HST 102: Paper 7 Formal essay, due in class on the day of the debate No late papers will be accepted. Answer the following inquiry in a typed (and stapled) 2 page essay in the five-paragraph format. Present and describe three of your arguments that you will use to defend your position concerning eugenics. Each argument must be unique (don’t describe the same argument twice from a different angle). Each argument must include at least one quotation from the texts to support your position (a minimum of 3 total). You may discuss your positions and arguments with other people on your side (but not your opponents); however, each student must write their own essay in their own words. Do not copy sentences or paragraphs from another student’s paper, this is plagiarism and will result in a failing grade for the assignment. HST 102: Debate 4 Eugenics For or Against? Basics of the debate: The term ‘Eugenics’ was derived from two Greek words and literally means ‘good genes’. Eugenics is the social philosophy or practice of engineering society based on genes, or promoting the reproduction of good genes while reducing (or prohibiting) the reproduction of bad genes. Your group will argue either for or against the adoption of eugenic policies in your society. Key Terms: Eugenics – The study of or belief in the possibility of improving the qualities of the human species or a human population, especially by such means as discouraging reproduction by persons having genetic defects or presumed to have inheritable undesirable traits (negative eugenics) or encouraging reproduction by persons presumed to have inheritable desirable traits (positive eugenics). Darwinism – The Darwinian theory that species originate by descent, with variation, from parent forms, through the natural selection of those individuals best adapted for the reproductive success of their kind. Social Darwinism – A 19th-century theory, inspired by Darwinism, by which the social order is accounted as the product of natural selection of those persons best suited to existing living conditions. Mendelian Inheritance – Theory proposed by Gregor Johann Mendal in 1865 that became the first theory of genetic inheritance derived from experiments with peas. Birth Control – Any means to artificially prevent biological conception. Euthanasia – A policy of ending the life of an individual for their betterment (for example, because of excessive pain, brain dead, etc.) or society’s benefit. Genocide – A policy of murdering all members of a specific group of people who share a common characteristic. Deductive Logic – Deriving a specific conclusion based on a set of general definitions. Inductive Logic – Deriving a general conclusion based on a number of specific examples. Brief Historical Background: Eugenics was first proposed by Francis Galton in his 1883 work, Inquiries into Human Faculty and its Development. Galton was a cousin of Charles Darwin and an early supporter of Darwin’s theories of natural selection and evolution. Galton defined eugenics as the study of all agencies under human control which can improve or impair the racial quality of future generations. Galton’s work utilized a number of other scientific pursuits at the time including the study of heredity, genes, chromosomes, evolution, social Darwinism, zoology, birth control, sociology, psychology, chemistry, atomic theory and electrodynamics. The number of significant scientific advances was accelerating throughout the 19th century altering what science was and what its role in society could and should be. Galton’s work had a significant influence throughout all areas of society, from scientific communities to politics, culture and literature. A number of organizations were created to explore the science of eugenics and its possible applications to society. Ultimately, eugenics became a means by which to improve society through policies based on scientific study. Most of these policies related to reproductive practices within a society, specifically who could or should not reproduce. Throughout the late 1800s and early 1900s a number of policies were enacted at various levels throughout Europe and the United States aimed at controlling procreation. Some specific policies included compulsory sterilization laws (usually concerning criminals and the mentally ill) as well as banning interracial marriages to prevent ‘cross-racial’ breeding. In the United States a number of individuals and foundations supported the exploration of eugenics as a means to positively influence society, including: the Rockefeller Foundation, the Carnegie Institution, the Race Betterment Foundation of Battle Creek, MI, the Eugenics Record Office, the American Breeders Association, the Euthanasia Society of America; and individuals such as Charles Davenport, Madison Grant, Alexander Graham Bell, Irving Fisher, John D. Rockefeller, Margaret Sanger, Marie Stopes, David Starr Jordan, Vernon Kellogg, H. G. Wells (though he later changed sides) Winston Churchill, George Bernard Shaw, John Maynard Keynes, Supreme Court Justice Oliver Wendell Holmes and Presidents Woodrow Wilson, Herbert Hoover and Theodore Roosevelt. Some early critics of eugenics included: Dr. John Haycroft, Halliday Sutherland, Lancelot Hogben, Franz Boaz, Lester Ward, G. K. Chesterton, J. B. S. Haldane, and R. A. Fisher. In 1911 the Carnegie Institute recommended constructing gas chambers around the country to euthanize certain elements of the American population (primarily the poor and criminals) considered to be harmful to the future of society as a possible eugenic solution. President Woodrow Wilson signed the first Sterilization Act in US history. In the 1920s and 30s, 30 states passed various eugenics laws, some of which were overturned by the Supreme Court. Eugenics of various forms was a founding principle of the Progressive Party, strongly supported by the first progressive president Theodore Roosevelt, and would continue to play an important part in influencing progressive policies into at least the 1940s. Many American individuals and societies supported German research on eugenics that would eventually be used to develop and justify the policies utilized by the NAZI party against minority groups including Jews, Africans, gypsies and others that ultimately led to programs of genocide and the holocaust. Following WWII and worldwide exposure of the holocaust eugenics generally fell out of favor among the public, though various lesser forms of eugenics are still advocated for today by such individuals as Dottie Lamm, Geoffrey Miller, Justice Ruth Bader Ginsberg, John Glad and Richard Dawson. Eugenics still influences many modern debates including: capital punishment, over-population, global warming, medicine (disease control and genetic disorders), birth control, abortion, artificial insemination, evolution, social engineering, and education. Key Points to discuss during the debate: • Individual rights vs. collective rights • The pros and cons of genetically engineering society • The practicality of genetically engineering society • Methods used to determine ‘good traits’ and ‘bad traits’ • Who determines which people are ‘fit’ or ‘unfit’ for future society • The role of science in society • Methods used to derive scientific conclusions • Ability of scientists to determine the future hereditary conditions of individuals • The value/accuracy of scientific conclusions • The role of the government to implement eugenic policies • Some possible eugenic political policies or laws • The ways these policies may be used effectively or abused • The relationship between eugenics and individual rights • The role of ethics in science and eugenics Strategies: 1. Use this guide to help you (particularly the key points). 2. Read all of the texts. 3. If needed, read secondary analysis concerning eugenics. 4. Identify key quotations as you read each text. Perhaps make a list of them to print out and/or group quotes by topic or point. 5. Develop multiple arguments to defend your position. 6. Prioritize your arguments from most persuasive to least persuasive and from most evidence to least evidence. 7. Anticipate the arguments of your opponents and develop counter-arguments for them. 8. Anticipate counter-arguments to your own arguments and develop responses to them.

