Fall Semester 2015 NMSU Econ 252, Instructor: Dr. Larry Blank Writing Assignment and Critical Thinking Problems: This assignment is worth 100 points toward your overall course average. The criteria used to grade this assignment includes the professional appearance of the document you submit, your ability to use the principles of supply and demand to critically assess the impacts, and your ability to explain your conclusions in writing. Each part can be answered in one page or less. Assigned: October 5, 2015 Deadline: Friday, October 16, 2015 You will email your assignment in Canvas. Before you email your assignment, make sure your name is on your paper AND your full name is included in the electronic file name. For example, filename: Jose Sanchez_Econ252_paper.doc I will not read your work if your name is not in the electronic filename. Assignment: Answers to all parts shall be completed in a Microsoft Word document. Begin by copying the Scenario below and then, for each part, copy the problem before completing your answer. You may want to draw your diagrams in Microsoft PowerPoint or other software and then copy and paste the diagram into the Word document as a “Picture (Enhanced Metafile)” using the “Paste Special” feature in Word. The document you turn in should be six (6) pages long. For the first page include a short title for this assignment, the course name and number, your name, and then copy and paste everything below beginning with “Scenario” onto your first page. The 2nd page of your document should include the description of Part 1 and then your diagram and answer. Do the same for Parts 2-5, with each part on a separate page. Scenario: The Federal Government implemented a policy some years ago to subsidize the production of ethanol fuel at 46 cents per gallon. See news article here: http://usnews.nbcnews.com/_news/2011/12/29/9804028-6-billion-a-year-ethanol-subsidy-dies-but-wait-theres-more?lite Ethanol is an alternative fuel (a substitute for regular gasoline) that can be used in some models of automobiles designed to burn any mix of gasoline up to 85% ethanol (fuel is known as E85, and auto manufacturers label these vehicles as “FlexFuel” and similar names). A primary input in the production of ethanol is corn. For the purposes of this assignment, assume that all relevant markets are perfectly competitive. Part 1: Show geometrically using the supply and demand curves the impact the subsidy had in the ethanol market (hint: the result has been a reduction in the market price of ethanol). Fully explain the impact of the production subsidy in terms of the behavior of producers (sellers) in the market and customers (buyers) in the market and what has happened to equilibrium price and quantity in the market for ethanol. Part 2: Show geometrically using the supply and demand curves what impact the reduction in market price for ethanol had in the market for regular gasoline. Fully explain the impact this reduced ethanol price had on the customer demand for regular gasoline. Part 3: Show geometrically using the supply and demand curves the impact due to the change in the equilibrium quantity in the market for ethanol had in the market for corn. Fully explain the impact and the resulting equilibrium price and quantity for corn. Part 4: Show geometrically using the supply and demand curves what impact the change in the market price of corn had in the market for manufactured corn tortillas (assume that the market for corn tortillas is perfectly competitive). Corn tortillas are a staple food item in the diets of millions of families across the U.S.. Fully explain the impact of change in the market price of corn in terms of the behavior of producers (sellers) in the market and customers (buyers) in the corn tortilla market. Part 5: Show geometrically using the supply and demand curves the impact in the ethanol market when the ethanol subsidy ended on Jan. 1, 2012. Give one possible explanation why I can no longer find E85 fuel at gas stations. Hint: When the subsidy still existed, the market price of E85 was about 30 cents a gallon less than regular gasoline. E85 is not a perfect substitute for regular gasoline because the performance is less and gas mileage drops by 5-7 miles per gallon.

Fall Semester 2015 NMSU Econ 252, Instructor: Dr. Larry Blank Writing Assignment and Critical Thinking Problems: This assignment is worth 100 points toward your overall course average. The criteria used to grade this assignment includes the professional appearance of the document you submit, your ability to use the principles of supply and demand to critically assess the impacts, and your ability to explain your conclusions in writing. Each part can be answered in one page or less. Assigned: October 5, 2015 Deadline: Friday, October 16, 2015 You will email your assignment in Canvas. Before you email your assignment, make sure your name is on your paper AND your full name is included in the electronic file name. For example, filename: Jose Sanchez_Econ252_paper.doc I will not read your work if your name is not in the electronic filename. Assignment: Answers to all parts shall be completed in a Microsoft Word document. Begin by copying the Scenario below and then, for each part, copy the problem before completing your answer. You may want to draw your diagrams in Microsoft PowerPoint or other software and then copy and paste the diagram into the Word document as a “Picture (Enhanced Metafile)” using the “Paste Special” feature in Word. The document you turn in should be six (6) pages long. For the first page include a short title for this assignment, the course name and number, your name, and then copy and paste everything below beginning with “Scenario” onto your first page. The 2nd page of your document should include the description of Part 1 and then your diagram and answer. Do the same for Parts 2-5, with each part on a separate page. Scenario: The Federal Government implemented a policy some years ago to subsidize the production of ethanol fuel at 46 cents per gallon. See news article here: http://usnews.nbcnews.com/_news/2011/12/29/9804028-6-billion-a-year-ethanol-subsidy-dies-but-wait-theres-more?lite Ethanol is an alternative fuel (a substitute for regular gasoline) that can be used in some models of automobiles designed to burn any mix of gasoline up to 85% ethanol (fuel is known as E85, and auto manufacturers label these vehicles as “FlexFuel” and similar names). A primary input in the production of ethanol is corn. For the purposes of this assignment, assume that all relevant markets are perfectly competitive. Part 1: Show geometrically using the supply and demand curves the impact the subsidy had in the ethanol market (hint: the result has been a reduction in the market price of ethanol). Fully explain the impact of the production subsidy in terms of the behavior of producers (sellers) in the market and customers (buyers) in the market and what has happened to equilibrium price and quantity in the market for ethanol. Part 2: Show geometrically using the supply and demand curves what impact the reduction in market price for ethanol had in the market for regular gasoline. Fully explain the impact this reduced ethanol price had on the customer demand for regular gasoline. Part 3: Show geometrically using the supply and demand curves the impact due to the change in the equilibrium quantity in the market for ethanol had in the market for corn. Fully explain the impact and the resulting equilibrium price and quantity for corn. Part 4: Show geometrically using the supply and demand curves what impact the change in the market price of corn had in the market for manufactured corn tortillas (assume that the market for corn tortillas is perfectly competitive). Corn tortillas are a staple food item in the diets of millions of families across the U.S.. Fully explain the impact of change in the market price of corn in terms of the behavior of producers (sellers) in the market and customers (buyers) in the corn tortilla market. Part 5: Show geometrically using the supply and demand curves the impact in the ethanol market when the ethanol subsidy ended on Jan. 1, 2012. Give one possible explanation why I can no longer find E85 fuel at gas stations. Hint: When the subsidy still existed, the market price of E85 was about 30 cents a gallon less than regular gasoline. E85 is not a perfect substitute for regular gasoline because the performance is less and gas mileage drops by 5-7 miles per gallon.

