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management information systems

Questions and Answers of Management Information Systems

How is outsourcing to China and India today different from U.S. outsourcing in the past?
In the Wealth of Nations Adam Smith claimed,“Servants, labourers and workmen of different kinds, make up the far greater part of every great political society. But what improves the circumstances
In David Ricardo’s original example of comparative advantage in his Principles of Political Economy, written in 1817, Portugal possesses an absolute advantage in both the production of cloth and
Global outsourcing has cost the U.S. economy more than 3 million jobs since 2001, three-quarters of which have been in the manufacturing industry.a. How does outsourcing affect the bargaining power
In the 10th century B.C., King Solomon brought the Israelites into great economic wealth through specialization and trade. It was difficult when faced with the practices and beliefs of their trading
Evaluate the following statement: Comparative advantage will benefit all people because everyone has a comparative advantage in something. Therefore, trade based on comparative advantage should be
Would you expect the resource curse to improve or worsen the distribution of income in a country? (LO9-4)
Using the graph below, indicate domestic production and net imports. (LO9-4)a. Would the United States want to raise or lower the world supply of the good? Why?b. How might that happen? Price Pw
How does a depreciation of a currency change the price of imports and exports? Explain using the U.S. dollar and the Chinese yuan. (LO9-4)
From the standpoint of adjustment costs to trade, which would a country prefer—inherent or transferable comparative advantage? Why? (LO9-3)
How do inherent comparative advantages differ from transferable comparative advantages? (LO9-3)
List at least three sources of comparative advantage that the United States has and will likely maintain over the coming decade. (LO9-3)
How has globalization made the rich richer and poor poorer in the United States? (LO9-2)
How does the outsourcing of manufacturing production benefit production in the United States? (LO9-2)
True or false? Wages in China are lower than those in the United States. This means that China has a comparative advantage in everything. Explain your answer.(LO9-2)
What are four reasons why economists’ and laypeople’s view of trade differ? (LO9-2)
Country A can produce, at most, 40 olives or 20 pickles, or some combination of olives and pickles such as the 20 olives and 10 pickles it is currently producing.Country B can produce, at most, 120
What are some reasons why a small country might not get the gains of trade? (LO9-1)
Why do smaller countries usually get most of the gains from trade? (LO9-1)
Why does competition among traders affect how much of the gains from trade is given to the countries involved in the trade? (LO9-1)
Suppose there are two countries, Busytown and Lazyasiwannabe, with the following production possibility tables: (LO9-1)a. Draw the production possibility curves for each country.b. Which country has
Suppose that two countries, Machineland and Farmland, have the following production possibility curves: (LO9-1)a. Explain how these two countries can move from points A and C, where they currently
Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For Iowa the opportunity cost of producing 1 bushel of wheat is 3 bushels of
Widgetland has 60 workers. Each worker can produce 4 widgets or 4 wadgets. Each resident in Widgetland currently consumes 2 widgets and 2 wadgets. Wadgetland also has 60 workers. Each can produce 3
Will a country do better importing or exporting a good for which it has a comparative advantage? Why? (LO9-1)
In early 2000, sugar prices were severely depressed, falling below 18 cents a pound for raw cane sugar. Sugar producers received loans from the government, putting up their sugar as collateral at 18
The U.S. Bureau of Land Management sets a fee for ranchers who graze their animals on public land. The fee is equal to $1.43 per animal unit per month—the amount of forage needed to feed one cow
The U.S. government made it against the law to grow peanuts unless the grower had been granted a government quota. It also essentially forbade peanut imports and set a minimum U.S. price of peanuts
How do you suppose the federal government’s farm policy(specifically as it relates to corn) might have contributed to the obesity epidemic in the United States? (LO8W-3)
Congratulations. You’ve been appointed finance minister of Farmingland. The president wants to protect her political popularity by increasing farmers’ incomes.She’s considering two
During the 1980s, almost 100,000 farmers abandoned agriculture each year. Today, agribusiness dominates food growing, processing, distribution, and retailing in the United States. As early as the
Farm families have traditionally passed on the family farm to sons rather than daughters.a. Why is this?b. What does it suggest about the way in which daughters are treated in many families?c.