HST 102: Paper 7 Formal essay, due in class on the day of the debate No late papers will be accepted. Answer the following inquiry in a typed (and stapled) 2 page essay in the five-paragraph format. Present and describe three of your arguments that you will use to defend your position concerning eugenics. Each argument must be unique (don’t describe the same argument twice from a different angle). Each argument must include at least one quotation from the texts to support your position (a minimum of 3 total). You may discuss your positions and arguments with other people on your side (but not your opponents); however, each student must write their own essay in their own words. Do not copy sentences or paragraphs from another student’s paper, this is plagiarism and will result in a failing grade for the assignment. HST 102: Debate 4 Eugenics For or Against? Basics of the debate: The term ‘Eugenics’ was derived from two Greek words and literally means ‘good genes’. Eugenics is the social philosophy or practice of engineering society based on genes, or promoting the reproduction of good genes while reducing (or prohibiting) the reproduction of bad genes. Your group will argue either for or against the adoption of eugenic policies in your society. Key Terms: Eugenics – The study of or belief in the possibility of improving the qualities of the human species or a human population, especially by such means as discouraging reproduction by persons having genetic defects or presumed to have inheritable undesirable traits (negative eugenics) or encouraging reproduction by persons presumed to have inheritable desirable traits (positive eugenics). Darwinism – The Darwinian theory that species originate by descent, with variation, from parent forms, through the natural selection of those individuals best adapted for the reproductive success of their kind. Social Darwinism – A 19th-century theory, inspired by Darwinism, by which the social order is accounted as the product of natural selection of those persons best suited to existing living conditions. Mendelian Inheritance – Theory proposed by Gregor Johann Mendal in 1865 that became the first theory of genetic inheritance derived from experiments with peas. Birth Control – Any means to artificially prevent biological conception. Euthanasia – A policy of ending the life of an individual for their betterment (for example, because of excessive pain, brain dead, etc.) or society’s benefit. Genocide – A policy of murdering all members of a specific group of people who share a common characteristic. Deductive Logic – Deriving a specific conclusion based on a set of general definitions. Inductive Logic – Deriving a general conclusion based on a number of specific examples. Brief Historical Background: Eugenics was first proposed by Francis Galton in his 1883 work, Inquiries into Human Faculty and its Development. Galton was a cousin of Charles Darwin and an early supporter of Darwin’s theories of natural selection and evolution. Galton defined eugenics as the study of all agencies under human control which can improve or impair the racial quality of future generations. Galton’s work utilized a number of other scientific pursuits at the time including the study of heredity, genes, chromosomes, evolution, social Darwinism, zoology, birth control, sociology, psychology, chemistry, atomic theory and electrodynamics. The number of significant scientific advances was accelerating throughout the 19th century altering what science was and what its role in society could and should be. Galton’s work had a significant influence throughout all areas of society, from scientific communities to politics, culture and literature. A number of organizations were created to explore the science of eugenics and its possible applications to society. Ultimately, eugenics became a means by which to improve society through policies based on scientific study. Most of these policies related to reproductive practices within a society, specifically who could or should not reproduce. Throughout the late 1800s and early 1900s a number of policies were enacted at various levels throughout Europe and the United States aimed at controlling procreation. Some specific policies included compulsory sterilization laws (usually concerning criminals and the mentally ill) as well as banning interracial marriages to prevent ‘cross-racial’ breeding. In the United States a number of individuals and foundations supported the exploration of eugenics as a means to positively influence society, including: the Rockefeller Foundation, the Carnegie Institution, the Race Betterment Foundation of Battle Creek, MI, the Eugenics Record Office, the American Breeders Association, the Euthanasia Society of America; and individuals such as Charles Davenport, Madison Grant, Alexander Graham Bell, Irving Fisher, John D. Rockefeller, Margaret Sanger, Marie Stopes, David Starr Jordan, Vernon Kellogg, H. G. Wells (though he later changed sides) Winston Churchill, George Bernard Shaw, John Maynard Keynes, Supreme Court Justice Oliver Wendell Holmes and Presidents Woodrow Wilson, Herbert Hoover and Theodore Roosevelt. Some early critics of eugenics included: Dr. John Haycroft, Halliday Sutherland, Lancelot Hogben, Franz Boaz, Lester Ward, G. K. Chesterton, J. B. S. Haldane, and R. A. Fisher. In 1911 the Carnegie Institute recommended constructing gas chambers around the country to euthanize certain elements of the American population (primarily the poor and criminals) considered to be harmful to the future of society as a possible eugenic solution. President Woodrow Wilson signed the first Sterilization Act in US history. In the 1920s and 30s, 30 states passed various eugenics laws, some of which were overturned by the Supreme Court. Eugenics of various forms was a founding principle of the Progressive Party, strongly supported by the first progressive president Theodore Roosevelt, and would continue to play an important part in influencing progressive policies into at least the 1940s. Many American individuals and societies supported German research on eugenics that would eventually be used to develop and justify the policies utilized by the NAZI party against minority groups including Jews, Africans, gypsies and others that ultimately led to programs of genocide and the holocaust. Following WWII and worldwide exposure of the holocaust eugenics generally fell out of favor among the public, though various lesser forms of eugenics are still advocated for today by such individuals as Dottie Lamm, Geoffrey Miller, Justice Ruth Bader Ginsberg, John Glad and Richard Dawson. Eugenics still influences many modern debates including: capital punishment, over-population, global warming, medicine (disease control and genetic disorders), birth control, abortion, artificial insemination, evolution, social engineering, and education. Key Points to discuss during the debate: • Individual rights vs. collective rights • The pros and cons of genetically engineering society • The practicality of genetically engineering society • Methods used to determine ‘good traits’ and ‘bad traits’ • Who determines which people are ‘fit’ or ‘unfit’ for future society • The role of science in society • Methods used to derive scientific conclusions • Ability of scientists to determine the future hereditary conditions of individuals • The value/accuracy of scientific conclusions • The role of the government to implement eugenic policies • Some possible eugenic political policies or laws • The ways these policies may be used effectively or abused • The relationship between eugenics and individual rights • The role of ethics in science and eugenics Strategies: 1. Use this guide to help you (particularly the key points). 