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

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Engineering/Science and Public Policy Paper NOTE: This assignment is an individual Assignment. You could discuss with peers but your submission must reflect your opinions and be completed on your own words. As an engineer/scientist, public policies will directly impact virtually every issue of your professional life: design and construction, public safety, environmental quality, materials application – just to name a few. Appreciating the importance of this process will be a key factor to your success as an engineer/scientist. The purpose of this activity is to provide you with a better understanding of: • Public policy processes that impact engineers/scientist as they practice their profession • State and federal agencies and other legal authorities with jurisdiction over engineering/science matters • The role of engineers/scientist in creating technical solutions that benefit citizens and the environment. Assignment For one of the following four contemporary issues, do the following: a) Identify federal and state agencies / legal authority b) Discuss the engineering/scientific response c) Research codes & standards that are applicable or organizations that should oversee them d) Expand on the societal impact: cost vs. benefit Contemporary Issues for Assignment 1. Policy on Federal Reserve Bank’s Prime Interest Rate and Its Impact on Global Economy 2. Policy on Oil Price vs. Shale Gas/Oil and Its Impact on U.S. and Global Economy 3. Policy on Privacy/Security of Cloud Computing Systems and Its Impact 4. Policy on Biodiesel and Trends: Past, Present, and Future Guidelines a) The document should be in single space format. b) The minimum length is 500 words and the maximum length is 1000 words. c) List of references should be included in a separate page. Appropriate citations must appear in the body of the main document.

Engineering/Science and Public Policy Paper NOTE: This assignment is an individual Assignment. You could discuss with peers but your submission must reflect your opinions and be completed on your own words. As an engineer/scientist, public policies will directly impact virtually every issue of your professional life: design and construction, public safety, environmental quality, materials application – just to name a few. Appreciating the importance of this process will be a key factor to your success as an engineer/scientist. The purpose of this activity is to provide you with a better understanding of: • Public policy processes that impact engineers/scientist as they practice their profession • State and federal agencies and other legal authorities with jurisdiction over engineering/science matters • The role of engineers/scientist in creating technical solutions that benefit citizens and the environment. Assignment For one of the following four contemporary issues, do the following: a) Identify federal and state agencies / legal authority b) Discuss the engineering/scientific response c) Research codes & standards that are applicable or organizations that should oversee them d) Expand on the societal impact: cost vs. benefit Contemporary Issues for Assignment 1. Policy on Federal Reserve Bank’s Prime Interest Rate and Its Impact on Global Economy 2. Policy on Oil Price vs. Shale Gas/Oil and Its Impact on U.S. and Global Economy 3. Policy on Privacy/Security of Cloud Computing Systems and Its Impact 4. Policy on Biodiesel and Trends: Past, Present, and Future Guidelines a) The document should be in single space format. b) The minimum length is 500 words and the maximum length is 1000 words. c) List of references should be included in a separate page. Appropriate citations must appear in the body of the main document.

