Create a new graph illustrating the market for amusement park business for these two externalities together. Label the demand curve, the social-value curve, the market equilibrium level of output, and the final socially optimal level of output.  What is the per-unit amount when both externalities are considered?  Discuss both government and private solutions that would result in an socially optimal outcome.

An upswing or recovery phase in the business cycle is most likely to be associated with

lower employment and lower prices
lower employment and higher prices
higher employment and lower prices
higher employment and higher prices

Which of the following is used by the Federal Reserve to reduce the money supply?

Increasing the prime rate
Increasing the discount rate
Increasing taxes
Decreasing government expenditures

The gross domestic product (GDP) may provide an inaccurate measurement of the productive activity within a country because:

the value of intermediate goods is double-counted
exports are excluded from the calculation
changes in business inventories are not taken into account
underground economic activity is not included in the calculation.

Under a system of flexible exchange rates, which of the following factors would most likely lead to an appreciation of the dollar against foreign currencies?

A decrease in the demand for United States exports
A decrease in the growth rate of the United States economy relative to the rest of the world
An increase in the United States inflation rate relative to the rest of the world
An increase in the United States interest rates relative to the rest of the world

An important role of the Federal Reserve System is to

determine tax rates annually
control the supply of money
collect revenues from tariffs
reduce the size of the public debt

According to Adam Smith’s The Wealth of Nations, societies would gain economic advantages from which of the following?

Division of labor
Strategic planning
Scientific management
Employee empowerment

Which of the following best describes the macroeconomic effects of a rightward shift of a country’s aggregate supply curve?

Unemployment Rate- DecreaseInflation Rate- IncreaseGross Domestic Product- Increase
Unemployment Rate- DecreaseInflation Rate- DecreaseGross Domestic Product- Increase
Unemployment Rate- IncreaseInflation Rate- IncreaseGross Domestic Product- Decrease
Unemployment Rate- IncreaseInflation Rate- DecreaseGross Domestic Product- Decrease

Experience-curve pricing assumes which of the following?

Average costs will increase
Average costs will decrease.
Prices will be changed each time more experience is obtained.
The price a consumer will pay for a new product is best estimated from the life cycle of a similar product.

All of the following are true of the Federal Reserve system in the United States EXCEPT:

It is divided into twelve Federal Reserve districts.
It holds deposits (or reserves) of member banks.
It provides facilities for check clearance.
It includes all commercial banks as members

The gross domestic product (GDP) is a measure of the

total production cost of all intermediate and final goods sold in the economy in one year.
total market value of all final goods and services produced in the economy in one year.
replacement dollar cost of all assets accumulated in the economy at some point in time.
original dollar cost of all assets accumulated in the economy at some point in time.

Houston-based Advanced Electronics manufactures audio speakers for desktop computers. The following data relate to the period just ended when the company produced and sold 40,000 speaker sets:

Management is considering relocating its manufacturing facilities to northern Mexico to reduce costs. Variable costs are expected to average $18.00 per set; annual fixed costs are anticipated to be $1,986,000. (In the following requirements, ignore income taxes.)

Required:

1. Calculate the company’s current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States.
2. Determine the break-even point in speaker sets if operations are shifted to Mexico.
3. Assume that management desires to achieve the Mexican break-even point; however, operations will remain in the United States.

1. If variable costs remain constant, by how much must fixed costs change?
2. If fixed costs remain constant, by how much must unit variable cost change?

4. Determine the impact (increase, decrease, or no effect) of the following operating changes.

Calculate the company’s current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States. (Do not round intermediate calculations and round your final answers to nearest whole dollar.)

Calculate the company’s current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States. (Do not round intermediate calculations and round your final answers to nearest whole dollar.)

Determine the break-even point in speaker sets if operations are shifted to Mexico. (Do not round intermediate calculationsand round your final answer up to nearest whole number.)

• Assume that management desires to achieve the Mexican break-even point; however, operations will remain in the United States.

  a. If variable costs remain constant, by how much must fixed costs change? (Round your intermediate unit calculations to the nearest whole number and round your final answers to the nearest whole dollar.)

  b. If fixed costs remain constant, by how much must unit variable cost change? (Round your intermediate unit calculations to the nearest whole number and round your final answer to 2 decimal places.)

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  	a. Fixed costs not attempted by not attempted b. Variable costs not attempted by not attempted per unit

• Determine the impact (increase, decrease, or no effect) of the following operating changes.

  	a. Effect of an increase in direct material costs on the break-even point. not attempted b. Effect of an increase in fixed administrative costs on the unit contribution margin. not attempted c. Effect of an increase in the unit contribution margin on net income. not attempted d. Effect of a decrease in the number of units sold on the break-even point. not attempted