2. Read all of the texts. 3. If needed, read secondary analysis concerning eugenics. 4. Identify key quotations as you read each text. Perhaps make a list of them to print out and/or group quotes by topic or point. 5. Develop multiple arguments to defend your position. 6. Prioritize your arguments from most persuasive to least persuasive and from most evidence to least evidence. 7. Anticipate the arguments of your opponents and develop counter-arguments for them. 8. Anticipate counter-arguments to your own arguments and develop responses to them.

Que 1: verify for the cobb-Douglas Production function P (L, K) = 1.01L.75 K.25 that the production will be doubled if both the amount of labor and the amount of capital are doubled. How much must you increase capital K to double production? How much must you increase labor by the double production?

Que 1: verify for the cobb-Douglas Production function P (L, K) = 1.01L.75 K.25 that the production will be doubled if both the amount of labor and the amount of capital are doubled. How much must you increase capital K to double production? How much must you increase labor by the double production?

21. Last year Jandik Corp. had $295,000 of assets, $18,750 of net income, and a debt-to-total-assets ratio of 37%. Now suppose the new CFO convinces the president to increase the debt ratio to 48%. Sales and total assets will not be affected, but interest expenses would increase. However, the CFO believes that better cost controls would be sufficient to offset the higher interest expense and thus keep net income unchanged. By how much would the change in the capital structure improve the ROE? a. 2.13% b. 2.35% c. 2.58% d. 2.84% e. 3.12%

21. Last year Jandik Corp. had $295,000 of assets, $18,750 of net income, and a debt-to-total-assets ratio of 37%. Now suppose the new CFO convinces the president to increase the debt ratio to 48%. Sales and total assets will not be affected, but interest expenses would increase. However, the CFO believes that better cost controls would be sufficient to offset the higher interest expense and thus keep net income unchanged. By how much would the change in the capital structure improve the ROE? a. 2.13% b. 2.35% c. 2.58% d. 2.84% e. 3.12%

Answer: a Assets                                                                                                                   $295,000 Old debt ratio                                                                                                               37% Old debt … Read More...
ECON 101 FALL 2015 EXAM 1 NAME:______________________________ 1. Suppose the price elasticity of demand for cheeseburgers equals 1.37. This means the overall demand for cheeseburgers is: A) price elastic. B) price inelastic. C) price unit-elastic. D) perfectly price inelastic. 2. The price elasticity of demand for skiing lessons in New Hampshire is less than 1.00. This means that the demand is ______ in New Hampshire. A) price elastic B) price inelastic C) price unit-elastic D) perfectly price elastic 3. If the demand for textbooks is price inelastic, which of the following would explain this? A) Many alternative textbooks can be used as substitutes. B) Students have a lot of time to adjust to price changes. C) Textbook purchases consume a large portion of most students’ income. D) The good is a necessity. 4. A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, “Due to the increase in tuition, how many of you will transfer to another university?” One student out of about 300 said that he or she would transfer. Based on this information, the price elasticity of demand for education at this university is: (Hint: one out of 300 is how much of a percentage change? Which percentage change is greater – tuition or transfer? Apply the basic formula for elasticity that I put on the board a few times.) A) one. B) highly elastic. C) highly inelastic. D) zero. 5. Suppose the price elasticity of demand for fishing lures equals 1 in South Carolina and 0.63 in Alabama. To increase revenue, fishing lure manufacturers should: (Hint: If the demand for a product is inelastic, the price can go up and you’ll still buy it, since there are no or few substitutes. If the demand for a product is elastic, the price can go up and you’ll probably walk away from it, since substitutes are available. How might this info impact the pricing strategies of firms?) A) lower prices in each state. B) raise prices in each state. C) lower prices in South Carolina and raise prices in Alabama. D) leave prices unchanged in South Carolina and raise prices in Alabama. Read your syllabus and answer questions 6 through 10: 6. T or F: Disruptive classroom behavior includes the following: chatting with fellow students, use of electronic devices such as laptops, tablets, notebooks, and cell phones, reading or studying during class, sleeping, arriving late, departing early, studying for another class, or in any other way disturbing the class. 7. T or F: It’s OK to use my computer in class or play with my phone. There is no penalty attached to these activities and Keiser doesn’t really mind. 8. T or F: It’s OK to show up late for class and disrupt one of Keiser’s swashbuckling lectures. 9. T or F: Attendance is highly optional since it doesn’t impact my final course grade. 10. T or F: I should blow off the career plan/business plan assignment in this course because it’s unimportant to my future and not worth many points. 11. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit, or direct, cost of her attending college? A) Tuition B) Textbooks C) the salary that she could have earned working full time D) computer lab fees 12. The two principles of tax fairness are: A) the minimize distortions principle and the maximize revenue principle. B) the benefits principle and the ability-to-pay principle. C) the proportional tax principle and the ability-to-pay principle. D) the equity principle and the efficiency principle. 