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Chapter 04 Homework Due: 11:59pm on Friday, May 23, 2014 You will receive no credit for items you complete after the assignment is due. Grading Policy Activity: Investigating Survivorship Curves Click here to complete this activity. Then answer the questions. Part A Which of these species typically has a mortality rate that remains fairly constant over an individual’s life span? ANSWER: Correct The mortality rate of robins remains relatively constant throughout their life span. Part B Oyster populations are primarily, if not exclusively, composed of _____. ANSWER: Correct Young oysters have a very high mortality rate; older oysters have a much lower mortality rate. Thus, most oyster populations consist primarily of older individuals. Part C Which of these organisms has a survivorship curve similar to that of oysters? ANSWER: grasses oysters elephants robins humans juveniles adults prereproductive oysters larval and juvenile oysters larvae Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 1 of 13 5/21/2014 7:59 PM Correct Grasses, like oysters, have a relatively high mortality rate early in their life span, after which the mortality rate decreases. Part D Which of these organisms has a survivorship curve similar to that of humans? ANSWER: Correct The mortality rate of elephants, like that of humans, remains relatively low for much of their life span and then dramatically increases for older individuals. BioFlix Quiz: Population Ecology Watch the animation at left before answering the questions below. cats robins elephants grasses humans cats oysters grasses robins elephants Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 2 of 13 5/21/2014 7:59 PM Part A An ideal habitat with unlimited resources is associated with Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Correct Populations grow exponentially with unlimited resources. Part B The maximum population a habitat can support is its Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Correct Part C Logistic growth involves Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Both exponential growth and logistic growth. Population crashes. Exponential growth. Logistic growth. Neither exponential growth nor logistic growth. Logistic growth. Death rate. Birth rate. Carrying capacity. Exponential growth. A population crash. Population growth continuing forever. Population growth reaching carrying capacity and then speeding up. Population size decreasing to zero. Population growth slowing down as the population approaches carrying capacity. Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 3 of 13 5/21/2014 7:59 PM Correct Part D In exponential growth Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Correct Part E Which of the following would NOT cause population size to decrease? Hint 1. Review the animation. ANSWER: Correct An increased birth rate would cause population size to increase. BioFlix Activity: Photosynthesis — Inputs and Outputs Can you fill in the photosynthesis equation? To review photosynthesis, watch this BioFlix animation: Photosynthesis. Part A – Photosynthesis equation Drag the labels onto the equation to identify the inputs and outputs of photosynthesis. ANSWER: Population size grows more and more slowly as the population gets bigger. Population size grows faster and faster as the population gets bigger. Population size stays constant. Population growth slows as the population gets close to its carrying capacity. None of these are correct. Increased death rate A exponentially growing population outgrowing its food supply and crashing Poor weather, resulting in less food being available Increase in the number of predators Increased birth rate Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 4 of 13 5/21/2014 7:59 PM BioFlix Activity: Cellular Respiration and Photosynthesis — Energy Flow Can you identify how energy flows through an ecosystem? To review energy flow in cellular respiration and photosynthesis, watch these BioFlix animations: Cellular Respiration and Photosynthesis. Part A – Energy flow through an ecosystem Drag the labels onto the diagram to identify how energy flows through an ecosystem. ANSWER: BioFlix Activity: Cellular Respiration and Photosynthesis — Chemical Cycling Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 5 of 13 5/21/2014 7:59 PM Can you identify how chemicals cycle in an ecosystem? To review the chemical inputs and outputs of cellular respiration and photosynthesis, watch these BioFlix animations: Cellular Respiration and Photosynthesis. Part A – Chemical cycling in an ecosystem Drag the labels onto the diagram to identify how chemicals cycle in an ecosystem. ANSWER: BioFlix Activity: Cellular Respiration — Inputs and Outputs Can you fill in the cellular respiration equation? To review cellular respiration, watch this BioFlix animation: Cellular Respiration. Part A – Cellular respiration equation Drag the labels onto the equation to identify the inputs and outputs of cellular respiration. ANSWER: Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 6 of 13 5/21/2014 7:59 PM BioFlix Activity: Population Ecology — Types of Population Growth Can you identify the different ways in which populations grow? To review types of population growth, watch this BioFlix animation: Population Ecology. Part A – Types of population growth Drag the correct label under each graph to identify the type of population growth shown. ANSWER: Concept Review: Calculating Doubling Time Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 7 of 13 5/21/2014 7:59 PM Can you calculate doubling times and growth rates for exponentially growing populations? Remember that the doubling time (in years) for an exponentially growing population is estimated by dividing 70 by the growth rate of the population (as a percentage): Doubling time (in years) = 70 / annual growth rate (%) Part A Drag the values on the left to the appropriate blanks on the right to complete the sentences. Not all values will be used. ANSWER: Concept Review: Calculating Population Growth Rates Populations grow larger from births and immigration and grow smaller from deaths and emigration. The growth rate for a population is determined by adding the birth rate and the immigration rate, and then subtracting the death rate and the emigration rate (all rates expressed as the number per 1,000 individuals per year): (birth rate + immigration rate) (death rate + emigration rate) = growth rate Positive population growth rates lead to population increases, and negative population growth rates lead to population declines. Part A Suppose you are studying a population with the following characteristics: Birth rate = 14 per 1,000/year Death rate = 6 per 1,000/year Immigration rate = 5 per 1,000/year Emigration rate = 1 per 1,000/year What is the growth rate for this population? ANSWER: Part B Suppose you are studying a population with the following characteristics: 4 per 1,000/year 12 per 1,000/year 14 per 1,000/year 26 per 1,000/year Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 8 of 13 5/21/2014 7:59 PM Birth rate = 11 per 1,000/year Death rate = 10 per 1,000/year Immigration rate = 4 per 1,000/year Emigration rate = 3 per 1,000/year What is the growth rate for this population? ANSWER: Part C Suppose you are studying a population with the following characteristics: Birth rate = 10 per 1,000/year Death rate = 12 per 1,000/year Immigration rate = 2 per 1,000/year Emigration rate = 3 per 1,000/year What is the growth rate for this population? ANSWER: Part D This question will be shown after you complete previous question(s). Part E This question will be shown after you complete previous question(s). Part F This question will be shown after you complete previous question(s). Concept Review: Levels of Ecological Organization Can you identify the example that corresponds to each level of ecological organization? Part A Drag the labels to the appropriate targets in the table. ANSWER: 0 per 1,000/year 2 per 1,000/year 14 per 1,000/year 28 per 1,000/year 3 per 1,000/year 1 per 1,000/year 17 per 1,000/year 27 per 1,000/year Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 9 of 13 5/21/2014 7:59 PM BioFlix Activity: Mechanisms of Evolution — Natural Selection: Pesticides Can you identify the process by which natural selection acts on an insect population exposed to pesticides? To review the process of natural selection, watch this BioFlix animation: Mechanisms of Evolution: Natural Selection. Part A – Natural selection: Pesticides Drag the labels onto the flowchart to place them in the correct sequence. ANSWER: Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 10 of 13 5/21/2014 7:59 PM ABC News Video: Protecting the Galapagos Islands Watch the ABC News video (2:07 minutes). Then answer the questions below. Part A Where are the Galapagos Islands located? ANSWER: Part B Which of the following sets of animals are likely to be found on the Galapagos Islands? ANSWER: near the tip of South Africa northeast of Australia along the Great Barrier Reef 600 miles west of Ecuador, near the equator in the Mediterranean Sea, as part of the Greek Islands frogs, lungfish, mountain goats tortoises, finches, blue-footed boobies ostriches, cougars, porcupines beaver, snakes, armadillos Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 11 of 13 5/21/2014 7:59 PM Part C Which species is threatening the natural wildlife on the Galapagos Islands? ANSWER: Part D The Galapagos Islands were the first place on Earth to _____. ANSWER: Part E Tourism on the Galapagos Islands is being restricted by requiring tourists to _____. ANSWER: Current Events: A Surplus Washington Could Do Without: A Capital Park’s Rapacious Deer (New York Times, 2/28/2012) Read this New York Times article and then answer the questions. A Surplus Washington Could Do Without: A Capital Park’s Rapacious Deer (2/28/2012) Registration with The New York Times provides instant access to breaking news on NYTimes.com. To register, go to http://www.nytimes.com/register. Visit http://www.nytimes.com/content/help/rights/terms/terms-of-service.html to review the current NYT Terms of Service. Part A Which of the following is true? ANSWER: Part B What predator currently feeds on deer in Rock Creek Park? humans zebra mussels Asian carp mountain lions suffer the complete extinction of all native species be declared off-limits to all humans be declared a world heritage site be invaded by human-introduced species visit each island in groups of only ten individuals at a time view the islands only from the water be escorted by trained guides at all times stay at least 100 feet away from all animals on the islands Deer have always been a problem in Rock Creek Park. Deer are not a problem in Rock Creek Park. Deer are not native to Rock Creek Park, and have been a problem since they were introduced in 1952. Deer were once absent from Rock Creek Park, and have only become a problem in the last 20 years. Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 12 of 13 5/21/2014 7:59 PM ANSWER: Part C Why isn’t the deer population controlled by hunting in Rock Creek Park? ANSWER: Part D It is hoped that the deer herd can be reduced by how much? ANSWER: Part E Which of the following is true? ANSWER: Part F Because the park is changing in response to the increasing deer population, this is an example of ______________. ANSWER: Score Summary: Your score on this assignment is 21.2%. You received 9.1 out of a possible total of 43 points. There are no predators of deer in Rock Creek Park. mountain lion coyote wolf Hunting has been attempted in the park, but the trees are too thick. Hunting is prohibited in the park. There is no public interest in hunting in the park. Deer are a protected species. one-quarter one-half three-quarters the entire herd Animals cannot be killed on federally managed public lands. Only Congress can decide to have animals killed on federally managed public lands. The federal agency in charge of management of the land in question decides if animals should be killed. Only the National Park Service can decide to have animals killed on federally managed public lands. succession artificial selection recession progression Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 13 of 13 5/21/2014 7:59 PM

