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Questions and Answers of Economics

What is an efficiency wage? How might payment of an above-market wage reduce shirking by employees and reduce worker turnover? How might efficiency wages contribute to downward wage inflexibility, at
How might relationships between so-called insiders and outsiders contribute to downward wage inflexibility?
Use the equation of exchange to explain the rationale for a monetary rule. Why will such a rule run into trouble if V unexpectedly falls because of, say, a drop in investment spending by businesses?
Answer parts a and b, below, on the basis of the following information for a hypothetical economy in year 1: money supply = $400 billion; long-term annual growth of potential GDP = 3 percent;
Explain the difference between “active” discretionary fiscal policy advocated by mainstream economists and “passive” fiscal policy advocated by new classical economists. Explain: “The
Place “MON,” “RET,” or “MAIN” beside the statements that most closely reflect monetarist, rational expectations, or mainstream views, respectively: a. Anticipated changes in aggregate
You have just been elected president of the United States, and the present chairperson of the Federal Reserve Board has resigned. You need to appoint a new person to this position, as well as a
Compare and contrast the Taylor rule for monetary policy with the older, simpler monetary rule advocated by Milton Friedman.
Quantitatively, how important is international trade to the United States relative to other nations?
Distinguish among land-, labor-, and capital-intensive commodities, citing one nontextbook example of each. What role do these distinctions play in explaining international trade? What role do
Suppose nation A can produce 80 units of X by using all its resources to produce X or 60 units of Y devoting all its resources to Y. Comparable figures for nation B are 60 units of X and 60 units of
To the right are hypothetical production possibilities tables for New Zealand and Spain. Each country can produce apples and plums. Plot the production possibilities data for each of the two
The United States can produce X more efficiently than can Great Britain. Yet we import X from Great Britain.” Explain.
Refer to Figure. Assume that the graph depicts the U.S. domestic market for corn.Equilibrium price and quantityHow many bushels of corn, if any, will the United States export or import at a world
Draw a domestic supply and demand diagram for a product in which the United Stated does not have a comparative advantage. What impact do foreign imports have on domestic price and quantity? On your
The potentially valid arguments for tariff protection are also the most easily abused. What are those arguments? Why are they susceptible to abuse? Evaluate the use of artificial trade barriers, such
Evaluate the following statements:a. Protective tariffs reduce both the imports and the exports of the nation that levies tariffs.b. The extensive application of protective tariffs destroys the
Suppose Japan agreed to a voluntary export restriction (VER) that reduced U.S. imports of Japanese steel by 10 percent. What would be the likely short-run effects of that VER on the U.S. and Japanese
In 2005, manufacturing workers in the United States earned an average wage of $23.65 per hour. That same year, manufacturing workers in Mexico earned an average wage of $2.63 per hour. How can U.S.
What is the WTO and how does it relate to international trade? How many nations belong to the WTO? (Update the number given in this book at www.wto.org.) What did the Uruguay Round (1994) of WTO
What point is Bastiat trying to make in his imaginary petition of the candlemakers?
Do all international financial transactions involve exchanging one currency for another? Could a nation that neither imports nor exports goods and services still engage in international financial
Indicate whether each of the following creates a demand for or a supply of European euros in foreign exchange markets: a. A U.S. airline firm purchases several Airbus planes assembled in France.b. A
Alpha’s balance-of-payments data for 2008 are shown below. All figures are in billions of dollars. What are the(a) Balance on goods,(b) Balance on goods and services,(c) Balance on current
China had a $372 billion overall current account surplus in 2007. Assuming that China’s net debt; forgiveness was zero in 2007 (its capital account balance was zero), what can you specifically
A rise in the dollar price of yen necessarily means a fall in the yen price of dollars. Do you agree? Illustrate and elaborate: “The critical thing about exchange rates is that they provide a
Suppose that a Swiss watchmaker imports watch components from Sweden and exports watches to the United States. Also suppose the dollar depreciates, and the Swedish krona appreciates, relative to the
Explain why the U.S. demand for Mexican pesos is downward-sloping and the supply of pesos to Americans is upward-sloping. Assuming a system of flexible exchange rates between Mexico and the United
Explain why you agree or disagree with the following statements: a. A country that grows faster than its major trading partners can expect the international value of its currency to depreciate.b. A
Exports pay for imports. Yet in 2007 the nations of the world exported about $709 billion more worth of goods and services to the United States than they imported from the United States. Resolve the
Diagram a market in which the equilibrium dollar price of 1 unit of fictitious currency zee (Z) is $5 (the exchange rate is $5 = Z1). Then show on your diagram a decline in the demand for zee.a.