13. The benefits principles says: A) the amount of tax paid depends on the measure of value. B) those who benefit from public spending should bear the burden of the tax that pays for that spending. C) those with greater ability to pay should pay more tax. D) those who benefit from the tax should pay the same percentage of the tax base as those who do not benefit. 14. A tax that rises less than in proportion to income is described as: (Hint: This would have more of a negative impact on lower income earners vs. higher income earners.) A) progressive. B) proportional. C) regressive. D) structural. 15. The U.S. income tax is _______, while the payroll tax is _______. (Hint: Think income tax vs. Social Security tax.) A) progressive; progressive C) regressive; progressive B) progressive; regressive D) regressive; regressive 16. Who is currently leading in the polls to receive the Republican nomination as that party’s presidential candidate? A) Qasem Soleimani B) Abu Bakr al-Baghdadi C) Osama bin Laden D) Donald J. Trump 17. The single most important thing I’ve learned in class this term is: A) stay in frickin’ school B) stay in school and make a plan for life and my career C) the use of cheese for skyscraper construction D) both A and B above 18. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) all of the above occur. 19. Excess supply occurs when: (Hint: Draw a supply and demand graph! Think about price ceilings and floors and the graphs of these we discussed in class.) A) the price is above the equilibrium price. B) the quantity demanded exceeds the quantity supplied. C) the price is below the equilibrium price. D) both b and c occur. 20. The single most important thing I’ve learned in class this term is: a. stay in school and look into either a study abroad or internship experience b. stay in school and make a plan for life and my career c. the untimely demise of Cecil the lion in Zimbabwe d. both a. and b. above 21. According to the textbook definition, mainstream microeconomics generally focuses on a. how individual decision-making units, like households and firms, make economic decisions. b. the performance of the national economy and policies to improve this performance. c. the relationship between economic and political institutions. d. the general level of prices in the national economy. 22. Which of the following is the best summary of the three basic economic questions? a. Who? Why? and When? b. What? How? and Who? c. When? Where? and Why? d. What? Where? and Who? 23. Which of the following is not one of the basic economic resources? a. land b. labor c. capital d. cheese e. entrepreneurship 24. The largest country in the Arabian Peninsula and home to the cities of Riyadh, Jeddah, Mecca, and Medina is: a. The Kingdom of Saudi Arabia b. California c. Spain d. Kentucky 25. T or F: The law of demand explains the upward slope of the supply curve. 26. In economics, a “marginal” value refers to: a. the value associated with an important or marginal activity. b. a value entered as an explanatory item in the margin of a balance sheet or other accounts. c. the value associated with one more unit of an activity. d. a value that is most appropriately identified in a footnote. 27. A government mandated price that is below the market equilibrium price is sometimes called. . . (Hint: Draw a graph again and think about what the government is trying to accomplish.) a. a price ceiling. b. a price floor. c. a market clearing price. d. a reservation price. 28. T or F: Entering the US job market without any education or training is crazy and should be avoided. Stay in frickin’ school, baby! 29. The law of demand states that, other things equal: a. as the price increases, the quantity demanded will increase. b. as the price decreases, the demand curve will shift to the right. c. as the price increases, the quantity demanded will decrease. d. none of the above. 30. The law of supply says: a. other things equal, the quantity supplied of a good is inversely related to the price of the good. b. other things equal, the supply of a good creates its own demand. c. other things equal, the quantity supplied of a good is positively related to the price of the good. d. none of the above. 31. A perfectly inelastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 32. A trade-off involves weighing costs and benefits. a. true b. false 33. A perfectly elastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 34. The second most important thing I’ve learned in class this term is: a. despair is not an option b. Donald J. Trump’s hair is real c. the use of cheese for skyscraper construction d. none of the above 35. T or F: Virtually any news item has important economic dimensions and consequences. 36. T or F: When studying economics, always think in terms of historical context. 37. This popular Asian country is populated by 1.3 billion people, has the world’s second largest economy, and uses a language that’s been in continuous use for nearly 5,000 years: a. Kentucky b. California c. Spain d. China 38. T or F: The top priority in my life right now should be my education and an internship experience. Without these, the job market is going to kick my butt! 39. Which of the following is a key side effect generated by the use of price ceilings? a. black markets b. products with too high of quality c. an excess supply of a good d. too many resources artificially channeled into the production of a good 40. Which of the following is NOT one of the four basic principles for understanding individual choice? a. Resources are scarce. b. The real cost of something is the money that you must pay to get it. c. “How much?” is a decision at the margin. d. People usually take advantage of opportunities to make themselves better off. 41. A hot mixture of pan drippings, flour, and water is commonly known as: a. interest rates and expected future real GDP. b. interest rates and current real GDP. c. inflation and expected future real GDP. d. gravy. 