Chapter 04 Homework Due: 11:59pm on Friday, May 23, 2014 You will receive no credit for items you complete after the assignment is due. Grading Policy Activity: Investigating Survivorship Curves Click here to complete this activity. Then answer the questions. Part A Which of these species typically has a mortality rate that remains fairly constant over an individual’s life span? ANSWER: Correct The mortality rate of robins remains relatively constant throughout their life span. Part B Oyster populations are primarily, if not exclusively, composed of _____. ANSWER: Correct Young oysters have a very high mortality rate; older oysters have a much lower mortality rate. Thus, most oyster populations consist primarily of older individuals. Part C Which of these organisms has a survivorship curve similar to that of oysters? ANSWER: grasses oysters elephants robins humans juveniles adults prereproductive oysters larval and juvenile oysters larvae Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 1 of 13 5/21/2014 7:59 PM Correct Grasses, like oysters, have a relatively high mortality rate early in their life span, after which the mortality rate decreases. Part D Which of these organisms has a survivorship curve similar to that of humans? ANSWER: Correct The mortality rate of elephants, like that of humans, remains relatively low for much of their life span and then dramatically increases for older individuals. BioFlix Quiz: Population Ecology Watch the animation at left before answering the questions below. cats robins elephants grasses humans cats oysters grasses robins elephants Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 2 of 13 5/21/2014 7:59 PM Part A An ideal habitat with unlimited resources is associated with Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Correct Populations grow exponentially with unlimited resources. Part B The maximum population a habitat can support is its Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Correct Part C Logistic growth involves Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Both exponential growth and logistic growth. Population crashes. Exponential growth. Logistic growth. Neither exponential growth nor logistic growth. Logistic growth. Death rate. Birth rate. Carrying capacity. Exponential growth. A population crash. Population growth continuing forever. Population growth reaching carrying capacity and then speeding up. Population size decreasing to zero. Population growth slowing down as the population approaches carrying capacity. Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 3 of 13 5/21/2014 7:59 PM Correct Part D In exponential growth Hint 1. Review the animation or your Study Sheet for Population Ecology ANSWER: Correct Part E Which of the following would NOT cause population size to decrease? Hint 1. Review the animation. ANSWER: Correct An increased birth rate would cause population size to increase. BioFlix Activity: Photosynthesis — Inputs and Outputs Can you fill in the photosynthesis equation? To review photosynthesis, watch this BioFlix animation: Photosynthesis. Part A – Photosynthesis equation Drag the labels onto the equation to identify the inputs and outputs of photosynthesis. ANSWER: Population size grows more and more slowly as the population gets bigger. Population size grows faster and faster as the population gets bigger. Population size stays constant. Population growth slows as the population gets close to its carrying capacity. None of these are correct. Increased death rate A exponentially growing population outgrowing its food supply and crashing Poor weather, resulting in less food being available Increase in the number of predators Increased birth rate Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 4 of 13 5/21/2014 7:59 PM BioFlix Activity: Cellular Respiration and Photosynthesis — Energy Flow Can you identify how energy flows through an ecosystem? To review energy flow in cellular respiration and photosynthesis, watch these BioFlix animations: Cellular Respiration and Photosynthesis. Part A – Energy flow through an ecosystem Drag the labels onto the diagram to identify how energy flows through an ecosystem. ANSWER: BioFlix Activity: Cellular Respiration and Photosynthesis — Chemical Cycling Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 5 of 13 5/21/2014 7:59 PM Can you identify how chemicals cycle in an ecosystem? To review the chemical inputs and outputs of cellular respiration and photosynthesis, watch these BioFlix animations: Cellular Respiration and Photosynthesis. Part A – Chemical cycling in an ecosystem Drag the labels onto the diagram to identify how chemicals cycle in an ecosystem. ANSWER: BioFlix Activity: Cellular Respiration — Inputs and Outputs Can you fill in the cellular respiration equation? To review cellular respiration, watch this BioFlix animation: Cellular Respiration. Part A – Cellular respiration equation Drag the labels onto the equation to identify the inputs and outputs of cellular respiration. ANSWER: Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 6 of 13 5/21/2014 7:59 PM BioFlix Activity: Population Ecology — Types of Population Growth Can you identify the different ways in which populations grow? To review types of population growth, watch this BioFlix animation: Population Ecology. Part A – Types of population growth Drag the correct label under each graph to identify the type of population growth shown. ANSWER: Concept Review: Calculating Doubling Time Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 7 of 13 5/21/2014 7:59 PM Can you calculate doubling times and growth rates for exponentially growing populations? Remember that the doubling time (in years) for an exponentially growing population is estimated by dividing 70 by the growth rate of the population (as a percentage): Doubling time (in years) = 70 / annual growth rate (%) Part A Drag the values on the left to the appropriate blanks on the right to complete the sentences. Not all values will be used. ANSWER: Concept Review: Calculating Population Growth Rates Populations grow larger from births and immigration and grow smaller from deaths and emigration. The