Fifty years ago, farmers in North America received between 45 percent and 60 percent of what consumers paid for food; today they receive a mere 3.5 percent.a. What is the reason for this change?b.
Humans and animals share much the same genetic structure, often as much as 98 percent. What implications does that shared genetic structure have for the productive techniques used in farming?
American agricultural policy, which subsidizes farming, not only harms U.S. consumers but keeps many foreign countries poor.a. How does American agricultural policy keep poor nations poor?b. What
Say that a law, if passed, will reduce Mr. A’s wealth by $100,000 and increase Mr. B’s wealth by$100,000. (LO8W-3)a. How much would Mr. A be willing to spend to stop passage of the law?b. How
What type of price support program is the nonrecourse loan? What type is the land bank program? (LO8W-3)
All government intervention in markets makes society worse off. True or false? Evaluate. (LO8W-3)
Why is grandfathering an attractive option for governments when they institute price supports? (LO8W-2)
How does the elasticity of supply affect the cost of price supports in each of the four options? (LO8W-2)
Why do tariffs and quotas generally accompany price support systems? (LO8W-2)
What is the least costly method of price support to the taxpayer? Demonstrate graphically. (LO8W-2)
What is the most costly method of price support to the taxpayer? Demonstrate graphically. (LO8W-2)
Which would a taxpayers’ group prefer: price support achieved through buying up the surplus or through providing economic incentives for not producing?Why? (LO8W-2)
Demonstrate, using supply and demand curves, the distributional consequences of a price support system achieved through acreage restriction. (LO8W-2)
An inelastic supply and an elastic demand.b. Demonstrate the effect of a government guarantee of the price in each of the four cases.c. If you were a farmer, which of the four combinations would you
An elastic supply and an elastic demand.
An elastic supply and an inelastic demand.
An inelastic supply and an inelastic demand.
Show graphically how the effects of an increase in supply will differ according to the elasticities of supply and demand. (LO8W-1)a. Specifically, demonstrate the following combinations:
What is the general rule of political economy? How does it relate to the agriculture market? (LO8W-1)
If the demand for farm products were elastic rather than inelastic, would the good/bad paradox still exist? Why or why not? (LO8W-1)
Would you characterize the agriculture market in the United States as perfectly competitive? Why or why not? (LO8W-1)
A debate about dairy products concerns the labeling of milk produced from cows that have been injected with the hormone BST, which significantly increases milk production.Since the FDA has determined
Would a high tax on oil significantly reduce the total amount of pollution in the environment?
List five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
Recently scientists identified a gene that accounts for 5 percent of thrill-seeking behavior. People with this gene are likely to take more risks such as smoking and bungee jumping in search of the
Financial analysts are not currently required to be licensed.Should they be licensed? Why or why not?
Should government eliminate the Food and Drug Administration’s role in restricting which drugs may be marketed? Why or why not?
Economist Robert W. Turner suggested three market failures that could justify government provision of national parks. What three failures did he likely discuss and what is the cause of the failure?
Suppose an air-quality law is passed that requires 3.75 percent of all the cars sold to emit zero pollution.a. What would be the likely impact of this law?b. Can you think of any way in which this
In his book At the Hand of Man, Raymond Bonner argues that Africa should promote hunting, charging large fees for permits to kill animals (for example, $7,500 for a permit to shoot an elephant).a.
More than half of 30 economists polled recently stated that the federal gasoline tax should be raised to $1 or higher. What do you suppose were their reasons?
Water privatization in South Africa has been guided by what the World Bank calls the “cost recovery” approach:Water should be made available to people only if the company providing it can recover
Post-Keynesians suggest that contractual agreements might be a way to deal with asymmetric information.a. Name a business or consumer transaction where asymmetric information might occur.b. How could
Institutional economists define economics as the study of how people use institutions to socially interact in the process of extracting materials from the biophysical world to produce and exchange
In the late 19th century, Washington Gladden said, “He who battles for the Christianization of society will find their strongest foe in the field of economics. Economics is indeed the dismal
The book titles this chapter “Market Failure versus Government Failure.”a. Does the fact that the author spends most of the chapter discussing market failure rather than government failure
True or false? Burning fossil fuels contributes to climate change. Thus, it makes sense for the government to place a tax on the burning of fossil fuels.Why? (LO8-5)
When Ben wears his red shirt, it bothers Sally, who hates the color red. Since Ben’s wearing of a red shirt imposes acost on Sally, it involves an externality. Would it therefore be correct to have
The total cost of government regulations in the U.S. manufacturing sector was estimated by the National Association of Manufacturers to be about $2 trillion in 2012, or $15,400 per family. (LO8-5)a.
