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

The Shareholder Value Myth: How Putting Shareholders First Harms Investors, … Read More...
4. Using your knowledge of the Stevenson’s career management model identify and briefly describe one activity that should be included in an organization’s career management program. Identify which element of the model the activity you identified fits within.

4. Using your knowledge of the Stevenson’s career management model identify and briefly describe one activity that should be included in an organization’s career management program. Identify which element of the model the activity you identified fits within.

Discipline Expertise- There is an apparent type of interdisciplinary in … Read More...
Overview The human body can regulate its function responding to the change of its environment. Temperature is one of the factors which can modulate the body function. Refer to the related lectures and other resources; answer the followed questions (question 1-5 need at least 400 words together): Q1 In case of cold weather how does human body detect the coldness? Explain the signal detection, delivery, processing and involved cells, tissues and organs.

Overview The human body can regulate its function responding to the change of its environment. Temperature is one of the factors which can modulate the body function. Refer to the related lectures and other resources; answer the followed questions (question 1-5 need at least 400 words together): Q1 In case of cold weather how does human body detect the coldness? Explain the signal detection, delivery, processing and involved cells, tissues and organs.

  The chief brain mechanisms for heat regulation are established … Read More...
2. Look up three standards from your discipline and from your country (Saudi Arabia), and write 2-5 objectives for each.

2. Look up three standards from your discipline and from your country (Saudi Arabia), and write 2-5 objectives for each.

Learning 1 Go ahead in graduate studies or be victorious … Read More...
Design a regulated power supply able to supply a maximum load current of 25 mA. Your design specifications are: DC Output: 12 V Load Variation: 0.5 – 2 kilo Ohms Ripple factor < 0.1% for 1 kilo ohm load Load Regulation: Better than 1mV/mA Line Regulation: Better than 2mV/V In your design use diodes 1N4001 and Zener 1N4742. In your design you must mention the values of the resistors, capacitors, transformer turns ratio. Typed report must contain the following in the same order: • Final design with all component values • SPICE simulation results supporting the validity of your design satisfying the specifications. • Discuss your approach to satisfy the specifications. Explain which specifications you met and which you did not meet. Provide discussion and conclusions and comments.

Design a regulated power supply able to supply a maximum load current of 25 mA. Your design specifications are: DC Output: 12 V Load Variation: 0.5 – 2 kilo Ohms Ripple factor < 0.1% for 1 kilo ohm load Load Regulation: Better than 1mV/mA Line Regulation: Better than 2mV/V In your design use diodes 1N4001 and Zener 1N4742. In your design you must mention the values of the resistors, capacitors, transformer turns ratio. Typed report must contain the following in the same order: • Final design with all component values • SPICE simulation results supporting the validity of your design satisfying the specifications. • Discuss your approach to satisfy the specifications. Explain which specifications you met and which you did not meet. Provide discussion and conclusions and comments.

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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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Problem 2.6 A 1000 VA 230 V / 115 V transformer has been tested to determine its equivalent circuit. The results of the tests are shown below. a. Find the equivalent circuit for this transformer refered to the low voltage side of the transformer. b. Find the transformer’s voltage regulation at rated conditions and at (1) 0.8 pf lag, (2) 1.0 pf, and (3) 0.8 pf lead.

Problem 2.6 A 1000 VA 230 V / 115 V transformer has been tested to determine its equivalent circuit. The results of the tests are shown below. a. Find the equivalent circuit for this transformer refered to the low voltage side of the transformer. b. Find the transformer’s voltage regulation at rated conditions and at (1) 0.8 pf lag, (2) 1.0 pf, and (3) 0.8 pf lead.

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.).

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

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

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