growth rate for a population is determined by adding the birth rate and the immigration rate, and then subtracting the death rate and the emigration rate (all rates expressed as the number per 1,000 individuals per year): (birth rate + immigration rate) (death rate + emigration rate) = growth rate Positive population growth rates lead to population increases, and negative population growth rates lead to population declines. Part A Suppose you are studying a population with the following characteristics: Birth rate = 14 per 1,000/year Death rate = 6 per 1,000/year Immigration rate = 5 per 1,000/year Emigration rate = 1 per 1,000/year What is the growth rate for this population? ANSWER: Part B Suppose you are studying a population with the following characteristics: 4 per 1,000/year 12 per 1,000/year 14 per 1,000/year 26 per 1,000/year Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 8 of 13 5/21/2014 7:59 PM Birth rate = 11 per 1,000/year Death rate = 10 per 1,000/year Immigration rate = 4 per 1,000/year Emigration rate = 3 per 1,000/year What is the growth rate for this population? ANSWER: Part C Suppose you are studying a population with the following characteristics: Birth rate = 10 per 1,000/year Death rate = 12 per 1,000/year Immigration rate = 2 per 1,000/year Emigration rate = 3 per 1,000/year What is the growth rate for this population? ANSWER: Part D This question will be shown after you complete previous question(s). Part E This question will be shown after you complete previous question(s). Part F This question will be shown after you complete previous question(s). Concept Review: Levels of Ecological Organization Can you identify the example that corresponds to each level of ecological organization? Part A Drag the labels to the appropriate targets in the table. ANSWER: 0 per 1,000/year 2 per 1,000/year 14 per 1,000/year 28 per 1,000/year 3 per 1,000/year 1 per 1,000/year 17 per 1,000/year 27 per 1,000/year Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 9 of 13 5/21/2014 7:59 PM BioFlix Activity: Mechanisms of Evolution — Natural Selection: Pesticides Can you identify the process by which natural selection acts on an insect population exposed to pesticides? To review the process of natural selection, watch this BioFlix animation: Mechanisms of Evolution: Natural Selection. Part A – Natural selection: Pesticides Drag the labels onto the flowchart to place them in the correct sequence. ANSWER: Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 10 of 13 5/21/2014 7:59 PM ABC News Video: Protecting the Galapagos Islands Watch the ABC News video (2:07 minutes). Then answer the questions below. Part A Where are the Galapagos Islands located? ANSWER: Part B Which of the following sets of animals are likely to be found on the Galapagos Islands? ANSWER: near the tip of South Africa northeast of Australia along the Great Barrier Reef 600 miles west of Ecuador, near the equator in the Mediterranean Sea, as part of the Greek Islands frogs, lungfish, mountain goats tortoises, finches, blue-footed boobies ostriches, cougars, porcupines beaver, snakes, armadillos Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 11 of 13 5/21/2014 7:59 PM Part C Which species is threatening the natural wildlife on the Galapagos Islands? ANSWER: Part D The Galapagos Islands were the first place on Earth to _____. ANSWER: Part E Tourism on the Galapagos Islands is being restricted by requiring tourists to _____. ANSWER: Current Events: A Surplus Washington Could Do Without: A Capital Park’s Rapacious Deer (New York Times, 2/28/2012) Read this New York Times article and then answer the questions. A Surplus Washington Could Do Without: A Capital Park’s Rapacious Deer (2/28/2012) Registration with The New York Times provides instant access to breaking news on NYTimes.com. To register, go to http://www.nytimes.com/register. Visit http://www.nytimes.com/content/help/rights/terms/terms-of-service.html to review the current NYT Terms of Service. Part A Which of the following is true? ANSWER: Part B What predator currently feeds on deer in Rock Creek Park? humans zebra mussels Asian carp mountain lions suffer the complete extinction of all native species be declared off-limits to all humans be declared a world heritage site be invaded by human-introduced species visit each island in groups of only ten individuals at a time view the islands only from the water be escorted by trained guides at all times stay at least 100 feet away from all animals on the islands Deer have always been a problem in Rock Creek Park. Deer are not a problem in Rock Creek Park. Deer are not native to Rock Creek Park, and have been a problem since they were introduced in 1952. Deer were once absent from Rock Creek Park, and have only become a problem in the last 20 years. Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 12 of 13 5/21/2014 7:59 PM ANSWER: Part C Why isn’t the deer population controlled by hunting in Rock Creek Park? ANSWER: Part D It is hoped that the deer herd can be reduced by how much? ANSWER: Part E Which of the following is true? ANSWER: Part F Because the park is changing in response to the increasing deer population, this is an example of ______________. ANSWER: Score Summary: Your score on this assignment is 21.2%. You received 9.1 out of a possible total of 43 points. There are no predators of deer in Rock Creek Park. mountain lion coyote wolf Hunting has been attempted in the park, but the trees are too thick. Hunting is prohibited in the park. There is no public interest in hunting in the park. Deer are a protected species. one-quarter one-half three-quarters the entire herd Animals cannot be killed on federally managed public lands. Only Congress can decide to have animals killed on federally managed public lands. The federal agency in charge of management of the land in question decides if animals should be killed. Only the National Park Service can decide to have animals killed on federally managed public lands. succession artificial selection recession progression Chapter 04 Homework http://session.masteringenvironmentalscience.com/myct/assignmentPrintV… 13 of 13 5/21/2014 7:59 PM

