1) Government statisticians at the _______________ calculate the Consumer Price Index.

Select the correct answer below:

a) Federal Reserve

b) International Monetary Fund

c) U.S. Bureau of Labor Statistics

d) U.S. Treasury Department

2) Which of the following contribute to an individual's human capital?

Select the two correct answers below.

Select all that apply:

a) skills

b) personal beliefs

c) expertise

d) personal preferences

3) Which of the following are not examples of individuals in the labor force?

Select the two correct answers below.

Select all that apply:

a) accountants

b) those receiving unemployment benefits

c) retirees

d) stay at home mothers

4) GDP includes spending on medical care, but does not address ________________, which indicates that GDP has limitations when it comes to measuring the well-being of society in terms of health.

Select the two correct answers below.

Select all that apply:

a) whether life expectancy has risen or fallen

b) how difficult it is to become a doctor

c) high pharmaceutical costs

d) whether infant mortality has risen or fallen

5) On the subject of the "New Economy" controversy, pessimists argue that _______________.

Select the correct answer below:

a) there is no real proof that productivity is higher than it's been previously

b) even five or ten years of stronger productivity growth does not prove that higher productivity will last for the long term

c) current productivity growth is only sustainable with careful regulation of technology

d) the extraordinary advances in communications and information technology of the 1990s will generate higher average productivity growth for decades to come

Robots in the factory and price rise for suppliers as Maleny Dairies invests

Consider the following scenario:

Your good friend Kyle would like to go back to school to complete a bachelor’s degree in Early Childhood Education so that he can fulfill his dreams of teaching 2nd grade. Years ago, he started college, but work and life responsibilities got in the way of him finishing. He knows that you recently enrolled at Ashford University and wants to ask your advice as he plans his next move. In order to help pay for his tuition, he plans to borrow student loans. Kyle tells you that he wants to borrow the maximum amount of available loan money to buy his kids new shoes and go on a vacation to Hawaii.

Based on the scenario above, address the following:

• Describe a potential repercussion of borrowing the maximum amount of student loans / available loan money.

Eric left high school to work in a factory where he has been for the last 9 years. He married at 19 and has 2 children. He is unhappy and cynical. He doesn't like working hard to make purchase decisions so he waits until a product is easy to find before he buys. multiple choice

-late majority

-innovator

-early adopter

-early majority

-laggard

Brandon is a successful professional. He is a divorced father of a 10 year old. He is confident due to his award-winning work on the college debate team. He is conscious of fashion and is meticulous about his clothes. He subscribes to numerous trade and specialty magazines. He loves to tell others about the new products he buys.

Innovator

early adapter

early majority

late majority

laggard

Iggy’s is 15 years old and lives in New Hampshire. She is a student, does not work, and plans to enter college once she graduates high school when she is 18 years old. Her grandparents want to be able to help her pay for college. They currently own shares of stock that could be used to pay for her education. What is the best option tax wise for them to make this gift to Iggy?

• A :

  Make a transfer of the stock under the UGMA, which would not require taxes to be paid by either Iggy or her grandmother.

• B :

  Make the gift to Iggy as soon as possible to save paying taxes on the gain of the stock.

• C :

  Her grandparents cannot make a gift to Iggy because she is only 15 years old.

• D :

  Open a custodial IRA account and transfer the shares of stock to the account.

Most people have several jobs over their lifetimes. Give a brief description of two or more of the jobs you’ve already had. Without revealing private information, explain if the job was part-time or full-time and address the following questions.

• What skills were required to perform your best?

  • To what extent were agility, problem solving, and technology skills necessary for success?

• What skills did you learn in each job?

  • How did learning these skills contribute to improving your ability to be effective in your work?

• Did these new skills increase your human capital?

• If you haven’t yet had a job, describe the type of career you hope to have after finishing school.

  • How will agility, problem solving, and technology skills be a vital part of your success in this type of career?

Discreet Math Question:

Suppose you have 100 students in school. Principal wants to take photos in different ways so that every student thinks they have been treated fairly.

1.She wants to divide 100 students into groups of 10 and take one photo of each group. So no student is in more than one photo and she doesn't care how they are lined up. How many photo are going to need to be taken in this situation?

2. She has a new idea that includes three of the schools teachers. She still wants to divide the 100 students into groups of 10. With each student, they will take a picture with every possible way to choose two of the three teachers, with one on the left and other on the right (So Order Matters). How many photos are going to be needed in this situation?

Most people have several jobs over their lifetimes. Give a brief description of two or more of the jobs you’ve already had. Without revealing private information, explain if the job was part-time or full-time and address the following questions.

• What skills were required to perform your best?

  • To what extent were agility, problem solving, and technology skills necessary for success?

• What skills did you learn in each job?

  • How did learning these skills contribute to improving your ability to be effective in your work?

• Did these new skills increase your human capital?

• If you haven’t yet had a job, describe the type of career you hope to have after finishing school.

  • How will agility, problem solving, and technology skills be a vital part of your success in this type of career?

Most people have several jobs over their lifetimes. Give a brief description of two or more of the jobs you’ve already had. Without revealing private information, explain if the job was part-time or full-time and address the following questions.

What skills were required to perform your best? To what extent were agility, problem-solving, and technology skills necessary for success? What skills did you learn in each job? How did learning these skills contribute to improving your ability to be effective in your work? Did these new skills increase your human capital? If you haven’t yet had a job, describe the type of career you hope to have after finishing school. How will agility, problem-solving, and technology skills be a vital part of your success in this type of career?

Reference based on Health Economics and Policy by James W. Henderson (2017).

One factor that determines the specialty choice of new medical school graduates is the income potential of the specialties. If these incomes are not determined in a competitive labor market, then it is possible that the number entering a given specialty will not meet an efficient level. The current system, dominated by Medicare and large insurance companies, is not competitive. Some claim that the lack of competition in the market is responsible for shortages in some specialties.

A. What are the conditions for a competitive market for specific medical specialties? Are these conditions met in our health care system?

B. What factors influence the demand for medical services? Is it possible for patients to demand more physicians than government or private payers desire?

C. Is there a shortage of primary care physicians? How do economists answer this question? How can we address this issue?