42. The example we used in class when discussing the inefficiency of quantity quotas was: a. Uber b. General Electric c. AT&T d. the KSU marching band 43. The term we learned in class signifying a key method of non-price competition is: a. excess supply chain management b. arbitrage c. swashbuckling d. product differentiation 44. When discussing market failure and the role of regulation in class, which company/product did we use as an example? a. Pabst Blue Ribbon b. JetBlue c. Blue Bell d. Blue Apron 45. Governments may place relatively high sales taxes on goods such as alcohol and tobacco because: a. such taxes are a significant source of revenue b. such goods exhibit inelastic demand c. such taxes may discourage use of these products d. all of the above 46. When discussing the cost of higher education in class, which country did we cite as an example of one that offers free college for qualifying students? a. USSR b. Rhodesia c. Czechoslovakia d. Germany 47. Which of the following is not an example of market failure we discussed in class? a. externalities b. public goods c. fungible goods d. common pool resources e. equity 48. T or F: As we discussed in class, the real reason why the US has lost jobs to China is the “most favored nation” (MFN) trading status granted to China by the US back in the 1980s. 49. The dude we talked about in class who coined the expression “invisible hand” and promoted self-interest and competition in his famous book “The Wealth of Nations” is: a. Abu Bakr al-Baghdadi b. Ali Khamenei c. Donald J. Trump d. Adam Smith 50. When studying for your final exams and attempting to allocate your limited time among several subjects in order to maximize your course grades (recall, we talked about this example during the first week of class), you’re almost unconsciously engaging in a form of: a. fraud b. miscellaneous serendipity b. mitosis d. marginal analysis

ECON 101 FALL 2015 EXAM 1 NAME:______________________________ 1. Suppose the price elasticity of demand for cheeseburgers equals 1.37. This means the overall demand for cheeseburgers is: A) price elastic. B) price inelastic. C) price unit-elastic. D) perfectly price inelastic. 2. The price elasticity of demand for skiing lessons in New Hampshire is less than 1.00. This means that the demand is ______ in New Hampshire. A) price elastic B) price inelastic C) price unit-elastic D) perfectly price elastic 3. If the demand for textbooks is price inelastic, which of the following would explain this? A) Many alternative textbooks can be used as substitutes. B) Students have a lot of time to adjust to price changes. C) Textbook purchases consume a large portion of most students’ income. D) The good is a necessity. 4. A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, “Due to the increase in tuition, how many of you will transfer to another university?” One student out of about 300 said that he or she would transfer. Based on this information, the price elasticity of demand for education at this university is: (Hint: one out of 300 is how much of a percentage change? Which percentage change is greater – tuition or transfer? Apply the basic formula for elasticity that I put on the board a few times.) A) one. B) highly elastic. C) highly inelastic. D) zero. 5. Suppose the price elasticity of demand for fishing lures equals 1 in South Carolina and 0.63 in Alabama. To increase revenue, fishing lure manufacturers should: (Hint: If the demand for a product is inelastic, the price can go up and you’ll still buy it, since there are no or few substitutes. If the demand for a product is elastic, the price can go up and you’ll probably walk away from it, since substitutes are available. How might this info impact the pricing strategies of firms?) A) lower prices in each state. B) raise prices in each state. C) lower prices in South Carolina and raise prices in Alabama. D) leave prices unchanged in South Carolina and raise prices in Alabama. Read your syllabus and answer questions 6 through 10: 6. T or F: Disruptive classroom behavior includes the following: chatting with fellow students, use of electronic devices such as laptops, tablets, notebooks, and cell phones, reading or studying during class, sleeping, arriving late, departing early, studying for another class, or in any other way disturbing the class. 7. T or F: It’s OK to use my computer in class or play with my phone. There is no penalty attached to these activities and Keiser doesn’t really mind. 8. T or F: It’s OK to show up late for class and disrupt one of Keiser’s swashbuckling lectures. 9. T or F: Attendance is highly optional since it doesn’t impact my final course grade. 10. T or F: I should blow off the career plan/business plan assignment in this course because it’s unimportant to my future and not worth many points. 11. Jacquelyn is a student at a major state university. Which of the following is not an example of an explicit, or direct, cost of her attending college? A) Tuition B) Textbooks C) the salary that she could have earned working full time D) computer lab fees 12. The two principles of tax fairness are: A) the minimize distortions principle and the maximize revenue principle. B) the benefits principle and the ability-to-pay principle. C) the proportional tax principle and the ability-to-pay principle. D) the equity principle and the efficiency principle. 13. The benefits principles says: A) the amount of tax paid depends on the measure of value. B) those who benefit from public spending should bear the burden of the tax that pays for that spending. C) those with greater ability to pay should pay more tax. D) those who benefit from the tax should pay the same percentage of the tax base as those who do not benefit. 14. A tax that rises less than in proportion to income is described as: (Hint: This would have more of a negative impact on lower income earners vs. higher income earners.) A) progressive. B) proportional. C) regressive. D) structural. 15. The U.S. income tax is _______, while the payroll tax is _______. (Hint: Think income tax vs. Social Security tax.) A) progressive; progressive C) regressive; progressive B) progressive; regressive D) regressive; regressive 16. Who is currently leading in the polls to receive the Republican nomination as that party’s presidential candidate? A) Qasem Soleimani B) Abu Bakr al-Baghdadi C) Osama bin Laden D) Donald J. Trump 17. The single most important thing I’ve learned in class this term is: A) stay in frickin’ school B) stay in school and make a plan for life and my career C) the use of cheese for skyscraper construction D) both A and B above 18. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) all of the above occur. 19. Excess supply occurs when: (Hint: Draw a supply and demand graph! Think about price ceilings and floors and the graphs of these we discussed in class.) A) the price is above the equilibrium price. B) the quantity demanded exceeds the quantity supplied. C) the price is below the equilibrium price. D) both b and c occur. 20. The single most important thing I’ve learned in class this term is: a. stay in school and look into either a study abroad or internship experience b. stay in school and make a plan for life and my career c. the untimely demise of Cecil the lion in Zimbabwe d. both a. and b. above 21. According to the textbook definition, mainstream microeconomics generally focuses on a. how individual decision-making units, like households and firms, make economic decisions. b. the performance of the national economy and policies to improve this performance. c. the relationship between economic and political institutions. d. the general level of prices in the national economy. 