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Take Home Exam 3: Special Note Before Starting the Exam: If you scan your solutions to the exam and save it as a pdf or image file and put it on dropbox and I can not read it or open it, you will not receive credit for the exam. Furthermore, if you write the solutions up in word, latex ect. and give me a print out, which does not include all the pages you will not get credit for the missing pages. Also if your folder on dropbox is not clearly labeled and I can not find your exam then you will not get credit for the exam. Finally, please make sure you put your name on the exam!! Math 2100 Exam 3, Out of Class, Due by December 8th, 2015 at 5:00 pm. Name: Problem 1. (15 points) A random variable is said to have the (standard) Cauchy distribution if its PDF is given by f (x) = 1 π 1 1+ x2 , −∞< x <∞ This problem uses computer simulations to demonstrate that a) samples from this distribution often have extreme outliers (a consequence of the heavy tails of the distribution), and b) the sample mean is prone to the same type of outliers. Below is a graph of the pdf a) (5 points) The R commands x=rcauchy(500); summary(x) generate a random sample of size 500 from the Cauchy distribution and display the sample’s five number summary; Report the five number summary and the interquartile range, and comment on whether or not the smallest and largest numbers generated from this sample of 500 are outliers. Repeat this 10 times. b) (5 points) The R commands m=matrix(rcauchy(50000), nrow=500); xb=apply(m,1,mean);summary(xb) generate the matrix m that has 500 rows, each of which is a sample of size n=100 from the Cauchy distribution, compute the 500 sample means and store them in xb. and display the five number summary xb. Repeat these commands 10 times, and report the 10 sets of five number summaries. Compare with the 10 sets of five number summaries from part (a), and comment on whether or not the distribution of the averages seems to be more prone to extreme outliers as that of the individual observations. c) (5 points) Why does this happen? (hint: try to calculate E(X) and V(X) for this distribution) and does the LLN and CLT apply for samples from a Cauchy distribution? Hint: E(X) is undefined for this distribution unless you use the Cauchy Principle Value as such for the mean lim a→∞ xf (x)dx −a a∫ In addition x2 1+ x2 dx = x2 +1−1 1+ x2 dx = 1− 1 1+ x2 " # $ % & ' ∫ ∫ ∫ dx 1 1+ x2 dx = tan−1 ∫ x +C Problem 2. (5 points) A marketing expert for a pasta-making company believes that 40% of pasta lovers prefer lasagna. If 9 out of 20 pasta lovers choose lasagna over other pastas, what can be concluded about the expert's claim? Use a 0.05 level of significance. Problem 3. (10 points) A coin is tossed 20 times, resulting in 5 heads. Is this sufficient evidence to reject the hypothesis that the coin is balanced in favor of the alternative that heads occur less than 50% of the time (essentially is this significant evidence to claim that the coin is unbalanced in favor of tails)? Use a 0.05 level of significance. Problem 4. (25 points) Since the chemical benzene may cause cancer, the federal government has set the maximum allowable benzene concentration in the workplace at 1 part per million (1 ppm) Suppose that a steel manufacturing plant is under investigation for possible violations regarding benzene level. The Occupational Safety and Health Administration (OSHA) will analyze 14 air samples over a one-month period. Assume normality of the population from which the samples were drawn. a) (3 points) What is an appropriate null hypothesis for this scenario? (Give this in symbols) b) (3 points) What is an appropriate alternative hypothesis for this scenario? (Give this in symbols) c) (3 points) What kind of hypothesis test is this: left-tailed, right-tailed or two-tailed? Explain how you picked your answer. d) (3 points) Is this a one-sample t-test or a one-sample test using a normal distribution? Explain how you picked your answer. e) (4 points) If the test using this sample of size 14 is to be done at the 1% significance level, calculate the critical value(s) and describe the rejection region(s) for the test statistic. Show your work. f) (5 points) OHSA finds the following for their sample of size 14: a mean benzene level of 1.51 ppm and a standard deviation of 1.415 ppm. What should be concluded at the 1% significance level? Support your answer with calculation(s) and reasoning. g) (4 points) Calculate the p-value for this test and verify that this answer would lead to the same conclusion you made in part f. Problem 5. (15 points) A normally distributed random variable Y possesses a mean of μ = 20 and a standard deviation of σ = 5. A random sample of n = 31 observations is to be selected. Let X be the sample average. (X in this problem is really x _ ) a)(5 points) Describe the sampling distribution of X (i.e. describe the distribution of X and give μx, σx ) b) (5 points) Find the z-score of x = 22 c) (5 points) Find P(X ≥ 22) = Problem 6. (10 points) A restaurants receipts show that the cost of customers' dinners has a distribution with a mean of $54 and a standard deviation of $18. What is the probability that the next 100 customers will spend a total of at least $5800 on dinner? Problem 7. (10 points) The operations manager of a large production plant would like to estimate the mean amount of time a worker takes to assemble a new electronic component. Assume that the standard deviation of this assembly time is 3.6 minutes and is normally distributed. a) (3 points) After observing 120 workers assembling similar devices, the manager noticed that their average time was 16.2 minutes. Construct a 92% confidence interval for the mean assembly time. b) (2 points) How many workers should be involved in this study in order to have the mean assembly time estimated up to ± 15 seconds with 92% confidence? c) (5 points) Construct a 92% confidence interval if instead of observing 120 workers assembling similar devices, rather the manager observes 25 workers and notice their average time was 16.2 minutes with a standard deviation of 4.0 minutes. Problem 8. (10 points): A manufacturer of candy must monitor the temperature at which the candies are baked. Too much variation will cause inconsistency in the taste of the candy. Past records show that the standard deviation of the temperature has been 1.2oF . A random sample of 30 batches of candy is selected, and the sample standard deviation of the temperature is 2.1oF . a. (5 points) At the 0.05 level of significance, is there evidence that the population standard deviation has increased above 1.2oF ? b. (3 points) What assumption do you need to make in order to perform this test? c. (2 points) Compute the p-value in (a) and interpret its meaning.