Suppose that a country follows a managed-float policy but that its exchange rate is currently floating freely. In addition, suppose that it currently has a massive current account deficit. Does it
What have been the major causes of the large U.S. trade deficits since 1999? What are the major benefits and costs associated with trade deficits? Explain: “A trade deficit means that a nation is
Suppose Super D’ Hiver––a hypothetical French snowboard retailer––wants to order 5000 snowboards made in the United States. The price per board is $200, the present exchange rate is 1 euro
What are the characteristics of a developing nation? List the two basic avenues of economic growth available to such a nation. State and explain the obstacles that DVCs face in breaking the poverty
Explain how the absolute per capita income gap between rich and poor nations might increase, even though per capita income (or output) is growing faster in DVCs than in IACs.
Discuss and evaluate: a. The path to economic development has been blazed by American capitalism. It is up to the DVCs to follow that trail.b. The problem with the DVCs is that income is too equally
Contrast the demographic transition view of population growth with the traditional view that slower population growth is a prerequisite for rising living standards in the DVCs.
Because real capital is supposed to earn a higher return where it is scarce, how do you explain the fact that most international investment flows to the IACs (where capital is relatively abundant)
Do you think that the nature of the problems the DVCs face requires government-directed as opposed to a private enterprise- directed development process? Explain why or why not.
What were the trends in government-provided foreign aid versus private capital flows to the DVCs in the 1990s? Why do you think those trends occurred?
Do you favor debt forgiveness to all the DVCs, just the poorest ones, or none at all? What incentive problem might debt relief create? Would you be willing to pay $20 a year more in personal income
What types of products do the DVCs typically export? How do those exports relate to the law of comparative advantage? How do tariffs by IACs reduce the standard of living of DVCs?
Do you think that IACs such as the United States should open their doors wider to the immigration of low-skilled DVC workers in order to help the DVCs develop? Do you think that it is appropriate for
Use Figure (changing the box labels as necessary) to explain rapid economic growth in countries such as South Korea and Chile.The vicious circle of povertyWhat factors other than those contained in
Explain how civil wars, population growth, and public policy decisions have contributed to periodic famines in Africa.
Discuss how e-commerce affects you and/or your company.
Delegation of Duties and Third-Party Beneficiaries Think about the nature of the agreement that you have with the college or university in which you study, particularly when you do your own
Discuss the observation made recently by an undergraduate philosophy major that "the major international institutions are concerned with keeping the rich countries rich, at the expense of the poorer
Imagine that a line on a Cartesian graph is approximately the distance y in feet a person walks in x hours. What does the slope of this line represent? How is this graph useful? Provide another
Suppose your expectations regarding the stock market are as follows:State of the Economy Probability HPRBoom 0.3 44%Normal Growth 0.4 14%Recession 0.3 -16%Compute the mean of the HPR on stocks. Your
Use the AD/AS model to compare the short-run and long-run impacts of a recession in the US economy (i.e. a reduction in Canadian exports to the US) on the Canadian economy under a flexible exchange
It is estimated that while world coffee prices hover around 50¢ per pound, production costs are around 80¢ per pound. According to a report issued in September 2002 by the relief agency Oxfam,
Shaefer relies entirely on manufacturer's representatives (MRs) located throughout the United States to sells its products. MRs are independent contractors who sell Shaefer's products in exchange for
Following is a table showing the short-run production function for a competitive firm whose output sells for $2 per unit.L Q0......01....142....263....364....445....506....547....568....56a. (8)
Suppose that there is an increase in the cost of a unit of labor (i.e., a wage increase). In the long run:a. What will be the substitution effect of this change on use of capital and labor, and why?
Identify and briefly explain each of the Hicks-Marshall laws of derived demand (5 points each).
Indirect utility function:a. What is the Walrasian demand for good 1?b. What is the expenditure function?c. What is the Hicksian demand of consumer for good 1 at (p1, p2, u) =(8,20,40)?