22. Which of the following is the best summary of the three basic economic questions? a. Who? Why? and When? b. What? How? and Who? c. When? Where? and Why? d. What? Where? and Who? 23. Which of the following is not one of the basic economic resources? a. land b. labor c. capital d. cheese e. entrepreneurship 24. The largest country in the Arabian Peninsula and home to the cities of Riyadh, Jeddah, Mecca, and Medina is: a. The Kingdom of Saudi Arabia b. California c. Spain d. Kentucky 25. T or F: The law of demand explains the upward slope of the supply curve. 26. In economics, a “marginal” value refers to: a. the value associated with an important or marginal activity. b. a value entered as an explanatory item in the margin of a balance sheet or other accounts. c. the value associated with one more unit of an activity. d. a value that is most appropriately identified in a footnote. 27. A government mandated price that is below the market equilibrium price is sometimes called. . . (Hint: Draw a graph again and think about what the government is trying to accomplish.) a. a price ceiling. b. a price floor. c. a market clearing price. d. a reservation price. 28. T or F: Entering the US job market without any education or training is crazy and should be avoided. Stay in frickin’ school, baby! 29. The law of demand states that, other things equal: a. as the price increases, the quantity demanded will increase. b. as the price decreases, the demand curve will shift to the right. c. as the price increases, the quantity demanded will decrease. d. none of the above. 30. The law of supply says: a. other things equal, the quantity supplied of a good is inversely related to the price of the good. b. other things equal, the supply of a good creates its own demand. c. other things equal, the quantity supplied of a good is positively related to the price of the good. d. none of the above. 31. A perfectly inelastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 32. A trade-off involves weighing costs and benefits. a. true b. false 33. A perfectly elastic demand curve is: a. horizontal. b. downward sloping. c. upward sloping. d. vertical. 34. The second most important thing I’ve learned in class this term is: a. despair is not an option b. Donald J. Trump’s hair is real c. the use of cheese for skyscraper construction d. none of the above 35. T or F: Virtually any news item has important economic dimensions and consequences. 36. T or F: When studying economics, always think in terms of historical context. 37. This popular Asian country is populated by 1.3 billion people, has the world’s second largest economy, and uses a language that’s been in continuous use for nearly 5,000 years: a. Kentucky b. California c. Spain d. China 38. T or F: The top priority in my life right now should be my education and an internship experience. Without these, the job market is going to kick my butt! 39. Which of the following is a key side effect generated by the use of price ceilings? a. black markets b. products with too high of quality c. an excess supply of a good d. too many resources artificially channeled into the production of a good 40. Which of the following is NOT one of the four basic principles for understanding individual choice? a. Resources are scarce. b. The real cost of something is the money that you must pay to get it. c. “How much?” is a decision at the margin. d. People usually take advantage of opportunities to make themselves better off. 41. A hot mixture of pan drippings, flour, and water is commonly known as: a. interest rates and expected future real GDP. b. interest rates and current real GDP. c. inflation and expected future real GDP. d. gravy. 42. The example we used in class when discussing the inefficiency of quantity quotas was: a. Uber b. General Electric c. AT&T d. the KSU marching band 43. The term we learned in class signifying a key method of non-price competition is: a. excess supply chain management b. arbitrage c. swashbuckling d. product differentiation 44. When discussing market failure and the role of regulation in class, which company/product did we use as an example? a. Pabst Blue Ribbon b. JetBlue c. Blue Bell d. Blue Apron 45. Governments may place relatively high sales taxes on goods such as alcohol and tobacco because: a. such taxes are a significant source of revenue b. such goods exhibit inelastic demand c. such taxes may discourage use of these products d. all of the above 46. When discussing the cost of higher education in class, which country did we cite as an example of one that offers free college for qualifying students? a. USSR b. Rhodesia c. Czechoslovakia d. Germany 47. Which of the following is not an example of market failure we discussed in class? a. externalities b. public goods c. fungible goods d. common pool resources e. equity 48. T or F: As we discussed in class, the real reason why the US has lost jobs to China is the “most favored nation” (MFN) trading status granted to China by the US back in the 1980s. 49. The dude we talked about in class who coined the expression “invisible hand” and promoted self-interest and competition in his famous book “The Wealth of Nations” is: a. Abu Bakr al-Baghdadi b. Ali Khamenei c. Donald J. Trump d. Adam Smith 50. When studying for your final exams and attempting to allocate your limited time among several subjects in order to maximize your course grades (recall, we talked about this example during the first week of class), you’re almost unconsciously engaging in a form of: a. fraud b. miscellaneous serendipity b. mitosis d. marginal analysis

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Which of the following statements is CORRECT? While the distinctions are becoming blurred, investment banks generally specialize in lending money, whereas commercial banks generally help companies raise capital from other parties. The NYSE operates as an auction market, whereas Nasdaq is an example of a dealer market. Money market mutual funds usually invest their money in a well-diversified portfolio of liquid common stocks. Money markets are markets for long-term debt and common stocks. A liquid security is a security whose value is derived from the price of some other “underlying” asset.

Which of the following statements is CORRECT? While the distinctions are becoming blurred, investment banks generally specialize in lending money, whereas commercial banks generally help companies raise capital from other parties. The NYSE operates as an auction market, whereas Nasdaq is an example of a dealer market. Money market mutual funds usually invest their money in a well-diversified portfolio of liquid common stocks. Money markets are markets for long-term debt and common stocks. A liquid security is a security whose value is derived from the price of some other “underlying” asset.