Take Home Exam 3: Special Note Before Starting the Exam: If you scan your solutions to the exam and save it as a pdf or image file and put it on dropbox and I can not read it or open it, you will not receive credit for the exam. Furthermore, if you write the solutions up in word, latex ect. and give me a print out, which does not include all the pages you will not get credit for the missing pages. Also if your folder on dropbox is not clearly labeled and I can not find your exam then you will not get credit for the exam. Finally, please make sure you put your name on the exam!! Math 2100 Exam 3, Out of Class, Due by December 8th, 2015 at 5:00 pm. Name: Problem 1. (15 points) A random variable is said to have the (standard) Cauchy distribution if its PDF is given by f (x) = 1 π 1 1+ x2 , −∞< x <∞ This problem uses computer simulations to demonstrate that a) samples from this distribution often have extreme outliers (a consequence of the heavy tails of the distribution), and b) the sample mean is prone to the same type of outliers. Below is a graph of the pdf a) (5 points) The R commands x=rcauchy(500); summary(x) generate a random sample of size 500 from the Cauchy distribution and display the sample’s five number summary; Report the five number summary and the interquartile range, and comment on whether or not the smallest and largest numbers generated from this sample of 500 are outliers. Repeat this 10 times. b) (5 points) The R commands m=matrix(rcauchy(50000), nrow=500); xb=apply(m,1,mean);summary(xb) generate the matrix m that has 500 rows, each of which is a sample of size n=100 from the Cauchy distribution, compute the 500 sample means and store them in xb. and display the five number summary xb. Repeat these commands 10 times, and report the 10 sets of five number summaries. Compare with the 10 sets of five number summaries from part (a), and comment on whether or not the distribution of the averages seems to be more prone to extreme outliers as that of the individual observations. c) (5 points) Why does this happen? (hint: try to calculate E(X) and V(X) for this distribution) and does the LLN and CLT apply for samples from a Cauchy distribution? Hint: E(X) is undefined for this distribution unless you use the Cauchy Principle Value as such for the mean lim a→∞ xf (x)dx −a a∫ In addition x2 1+ x2 dx = x2 +1−1 1+ x2 dx = 1− 1 1+ x2 " # $ % & ' ∫ ∫ ∫ dx 1 1+ x2 dx = tan−1 ∫ x +C Problem 2. (5 points) A marketing expert for a pasta-making company believes that 40% of pasta lovers prefer lasagna. If 9 out of 20 pasta lovers choose lasagna over other pastas, what can be concluded about the expert's claim? Use a 0.05 level of significance. Problem 3. (10 points) A coin is tossed 20 times, resulting in 5 heads. Is this sufficient evidence to reject the hypothesis that the coin is balanced in favor of the alternative that heads occur less than 50% of the time (essentially is this significant evidence to claim that the coin is unbalanced in favor of tails)? Use a 0.05 level of significance. Problem 4. (25 points) Since the chemical benzene may cause cancer, the federal government has set the maximum allowable benzene concentration in the workplace at 1 part per million (1 ppm) Suppose that a steel manufacturing plant is under investigation for possible violations regarding benzene level. The Occupational Safety and Health Administration (OSHA) will analyze 14 air samples over a one-month period. Assume normality of the population from which the samples were drawn. a) (3 points) What is an appropriate null hypothesis for this scenario? (Give this in symbols) b) (3 points) What is an appropriate alternative hypothesis for this scenario? (Give this in symbols) c) (3 points) What kind of hypothesis test is this: left-tailed, right-tailed or two-tailed? Explain how you picked your answer. d) (3 points) Is this a one-sample t-test or a one-sample test using a normal distribution? Explain how you picked your answer. e) (4 points) If the test using this sample of size 14 is to be done at the 1% significance level, calculate the critical value(s) and describe the rejection region(s) for the test statistic. Show your work. f) (5 points) OHSA finds the following for their sample of size 14: a mean benzene level of 1.51 ppm and a standard deviation of 1.415 ppm. What should be concluded at the 1% significance level? Support your answer with calculation(s) and reasoning. g) (4 points) Calculate the p-value for this test and verify that this answer would lead to the same conclusion you made in part f. Problem 5. (15 points) A normally distributed random variable Y possesses a mean of μ = 20 and a standard deviation of σ = 5. A random sample of n = 31 observations is to be selected. Let X be the sample average. (X in this problem is really x _ ) a)(5 points) Describe the sampling distribution of X (i.e. describe the distribution of X and give μx, σx ) b) (5 points) Find the z-score of x = 22 c) (5 points) Find P(X ≥ 22) = Problem 6. (10 points) A restaurants receipts show that the cost of customers' dinners has a distribution with a mean of $54 and a standard deviation of $18. What is the probability that the next 100 customers will spend a total of at least $5800 on dinner? Problem 7. (10 points) The operations manager of a large production plant would like to estimate the mean amount of time a worker takes to assemble a new electronic component. Assume that the standard deviation of this assembly time is 3.6 minutes and is normally distributed. a) (3 points) After observing 120 workers assembling similar devices, the manager noticed that their average time was 16.2 minutes. Construct a 92% confidence interval for the mean assembly time. b) (2 points) How many workers should be involved in this study in order to have the mean assembly time estimated up to ± 15 seconds with 92% confidence? c) (5 points) Construct a 92% confidence interval if instead of observing 120 workers assembling similar devices, rather the manager observes 25 workers and notice their average time was 16.2 minutes with a standard deviation of 4.0 minutes. Problem 8. (10 points): A manufacturer of candy must monitor the temperature at which the candies are baked. Too much variation will cause inconsistency in the taste of the candy. Past records show that the standard deviation of the temperature has been 1.2oF . A random sample of 30 batches of candy is selected, and the sample standard deviation of the temperature is 2.1oF . a. (5 points) At the 0.05 level of significance, is there evidence that the population standard deviation has increased above 1.2oF ? b. (3 points) What assumption do you need to make in order to perform this test? c. (2 points) Compute the p-value in (a) and interpret its meaning.

