In the country of Wiknam, there is only one firm that produces and sells soccer ball. Initially international trade is prohibited in the country. The following equations describe the monopolist’s demand, marginal revenue, total cost and marginal cost: Demand: P = 10 – Q Marginal Revenue: MR = 10 – 2Q Total Cost: TC = 3 + Q + 0.5Q2 Marginal Cost: MC = 1 + Q Q stands for quantity and P is the price measured in Wiknamian dollars. a) [20 marks] How many soccer balls does the monopolist produce? At what price are they sold? What is the monopolist’s profit? Show all your calculations. b) [10 marks] One day, the King of Wiknam decrees that henceforth, there will be free trade- either imports or exports- of soccer balls at the world price of $6. The firm now becomes a price taker in a competitive market. What happens to domestic production of soccer balls? What happens to domestic consumption? Does Wiknam export or import soccer balls? c) [10 marks] Suppose that the world price was not $6, but instead, happens to be exactly the same as the domestic price without trade as determined in part a) above. Would allowing trade change anything for the Wiknamian economy? Explain

In the country of Wiknam, there is only one firm that produces and sells soccer ball. Initially international trade is prohibited in the country. The following equations describe the monopolist’s demand, marginal revenue, total cost and marginal cost: Demand: P = 10 – Q Marginal Revenue: MR = 10 – 2Q Total Cost: TC = 3 + Q + 0.5Q2 Marginal Cost: MC = 1 + Q Q stands for quantity and P is the price measured in Wiknamian dollars. a) [20 marks] How many soccer balls does the monopolist produce? At what price are they sold? What is the monopolist’s profit? Show all your calculations. b) [10 marks] One day, the King of Wiknam decrees that henceforth, there will be free trade- either imports or exports- of soccer balls at the world price of $6. The firm now becomes a price taker in a competitive market. What happens to domestic production of soccer balls? What happens to domestic consumption? Does Wiknam export or import soccer balls? c) [10 marks] Suppose that the world price was not $6, but instead, happens to be exactly the same as the domestic price without trade as determined in part a) above. Would allowing trade change anything for the Wiknamian economy? Explain

info@checkyourstudy.com
1. How does the milk market respond to the following events? Show Change in Supply or Demand. A) Mad cow disease hits the US herds B) Genetically Enhanced cows are 80% of all the milk cows are destroyed created and produce 30% more milk $$ Supply $$ Supply Demand Demand 0 Quantity 0 Quantity EXPLAIN: EXPLAIN: C) Moms learn that if kids drink a gallon of D) A drought wipes out all the grain milk a day, they are guaranteed to get crops and there is no breakfast prefect grades cereal produced this year. $$ Supply $$ Supply Demand Demand 0 Quantity 0 Quantity EXPLAIN: EXPLAIN: 2. The market for movie tickets has the following demand and supply schedule. (4 points) Price Demand Supply $$ $10 35 165 $8 65 105 $7 87 87 $6 99 65 $5 130 55 $3 170 35 o Q A) GRAPH Demand & Supply B) What is the equilbrium price of Movie Tickets? C) If a Price Floor of $8 is imposed on market, how many Movie Tickets are sold? D) If a Price Ceiling of $5 is imposed on the market, how many Movie Tickets are sold? 3. The economy of Winterland, produces snowflakes and icicles. Icicles Snowflakes Icicles 352 0 280 250 215 400 160 550 105 700 51 850 0 950 0 Snowflakes A) Graph Winterland’s Production Possibility Frontier. LABEL THE POINTS B) What is the Opportunity Cost of making 215 Icicles? C) What is the Opportunity Cost of making 700 Snowflakes? D) Can Harmony make 160 Icicles and 500 Snowflakes at the same time? Why or Why Not? E) Does it make sense for Harmony to choose to produce 352 Icicles and 0 Snowflakes