What is the effect of the moral hazard problem on insurance premiums? Explain your answer. (LO8-4)
Who would benefit and who would lose if an informational alternative to licensing doctors were introduced? (LO8-4)
An advanced degree is required to teach at most colleges.In what sense is this a form of restricting entry through licensure?(LO8-4)
Automobile insurance companies charge lower rates to married individuals than they do to unmarried individuals.What economic reason is there for such a practice? Is it fair? (LO8-4)
If neither buyers nor sellers could distinguish between“lemons” and “cherries” in the used-car market, what would you expect to be the mix of lemons and cherries for sale? (LO8-4)
What is the adverse selection problem? (LO8-4)
Automobile insurance companies offer low-premium contracts with a high deductible and high-premium contracts with low deductibles. How is this an example of screening? (LO8-4)
Give three examples of signaling in the real world. (LO8-4)
If you are willing to pay $1,000 for a used stereo that is a“cherry” and $200 for a used stereo that is a “lemon,” how much will you be willing to offer to purchase a stereo if there is a 50
Use the table below, which shows the demand for a public good in an economy consisting of two households, A and B, to answer a to d below. (LO8-3)a. Graph the individual demand curves and the market
Why are voluntary contributions to provide for public goods such as city parks unlikely to lead to an efficient quantity of parks in a city? (LO8-3)
Why are both nonexcludability and nonrivalry important elements of public goods? (LO8-3)
List the public-good aspects (if any) of the following goods: safety, street names, and a steak dinner. (LO8-3)
Economists Don Fullerton and Thomas C. Kinnaman studied the effects of the Charlottesville, Virginia, change from charging a flat fee for garbage collection to charging$0.80 per 32-gallon bag and
There’s a gas shortage in Gasland. You’re presented with two proposals that will achieve the same level of reduction in the use of gas. Proposal A would force everybody to reduce their gas
Which is more efficient: a market incentive program or a direct regulatory program? Why? (LO8-2)
The marginal cost, marginal social cost, and demand for fish are represented by the curves in the graph below. Suppose that there are no restrictions on fishing. (LO8-1)a. Assuming perfect
Would a high tax on oil significantly reduce the amount of pollution coming from the use of oil? Why or why not? (LO8-2)
How would an economist likely respond to the statement“There is no such thing as an acceptable level of pollution”?(LO8-1)
Is the marginal social benefit of a good that exhibits positive externalities greater or less than the private social benefit of that good? Why? (LO8-1)
State three reasons for a potentially beneficial role of government intervention. (LO8-1)
In 2004, the University of California education system drastically cut enrollment due to significant state budget cuts and asked 7,600 applicants to defer enrollment for two years after completing
The president of Lebanon Valley College proposed the following tuition program: provide a 50 percent tuition reduction for those graduating in the top 10 percent of their high school class, 33
The Pure Food and Drug Act of 1906 is known as“Dr. Wiley’s Law.” It is generally regarded by noneconomic historians as representing the triumph of consumer interests over producer interests.a.
Can you suggest a tax system that led to this building style, which was common in old eastern European cities?
Because of the negative incentive effect that taxes have on goods with elastic supply, in the late 1980s Margaret Thatcher (then prime minister of Great Britain)changed the property tax to a poll tax
Many of the buildings in Paris have Mansard roofs, such as those shown in the photograph on page 145.a. What property tax structure would bring this about?b. Could you imagine a change in the
God sees all individuals as equal, and that what one does to the least of God’s children, one does to all. How does that approach to thinking about issues fit with the economic analysis that
The elasticity of the supply of labor in part determines who bears the burden of Social Security taxes. Those taxes are typically levied in matching 6.2 percent shares on workers’ wages and wages

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