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Question 1- Learning to draw and label the graphs correctly and then explaining the changes in the economy is key to scoring high on this question.

Scenario 1

The United States economy is growing at a faster rate than any of its trading partners. As a result, inflation is increasing.

Show and explain how the increase in inflation will affect the international value of the United States dollar and the foreign dollar. (Make sure you use the concepts of supply and demand and the cost of domestic goods in your explanation.)

Explain how the changing value of the dollar will affect United States exports and imports. (Make sure you use the concepts of the cost of foreign and domestic goods in your explanation.)

Suppose the United States could import footwear from Thailand at the price of $20 per pair or from Mexico at $24 per pair. The domestic price of footwear in the United States is $35. Suppose prior to NAFTA, the U.S. imposed a 50% tariff on all footwear entering the country. a. Prior to NAFTA, would the United States import footwear? If yes, from which country? (3 points)

b. Suppose the US demand for footwear is given by Q = 100 – 2P. Assume US producers face a constant MC = $35. What is the welfare effect of joining the NAFTA for the US if doing so requires eliminating the tariff on Mexican made footwear? (7 points)

Vishnu is headed to a the world golf championship, which has a total of  90 players. 17 players are from the United States, 36 are French, and 37 are Canadian. To gauge the talent of the event Vishnu invites ten players randomly chosen for a practice round.

a. What is the probability that the practice group contains exactly 1 player from the united states, 5 Frenchmen, and 4 Canadians?

b. What is the probability that 1 of the players selected to participate in the practice round is from the United States?

c. What is the probability that Vishnu sits with the best player at dinner after the practice round if the table is round and seating is random? (assume Vishnu is not the best player)

Please comment on the statement.

When it comes to globalization, outsourcing to companies in different countries take away jobs from people in the United States. I understand why it done which, is to keep cost low. However, I do not agree with it. I currently work in customer service in a call center and I get the question all the time of people asking where am I located? Consumers like to hear that they are speaking to someone in the United States. But, on the flip side if prices had to increase to keep everything sourced in the United States I don’t think they would like that. What do you think?

Please don't hand write.

Thank you.

From 1948 to 2003 the United States experienced an average real GDP growth rate of 3.5 percent and Guatemala had an average real GDP growth rate of 3.6 percent from 1993 to 2003. Can we say that Guatemala's standard of living grew more than the United States' standard of living from 1993 to 2003?

Paying sales workers based on a tournament reduces environmental risk.

True

False

In professional golf, player earnings are determined by:

One of the most critical and hotly debated industries in the United States is healthcare. For this paper, you will examine the state of health care in the United States. As a starting point, you should read chapter 24 of the text and then after conducting your own research (3 additional sources minimum) write a 2-3 page paper that examines the following aspects of health care in the United States:

1. How much is spent on health care in the United States annually?

2. What is the basic structure of our system and how does it compare to other industrialized nations in terms of outcomes (be certain to identify what parameters you are using as a metric) and costs?

3. What are some unique challenges that health care presents from a consumer standpoint?

4. What have been some interventions by the government to make healthcare more accessible and affordable to the public and what have been the outcomes?

5. Do you think that the Singapore model could be replicated here? Why or why not?

In​ 2003, an organization surveyed 1 comma 510 adult Americans and asked about a certain​ war, "Do you believe the United States made the right or wrong decision to use military​ force?" Of the 1 comma 510 adult Americans​ surveyed, 1 comma 086 stated the United States made the right decision. In​ 2008, the organization asked the same question of 1 comma 510 adult Americans and found that 573 believed the United States made the right decision. Construct and interpret a​ 90% confidence interval for the difference between the two population​ proportions, p 2003 minus p 2008. The lower bound of a​ 90% confidence interval is nothing. ​(Round to three decimal places as​ needed.) The upper bound of a​ 90% confidence interval is nothing. ​(Round to three decimal places as​ needed.) Interpret the​ 90% confidence interval for the difference between the two population​ proportions, p 2003 minus p 2008. Choose the correct answer below. A. There is​ 90% confidence that the difference in the proportion of adult Americans from 2003 to 2008 who believe the United States made the right decision to use military force in the country is between the lower and upper bounds of the interval. B. There is​ 10% confidence that the difference in the proportion of adult Americans from 2003 to 2008 who believe the United States made the right decision to use military force in the country is between the lower and upper bounds of the interval. C. There is​ 90% confidence that the difference in the proportion of adult Americans from 2003 to 2008 who believe the United States made the right decision to use military force in the country is greater than the lower bound.

19.           Refer to Table 2.1. If trade opens up between the United States and the United Kingdom, American firms should specialize in producing

a.             cloth.

b.             wine.

c.             both cloth and wine.

d.             neither cloth nor wine.

20.           Refer to Table 2.1. Mutually advantageous trade will occur between the United States and the United Kingdom so long as one 20 yards of cloth trades for

a.             5 bottles of wine.

b.             15 bottles of wine.

c.             30 bottles of wine.

d.             60 bottles of wine.

21.           If the international terms of trade settles at a level that is between each country's opportunity cost,

a.             there is no basis for gainful trade for either country.

b.             both countries gain from trade.

c.             only one country gains from trade.

d.             one country gains and the other country loses from trade.

8. Purchasing-power parity

Using data from The Economist's Big Mac Index for 2016, the following table shows the local currency price of a Big Mac in several countries as well as the actual exchange rate between each country and the United States. At the time of the data collection, a Big Mac would have cost you $4.93 in the United States and GBP 2.89 in the United Kingdom. The actual exchange rate between the British pound and the U.S. dollar was $1.63 per pound. The dollar price of a Big Mac purchased in the United Kingdom was, therefore, computed as follows:

For the price you paid for a Big Mac in the United States, you could have purchased a Big Mac in the United Kingdom and had some change left over for fries!

Complete the final column of the table by computing the dollar price of a Big Mac for the countries where this amount is not given.

Note: Round your answers to the nearest cent.

Source: “Currency Comparison, To Go,” The Economist, last modified January 7, 2016, accessed July 8, 2016, http://www.economist.com/blogs/graphicdetail/2016/01/daily-chart-7.

Purchasing-power parity (PPP) theory states that exchange rates would need to equalize the prices of goods in any two countries. For the dollar price of a Big Mac to be the same in both countries, a U.S. citizen would need to be able to convert $4.93 into exactly GBP 2.89. To find the exchange rate at which hamburger purchasing power is the same in both countries, divide the price in the United States by the price in the United Kingdom:

The exchange rate that would have equalized the dollar price of a Big Mac in the United States and the Eurozone (that is, the PPP exchange rate for Big Macs) is . This change would mean that the euro had against the dollar.

If Big Macs were a durable good that could be costlessly transported between countries, which of the following would present an arbitrage opportunity? Check all that apply.

Exporting Big Macs from Poland to China

Exporting Big Macs from Norway to China

Exporting Big Macs from the Eurozone to the United States

Address the most important issue or problem in the world and recommend ways to fix it, either through actions of a country (such as the United States) or through an IGO (such as the United Nations).