Please no hand writing

1. Referring to an example, discuss what is a closed economy and an opened economy?

2. What do factor markets mean to you? If you have participated in these markets, which one ?

If not, which do you expect will be most important to you during your economically active life?

A rigid and closed steel tank with a volume of 86 dm ³   contains a mixture of saturated vapor and liquid at a quality and pressure of 0.9 and 20 bar respectively. Heat is removed from the system until it reaches 147 ° C.

• What is the volume of the saturated liquid phase at the end state?

A closed container with a volume of 2 m3 contains 4 kg of saturated liquid and saturated steam mixture water at 200 kPa pressure. Heat is given from the ambient temperature of 160⁰C until the water in the container is completely saturated. Note: T (K) = 273 + ºC
a) Find the entropy change of the system.
b) Find the heat transfer to the container.
c) Find the total entropy change.

2Q

Consider a closed economy. Let the demand curve be P = 80 - Q and the supply

curve be P = 20 + 2Q .

a) Calculate the equilibrium price and equilibrium quantity.

b) Suppose the government sets a price ceiling of $55, what is the amount of excess demand or excess supply? (Write down excess demand or excess supply).

c) Suppose the government sets a production quota of 16 units, calculate the equilibrium price and equilibrium quantity.

2. Consider a closed economy. Let the demand curve be P = 80 - Q and the supply

curve be P = 20 + 2Q .

a) Suppose the government imposes an unit tax of $3/unit, calculate Q’, Pc, Ps and the tax

revenue

i) assuming the tax is imposed on the consumers

ii) assuming the tax is imposed on the producers.

A country is closed. It has no government sector, and its aggregate price levels and interest rates are fixed. Furthermore, the marginal propensity to consume is constant and the country's consumption function is as follows: C = 200 + 0.75YD, where YD is disposable income and C is consumption. Assume that planned investment equals 75.

1. If this country's income increased by $10,000, consumption would increase by:

2. Write the AE equation: AE = ____ + ____ YD

3. When real GDP equals $900 unplanned inventory investment is:

4. What is the income–expenditure equilibrium for this country?

5. Holding everything else constant, what is the change to the income-expenditure equilibrium if aggregate wealth decreases by $100?

6. Holding everything else constant, what is the change to the income-expenditure equilibrium if taxes increase by 100? (hint: think about how the change in taxes reduces consumption).

4. Imagine a gene promoter is located in “closed” chromatin – meaning the gene can’t be expressed – and you wish to turn on gene expression. Describe 3 changes you can make to the DNA (or proteins that interact with DNA) to turn on gene expression. (There may be more than 3 correct answers but you only need to give three.)

5. Imagine the opposite scenario to #4: a gene is currently actively expressed and you wish to turn OFF gene expression. What changes can you make to turn off this gene?

Scenario: In a closed economy without a government, the consumption expenditure equals $5,000 and the investment expenditure equals $2,000.

Refer to the scenario above. If the population of the economy is 200, the per capita national income is ________.

Group of answer choices

$35

$17

$50

$10

A hypothesis states that religious teachings, family ties, and/or social norms are the causes of economic prosperity. According to this hypothesis, ________.

geography is a fundamental cause of prosperity

culture is a proximate cause of prosperity

institutions are a fundamental cause of prosperity

culture is a fundamental cause of prosperity

Differences in the stock of physical capital between nations are an example of a(n) ________.

proximate cause of prosperity

implicit cause of prosperity

explicit cause of prosperity

fundamental cause of prosperity

Differences in the stock of human capital between nations are an example of a(n) ________.

proximate cause of prosperity

fundamental cause of prosperity

explicit cause of prosperity

implicit cause of prosperity

1. If a closed system loses 2200 J of heat (to the surrounding environment) and 800 J of work is done on the system then what was the change in the internal energy of the system.

2. An ideal gas (inside a cylinder fitted with a movable piston) is heated and slowly expands at constant pressure of 5 atm from 1.5 L to 5.5 L.  How much work is done by the gas in this process?

3. If 1,700 J of heat was added to the gas in problem 3, then how much did the internal energy of the system change?

4. What is the efficiency of an automobile engine that has a heat input of 60.0 kJ and a heat output of 25.0 kJ?

5. If the exhaust temperature of the engine in problem 5 is 250° C, then what is the intake temperature?    (The exhaust and intake temperatures are the low and high operating temperatures of the engine, T_L and T_H)

A closed, rigid tank contains water initially at 250 °F with a quality of 0.4. The tank is heated until the water reaches 290 °F. Find the initial and final pressure, in lbf/in2 . Sketch the process on P-υ and T-υ diagrams (be sure to include the vapor dome, constant temperature and pressure lines, number your states, and indicate the process direction with an arrow). Thermodynamic