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Berkeley College International Economics Quiz 1 Student name: Class & Session (Type all your answers in the parenthesis) Multiple Choice Questions (75 points) 1. The person credited with the first systematic expression of the principle of comparative advantage was ( ) A. Alan Greenspan. B. John Maynard Keynes. C. David Ricardo. D. Adam Smith. 2. A regulation that sets the highest price at which it is legal to trade a good is a ( ) A. Production quota B. Price floor C. Price ceiling D. Tax ceiling 3. In Country J, it takes one hour to knit a pair of socks, and five hours to brew a gallon of cider. In Country K, it takes three hours to knit a pair of socks, and six hours to brew a gallon of cider. If trade were to open between the two countries, Ricardo would predict that ( ) A. Country J will export cider and Country K will export socks. B. Country J will export socks and Country K will export cider. C. Country J will export both socks and cider. D. Country K will export both socks and cider. 4. If Nation A can produce either 3x or 3y with one hour of labor, while nation B can produce either 1x or 1y with one hour of labor, and if labor is the only input, then ( ) A. Nation A has an absolute advantage in both goods. B. Nation B has an absolute advantage in both goods. C. Nation A has a comparative disadvantage in both goods. D. Nation A has a comparative advantage in both goods. 5. Mutually beneficial trade A. Allows both countries to consume a larger bundle of goods than before trade occurred.( ) B. Allows only the more productive country to consume a larger bundle of goods than before trade occurred. C. Allows only the less productive country to consume a larger bundle of goods than before trade occurred. D. Causes changes only in production, not consumption. 6. In the absence of trade, the consumption points available to a nation ( ) A. Are above the production possibility curve. B. Are on or inside the production possibility curve. C. Lie on the production possibility curve. D. Cannot be identified. 7. For Heckscher-Ohlin, the most important cause of the differences in relative commodity prices is the difference between countries in ( ) A. Factor endowments. B. National income. C. Technology. D. Tastes. 8. Country J has 1 million machines and 1 million workers, while country K has 2 million machines and 3 million workers. If computers are produced mostly by capital and beer is produced mostly by labor, the H-O model predicts that ( ) A. Country K will export computers in exchange for beer. B. Country J will export computers in exchange for beer. C. Country J is too small to be of economic interest to Country K. D. Computers and beer don’t mix, so trade cannot increase either country’s well-being. 9. Mexico is an unskilled labor abundant country, while the United States is a skilled labor abundant country. With the opening of trade, you would expect that, in the long run, wages for unskilled workers ( ) A. Decline in both countries. B. Decline in the United States and rise in Mexico. C. Rise in the United States and decline in Mexico. D. Rise in both countries 10. According to trade theory, if a nation has a comparative advantage in a capital-intensively produced good, and the rate of growth of capital is greater than the rate of growth of other inputs (e.g., labor), the pattern of growth which results will be ( ) A. Import replacing. B. Neutral as between capital intensive and other products. C. Export expanding. D. None of the above. 11. Arguments in favor of having developing countries focus on exporting manufactured goods include ( ) A. Strong support in industrialized countries for free trade in manufactured goods. B. Very low tariffs on manufactured textiles, apparel, and footwear in industrialized countries. C. Political preference for VERs among importing countries. D. A downward trend in the prices of primary products. 12. Which group definitely loses from international migration of labor? ( ) A. The migrants. B. The migrants’ new employers in the receiving country. C. The migrants’ old employers in the sending country. D. The migrants’ fellow workers who did not emigrate. 13. As technology advances, ( ) A. All opportunity cost decreases B. The PPF shift outward C. A country moves toward the midpoint along its PPF D. The PPF shift inward because unemployment occurs 14. If a country is operating at a point of production efficiency ( ) A. It enjoys growth when increasing production B. It produces on its production possibility frontier curve C. It must specialize in the production of a good D. It operates on its trade line 15. A cartel is ( ) A. Another name for a firm in an oligopoly B. A collusive agreement among a number of firms C. A government body that regulates an industry D. An antitrust law (Type and show your work) Practicum Question (25 points) Two countries, Haiti and the Dominican Republic, produce fruits and timber. Each island has a labor force of 1200 and the monthly productivity of each worker is as follow Basket of fruit Board feet of timber Haiti 10 5 Dominican Republic 30 10 a. Which county has an absolute advantage in the production of fruit? Timber? b. Which country has a comparative advantage in the production of fruit? Timber? c. Sketch the production possibility frontier (PPF) of both countries d. Both countries want to produce an equal amount of baskets of fruit and feet of timber. How should they allocate their workers to the two sectors? e. How can free trade move both countries beyond their respective PPF Extra credits (10 points) The demand and supply curves of the market for DVD at the local (US) market are as follow: P = 30 – Qd/2 and P= -1.5 + Qs/4 a. Find the equilibrium price and the equilibrium quantity when there is no international trade ( hint: solve for Qd and Qs And then make Qd=Qs to solve for Price and quantities) b. What are the equilibrium quantities when the nations trade freely at price of $15? Explain your rationale. c. How many units are exported? d. What is the resulting national gain? e. Do consumers and producers gain or lose from the free trade?