A consumer has demand functionCan the demand function be used to determine which of the situation (p1, p2, w) = (2, 4, 200) or (p1, p2, w) = (2, 1, 100) is better from the consumer perspective? If
For each of the following situations, find the consumer’s optimal bundle. Be sure to show your work. Also, for each case, draw the consumer’s budget constraint, indicate the optimal bundle on the
Marie claims she can predict the sex of pregnant women's babies. She sees 1,000 women a year, and she always predicts a female. She charges $1,000 for a prediction, and she always predicts a female
Royal Caribbean International, a Norwegian and American cruise line brand has made history due to its success in the cruise line industry. It has 22 ships in its service; it controls a 17% share
For each statement draw a diagram illustrating the likely effect on the market for Greyhound bus tickets. Show the impact on the equilibrium price and quantity. If the event causes a shift in either
Suppose the U.S. Congress cannot work through a way to pay down the U.S. Government debt and continue needed government programs and so, inflation is likely to grow. Describe in words how a business
ERP implementation readiness is a key success factor to going live. Research two businesses that have implemented an ERP system that have used a readiness process and describe the process to
Ben Lieber is a waiter at the Harbor House, where he receives a weekly wage of $80.00 plus tips for 40 hour workweek. Lieber's weekly tips usually range from $280 to $400.A) Under the fair labor
Assume initially that Demand and supply for premium coffees (one pound-bags) are in equilibrium. Now assume Starbucks introduces the world to premium blends so Demand rises substantially. Describes
Your market research group estimated the following demand curve for gadgets, the product your company produces and sells.Qd = 4,000 – 40PIf this relationship between quantity demanded and prices
How is Economic Darwinism a major force on industries around the globe?
There are various differences between a quality culture and a traditional culture. While formulating strategies and implementing quality culture, you need to understand these differences and plan
Explain what type of packaging and labelling you will use to support your brand image
Which components of the NIMS training would be most helpful to the North County aggregate during the time of disasters? Explain your reasons. Discuss how training might differ depending on the type
Use the following data to calculate(a) The labor force participation rate,(b) The unemployment rate,(c) The employment/population ratio.Population age 16 and over ........15,000Labor
What do we miss if we define culture as national culture?
Is culture homogeneous as is often conceptualized in the nationalistic definition of culture?
Whose culture (which section of the nation) is emphasized in the national culture? How? Provide a couple of examples.
Identify the sections of population who might not appreciate national culture? Why?
Expand the discussion of the limitations of national culture citing examples from the United States and other countries that you are familiar with.
The abstract should include, if possible, the keywords of your research. An abstract generally emphasizes the main findings and conclusions of the research study.Your abstract should approximate 200
The demand function for Einstein Bagels has been estimated as follows:Qx = -15.87 – 40.73Px + 84.17Py + 0.55AxWhere Qx represents thousands of bagels; Px is the price per bagel; Py is the average
What are the advantages and disadvantages of using arbitration rather than litigation?
What Key Differences in Gendered Communication Does a person Encounter Regularly in their personal, social, familial, academic, and social areas of their Life?
What Impacts Do These Communication Differences Have On Your Personal, Social, Academic, Familial & Professional Relationships?
Define "technology" and briefly explain about it
18 people were poled and 10 said they have shopped at Wal-Mart and 8 said they have shopped at Target. 4 said they shopped at both. What is the probability that the group shopped at Wal-Mart or
Respond to each of the three questions below:1. What is religion? Do not look up an “official” definition. From your experience and observations, how would you describe or define religion?2. What
Members of the tiny Church of the Lukumi Babalu Aye in the Florida city of Hialeah practice a religion that involves the sacrifice of live animals such as pigeons, chickens, goats and lambs to
1) How is religion viewed from both the Modernization and Dependency theories?2) What exactly is the separation of church and state?3) Is the separation of church and state essential to
Businesses must be aware of the impact of their actions upon different groups of stakeholders. Some stakeholders are readily apparent, while others emerge after a business has acted upon a decision.
You just opened a flower shop and are trying to understand pricing issues. You were told that elasticities are very important in determining prices and what products to supply, so you decide to
XYZ Corporation is a manufacturer of widgets. Over the past several months, it has been selling its widgets for $100 each and unit sales have averaged 5,000 units per month. This month its
Select a product suppose that the government places a mandated price ABOVE the equilibrium price, based on your research how would this affect the market equilibrium, explain your view.
Discuss whether the Sarbanes-Oxley act protects whistle-blowers enough (or perhaps too much). What changes would you make to improve the effectiveness of the law?
List and discuss three fundamental concepts and principles of the American legal system, particularly those pertaining to today’s business environment.
Explain simple interest, compound interest, and the time value of money. How do these impact personal, professional, and business decisions?
Visit the Wall Street Journal and other similar sites as may be appropriate. Read at least two articles about the current state of the economy and consider how the economy may be influencing your
Banks specialize in risk management. These banks invested heavily in mortgage backed securities expected fairly high returns from these highly rated financial instruments However, banks did not
You are running a company that is owned by stockholders. Your goal is to maximize shareholder value. Explain how each of the following events is likely to affect shareholder value and identify
“Supply chain relationships have three dimensions: people, processes, and platforms.” Which of these do you think is the most critical? In what way?
Outsourcing, as well as off shoring, is a hotly debated topic with pros and cons. Both, however, have a direct impact on a company’s top and bottom line, and have become key components of defining

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