1. How does the milk market respond to the following events? Show Change in Supply or Demand. A) Mad cow disease hits the US herds B) Genetically Enhanced cows are 80% of all the milk cows are destroyed created and produce 30% more milk $$ Supply $$ Supply Demand Demand 0 Quantity 0 Quantity EXPLAIN: EXPLAIN: C) Moms learn that if kids drink a gallon of D) A drought wipes out all the grain milk a day, they are guaranteed to get crops and there is no breakfast prefect grades cereal produced this year. $$ Supply $$ Supply Demand Demand 0 Quantity 0 Quantity EXPLAIN: EXPLAIN: 2. The market for movie tickets has the following demand and supply schedule. (4 points) Price Demand Supply $$ $10 35 165 $8 65 105 $7 87 87 $6 99 65 $5 130 55 $3 170 35 o Q A) GRAPH Demand & Supply B) What is the equilbrium price of Movie Tickets? C) If a Price Floor of $8 is imposed on market, how many Movie Tickets are sold? D) If a Price Ceiling of $5 is imposed on the market, how many Movie Tickets are sold? 3. The economy of Winterland, produces snowflakes and icicles. Icicles Snowflakes Icicles 352 0 280 250 215 400 160 550 105 700 51 850 0 950 0 Snowflakes A) Graph Winterland’s Production Possibility Frontier. LABEL THE POINTS B) What is the Opportunity Cost of making 215 Icicles? C) What is the Opportunity Cost of making 700 Snowflakes? D) Can Harmony make 160 Icicles and 500 Snowflakes at the same time? Why or Why Not? E) Does it make sense for Harmony to choose to produce 352 Icicles and 0 Snowflakes

For any additional help, please contact: info@checkyourstudy.com Call / Whatsapp … Read More...
Read the Wall Street Journal, The Economist, or any other major newspaper or weekly publication and select a single article or articles that (1) either report on interesting economic news that can be analyzed by the concepts or models taught in this course and/or (2) discusses one or more economic issues related to the concepts or models taught in this course. It is OK to use an online economics news article. Please cite your source. Useful Link: http://www.smc.edu/AcademicAffairs/Library/Pages/Citation-Style-Guidelines.aspx Write a FIVE TO SIX page essay analyzing the topic or critique the article from economic perspectives. Essay must be typed and double-spaced, (Times New Roman, font 12). The questions that you may address in this essay may include, but are not limited, to the following:
 What is the main economic issue? How is the economic issue related to the concepts or models that you have learned from this course? What sorts of arguments/opinions have been discussed? Do you agree or disagree with the analyses/opinions? Why? What argument would you, as an economist, make? The following is a suggested list of topics. This list is not exhaustive. INDUSTRY STUDY. For a specific industry, choose a current issue such as deregulation, foreign competition, and the impact of new technologies, mergers/takeovers, changing methods of competition, labor problems, or financial changes. COMPANY STUDY. Study the recent growth or decline of a particular company or its current position. This topic might include such points as the market structure within which the company grew and now operates, the elasticity of demand for its products, the degree of unionization, the cost structure (degree of fixed cost, economies of scale), the role of advertising, the degree of international competition, etc. INTERNATIONAL ISSUES. Possible topics are: current economic problems of a particular country, OPEC, the European Union, the U. S. trade deficit, protectionism, U. S. trade relations with Japan or other countries, economic development of a particular country, the World Trade Organization, etc. GOVERNMENT REGULATION. Analyze some particular government regulation or antitrust policy relative to a specific industry or company or analyze a current regulatory issue (environmental protection, OSHA, the FDA, etc.).

Read the Wall Street Journal, The Economist, or any other major newspaper or weekly publication and select a single article or articles that (1) either report on interesting economic news that can be analyzed by the concepts or models taught in this course and/or (2) discusses one or more economic issues related to the concepts or models taught in this course. It is OK to use an online economics news article. Please cite your source. Useful Link: http://www.smc.edu/AcademicAffairs/Library/Pages/Citation-Style-Guidelines.aspx Write a FIVE TO SIX page essay analyzing the topic or critique the article from economic perspectives. Essay must be typed and double-spaced, (Times New Roman, font 12). The questions that you may address in this essay may include, but are not limited, to the following:
 What is the main economic issue? How is the economic issue related to the concepts or models that you have learned from this course? What sorts of arguments/opinions have been discussed? Do you agree or disagree with the analyses/opinions? Why? What argument would you, as an economist, make? The following is a suggested list of topics. This list is not exhaustive. INDUSTRY STUDY. For a specific industry, choose a current issue such as deregulation, foreign competition, and the impact of new technologies, mergers/takeovers, changing methods of competition, labor problems, or financial changes. COMPANY STUDY. Study the recent growth or decline of a particular company or its current position. This topic might include such points as the market structure within which the company grew and now operates, the elasticity of demand for its products, the degree of unionization, the cost structure (degree of fixed cost, economies of scale), the role of advertising, the degree of international competition, etc. INTERNATIONAL ISSUES. Possible topics are: current economic problems of a particular country, OPEC, the European Union, the U. S. trade deficit, protectionism, U. S. trade relations with Japan or other countries, economic development of a particular country, the World Trade Organization, etc. GOVERNMENT REGULATION. Analyze some particular government regulation or antitrust policy relative to a specific industry or company or analyze a current regulatory issue (environmental protection, OSHA, the FDA, etc.).