Berkeley College International Economics Quiz 1 Student name: Class & Session (Type all your answers in the parenthesis) Multiple Choice Questions (75 points) 1. The person credited with the first systematic expression of the principle of comparative advantage was ( ) A. Alan Greenspan. B. John Maynard Keynes. C. David Ricardo. D. Adam Smith. 2. A regulation that sets the highest price at which it is legal to trade a good is a ( ) A. Production quota B. Price floor C. Price ceiling D. Tax ceiling 3. In Country J, it takes one hour to knit a pair of socks, and five hours to brew a gallon of cider. In Country K, it takes three hours to knit a pair of socks, and six hours to brew a gallon of cider. If trade were to open between the two countries, Ricardo would predict that ( ) A. Country J will export cider and Country K will export socks. B. Country J will export socks and Country K will export cider. C. Country J will export both socks and cider. D. Country K will export both socks and cider. 4. If Nation A can produce either 3x or 3y with one hour of labor, while nation B can produce either 1x or 1y with one hour of labor, and if labor is the only input, then ( ) A. Nation A has an absolute advantage in both goods. B. Nation B has an absolute advantage in both goods. C. Nation A has a comparative disadvantage in both goods. D. Nation A has a comparative advantage in both goods. 5. Mutually beneficial trade A. Allows both countries to consume a larger bundle of goods than before trade occurred.( ) B. Allows only the more productive country to consume a larger bundle of goods than before trade occurred. C. Allows only the less productive country to consume a larger bundle of goods than before trade occurred. D. Causes changes only in production, not consumption. 6. In the absence of trade, the consumption points available to a nation ( ) A. Are above the production possibility curve. B. Are on or inside the production possibility curve. C. Lie on the production possibility curve. D. Cannot be identified. 7. For Heckscher-Ohlin, the most important cause of the differences in relative commodity prices is the difference between countries in ( ) A. Factor endowments. B. National income. C. Technology. D. Tastes. 8. Country J has 1 million machines and 1 million workers, while country K has 2 million machines and 3 million workers. If computers are produced mostly by capital and beer is produced mostly by labor, the H-O model predicts that ( ) A. Country K will export computers in exchange for beer. B. Country J will export computers in exchange for beer. C. Country J is too small to be of economic interest to Country K. D. Computers and beer don’t mix, so trade cannot increase either country’s well-being. 9. Mexico is an unskilled labor abundant country, while the United States is a skilled labor abundant country. With the opening of trade, you would expect that, in the long run, wages for unskilled workers ( ) A. Decline in both countries. B. Decline in the United States and rise in Mexico. C. Rise in the United States and decline in Mexico. D. Rise in both countries 10. According to trade theory, if a nation has a comparative advantage in a capital-intensively produced good, and the rate of growth of capital is greater than the rate of growth of other inputs (e.g., labor), the pattern of growth which results will be ( ) A. Import replacing. B. Neutral as between capital intensive and other products. C. Export expanding. D. None of the above. 11. Arguments in favor of having developing countries focus on exporting manufactured goods include ( ) A. Strong support in industrialized countries for free trade in manufactured goods. B. Very low tariffs on manufactured textiles, apparel, and footwear in industrialized countries. C. Political preference for VERs among importing countries. D. A downward trend in the prices of primary products. 12. Which group definitely loses from international migration of labor? ( ) A. The migrants. B. The migrants’ new employers in the receiving country. C. The migrants’ old employers in the sending country. D. The migrants’ fellow workers who did not emigrate. 13. As technology advances, ( ) A. All opportunity cost decreases B. The PPF shift outward C. A country moves toward the midpoint along its PPF D. The PPF shift inward because unemployment occurs 14. If a country is operating at a point of production efficiency ( ) A. It enjoys growth when increasing production B. It produces on its production possibility frontier curve C. It must specialize in the production of a good D. It operates on its trade line 15. A cartel is ( ) A. Another name for a firm in an oligopoly B. A collusive agreement among a number of firms C. A government body that regulates an industry D. An antitrust law (Type and show your work) Practicum Question (25 points) Two countries, Haiti and the Dominican Republic, produce fruits and timber. Each island has a labor force of 1200 and the monthly productivity of each worker is as follow Basket of fruit Board feet of timber Haiti 10 5 Dominican Republic 30 10 a. Which county has an absolute advantage in the production of fruit? Timber? b. Which country has a comparative advantage in the production of fruit? Timber? c. Sketch the production possibility frontier (PPF) of both countries d. Both countries want to produce an equal amount of baskets of fruit and feet of timber. How should they allocate their workers to the two sectors? e. How can free trade move both countries beyond their respective PPF Extra credits (10 points) The demand and supply curves of the market for DVD at the local (US) market are as follow: P = 30 – Qd/2 and P= -1.5 + Qs/4 a. Find the equilibrium price and the equilibrium quantity when there is no international trade ( hint: solve for Qd and Qs And then make Qd=Qs to solve for Price and quantities) b. What are the equilibrium quantities when the nations trade freely at price of $15? Explain your rationale. c. How many units are exported? d. What is the resulting national gain? e. Do consumers and producers gain or lose from the free trade?

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Spontaneously generated funds are generally defined as follows: Assets required per dollar of sales. A forecasting approach in which the forecasted percentage of sales for each item is held constant. Funds that a firm must raise externally through borrowing or by selling new common or preferred stock. Funds that arise out of normal business operations from its suppliers, employees, and the government, and they include spontaneous increases in accounts payable and accruals. The amount of cash raised in a given year minus the amount of cash needed to finance the additional capital expenditures and working capital needed to support the firm’s growth.

Spontaneously generated funds are generally defined as follows: Assets required per dollar of sales. A forecasting approach in which the forecasted percentage of sales for each item is held constant. Funds that a firm must raise externally through borrowing or by selling new common or preferred stock. Funds that arise out of normal business operations from its suppliers, employees, and the government, and they include spontaneous increases in accounts payable and accruals. The amount of cash raised in a given year minus the amount of cash needed to finance the additional capital expenditures and working capital needed to support the firm’s growth.

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