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Race and Ethnic Relations in the United States Sociology 215, Section 003 Assignment 4 (Points: 25) 1. How the people of mixed race or multiracial descends were historically defined in America? Please describe the four different types of identities that presently characterize the biracial Americans with examples. (Use specific references from the textbook chapter 5 to answer this question) (6 points) 2. “Whereas African Americans had been exploited for their labor, Native Americans were exploited for their land.” Explain this statement with at least 3 specific reference to the legislative policies and how did those impact Native Americans. (Use specific references from the textbook Chapter 6 to answer this question)? (6 points) 3. Discuss the evolution of federal policies on immigration from Mexico over the course of the twentieth century. What were the major policies? When and why did they change? (Use specific references from the textbook Chapter 7 to answer this question) (6 points) 4. How accurate do you think is the portrait of “model minority” for the Asian American groups in the US? Please describe the contact situations with the Chinese and Japanese Americans in the US. How did it affect the development of their relations with the larger society? (Use specific references from the textbook Chapter 8 to answer this question) (7 points)

Race and Ethnic Relations in the United States Sociology 215, Section 003 Assignment 4 (Points: 25) 1. How the people of mixed race or multiracial descends were historically defined in America? Please describe the four different types of identities that presently characterize the biracial Americans with examples. (Use specific references from the textbook chapter 5 to answer this question) (6 points) 2. “Whereas African Americans had been exploited for their labor, Native Americans were exploited for their land.” Explain this statement with at least 3 specific reference to the legislative policies and how did those impact Native Americans. (Use specific references from the textbook Chapter 6 to answer this question)? (6 points) 3. Discuss the evolution of federal policies on immigration from Mexico over the course of the twentieth century. What were the major policies? When and why did they change? (Use specific references from the textbook Chapter 7 to answer this question) (6 points) 4. How accurate do you think is the portrait of “model minority” for the Asian American groups in the US? Please describe the contact situations with the Chinese and Japanese Americans in the US. How did it affect the development of their relations with the larger society? (Use specific references from the textbook Chapter 8 to answer this question) (7 points)

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Book review The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public by Lynn Stout Provide 1) a 900 word review of this book (word range 900-1,200) and 2) a 350 word reflection where you force yourself to relate the message of the book . As per the format of the review, I like the ones done by the folks of the WSJ. This is an example: http://forums.delphiforums.com/diversecity/messages?msg=17531.1264 or http://www.wsj.com/articles/book-review-how-adam-smith-can-change-your-life-by-russ-roberts-1413846808?KEYWORDS=book+reviews

Book review The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public by Lynn Stout Provide 1) a 900 word review of this book (word range 900-1,200) and 2) a 350 word reflection where you force yourself to relate the message of the book . As per the format of the review, I like the ones done by the folks of the WSJ. This is an example: http://forums.delphiforums.com/diversecity/messages?msg=17531.1264 or http://www.wsj.com/articles/book-review-how-adam-smith-can-change-your-life-by-russ-roberts-1413846808?KEYWORDS=book+reviews

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in dual federalism, __________, 1. the federal government assumes greater fiscal responsibility, 2. power are shared between states and the federal government, 3. there are only two branches of government, 4. state and the national government each remain supreme within their own spheres, 5. the state government assume greater fiscal responsibility.

in dual federalism, __________, 1. the federal government assumes greater fiscal responsibility, 2. power are shared between states and the federal government, 3. there are only two branches of government, 4. state and the national government each remain supreme within their own spheres, 5. the state government assume greater fiscal responsibility.

4. states and national government——– own spheres
3. Career management is the lifelong process of investing resources to achieve your career goals. As such, one needs to be responsible for his or her career in the present and in the future. What’s the major issue facing this industry today? How will you handle it from a career development and career management perspective?

3. Career management is the lifelong process of investing resources to achieve your career goals. As such, one needs to be responsible for his or her career in the present and in the future. What’s the major issue facing this industry today? How will you handle it from a career development and career management perspective?

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