Introduction UnitedHealth Group Incorporated is dedicated to introduce pioneering ideas, … 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

info@checkyourstudy.com
1: Assume that demand for a commodity is represented by the equation P = 10 – 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condition Qs = Qd , 1: Solve the equations to determine equilibrium price. 2: Now determine equilibrium quantity. 3: Graph the two equations to substantiate your answers and label these two graphs as D1 and S1. 4: Furthermore; assume the demand for this product increases because of a change in income. A: graph the new demand curve and label as D 2. B: What will be the new equilibrium price and quantity compare to the initial one. C. Is this product normal good or inferior good?

1: Assume that demand for a commodity is represented by the equation P = 10 – 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price. Use the equilibrium condition Qs = Qd , 1: Solve the equations to determine equilibrium price. 2: Now determine equilibrium quantity. 3: Graph the two equations to substantiate your answers and label these two graphs as D1 and S1. 4: Furthermore; assume the demand for this product increases because of a change in income. A: graph the new demand curve and label as D 2. B: What will be the new equilibrium price and quantity compare to the initial one. C. Is this product normal good or inferior good?

No expert has answered this question yet. You can browse … Read More...
ECNS 203 – Principles of Economics Extra Credit Instructions – Fall 2015 As we are winding down our semester, I have decided to integrate some current events into our econ studies. Much is going on in the world oil market that pertains directly to what we have been studying this semester – related to both micro and macroeconomics. Therefore, I have decided to offer an extra credit opportunity for you if you are willing to do some research, summarize your findings in a short paper, and bring it to class on Tuesday, December 1st ready to discuss. To earn the extra credit complete the following: 1. Do some research on current issues (last 12 months) discussing world oil supply, demand and pricing. 2. Write a short (300 word minimum) paper on your findings relative to the micro and macro-economic issues found in your research. I especially want you to focus on the following questions: a. Why has the oil price dropped so much? b. Will it stay down? Why or Why Not? c. Does our discussion on production costs and decisions on running plants relevant to this issue? Why? d. Who are the winners and losers from a micro and macro-economic perspective? 3. Bring that paper to class with you on Tuesday, December 1st to submit it to me and discuss your findings. If you complete all three steps, I will award you with 10 extra credit points to be added to your total points earned for the semester. This will be in addition to the up to 20 extra credit points earned by answering the Clicker Questions correctly. Late submittals will not be accepted and you must be in attendance to receive the points. Papers given little to no effort will not be awarded points. In other words, don’t submit a bunch of non-sense and expect credit. Cite your resources using whatever style you prefer.

ECNS 203 – Principles of Economics Extra Credit Instructions – Fall 2015 As we are winding down our semester, I have decided to integrate some current events into our econ studies. Much is going on in the world oil market that pertains directly to what we have been studying this semester – related to both micro and macroeconomics. Therefore, I have decided to offer an extra credit opportunity for you if you are willing to do some research, summarize your findings in a short paper, and bring it to class on Tuesday, December 1st ready to discuss. To earn the extra credit complete the following: 1. Do some research on current issues (last 12 months) discussing world oil supply, demand and pricing. 2. Write a short (300 word minimum) paper on your findings relative to the micro and macro-economic issues found in your research. I especially want you to focus on the following questions: a. Why has the oil price dropped so much? b. Will it stay down? Why or Why Not? c. Does our discussion on production costs and decisions on running plants relevant to this issue? Why? d. Who are the winners and losers from a micro and macro-economic perspective? 3. Bring that paper to class with you on Tuesday, December 1st to submit it to me and discuss your findings. If you complete all three steps, I will award you with 10 extra credit points to be added to your total points earned for the semester. This will be in addition to the up to 20 extra credit points earned by answering the Clicker Questions correctly. Late submittals will not be accepted and you must be in attendance to receive the points. Papers given little to no effort will not be awarded points. In other words, don’t submit a bunch of non-sense and expect credit. Cite your resources using whatever style you prefer.

No expert has answered this question yet. You can browse … Read More...