11. Long answer (25 points). This question is about risk and expected wealth and utility. Sup- pose that you live in a town with only two types of jobs: relatively dangerous jobs and relatively safe jobs. Workers at safe jobs make Y = X per year and are injured on the job with probability Pg. Workers at dangerous jobs are injured on the job with a higher proba- bility Pp, so they make a greater salary of Y = X + D per year. In either industry, an injury leads to a loss of 3/4 of the worker's salary, so an injured worker in the safe job ends up with X/4 and an injured worker in the dangerous job ends up with (X + D)/4. (a) Calculate the expected income in the safe industry and the expected income in the dan- gerous industry.21) Determine which version of the efficient markets hypotheses is contradicted by a momentum strategy whereby investors can use past stock returns to form a portfolio with positive alpha. (A) Weak form only (B) Weak form and semi-strong form only (C) Weak form, semi-strong form, and strong form (D) Strong form only (E) It does not contradict any of the three forms of the efficient markets hypothesis.3. Define both terms and explain the difference between microeconomics and macroeconomics. Is gross domestic product a microeconomic or macroeconomic question? Is the price change of pizza a microeconomic or macroeconomic question? 4. Scans of internal organs using magnetic resonance imaging (MRI). These devices are often covered by subsidized health insurance programs such as Medicare. Consider the following table illustrating hypothetical quantities of individual MRI testing procedures demanded and supplied at various prices. Answer the following questions (4 points) Price Quantity Quantity Demanded Supplied $100 100,000 40,000 $300 90,000 60,000 $500 80,000 80,000 $700 70,000 100,000 $900 60,000 120,000 a. What is the equilibrium price and equilibrium quantity of MRI tests? b. Suppose that the government establishes a health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage? How large is the surplus or shortage? 5. Paint and paintbrushes are complement goods. Describe what occurs in both markets when there is an increase in the price of paint. In your explanation, be sure and describe which one is a change in quantity demanded with movement along the demand curve and which one is a change in demand with a shift in the entire demand curve: a. Explain what happens to the demand curve for paint when the price of paint increases. b. Explain what happens to the demand curve for paintbrushes when the price of paint increases. 6. Briefly explain the three tax systems - proportional, progressive and regressive. As you explain each one, also compare the relationship between marginal tax rate and average tax rate as income rises for each one.3. Define both terms and explain the difference between microeconomics and macroeconomics. Is gross domestic product a microeconomic or macroeconomic question? Is the price change of pizza a microeconomic or macroeconomic question? 4. Scans of internal organs using magnetic resonance imaging (MRI). These devices are often covered by subsidized health insurance programs such as Medicare. Consider the following table illustrating hypothetical quantities of individual MRI testing procedures demanded and supplied at various prices. Answer the following questions (4 points) Price Quantity Quantity Demanded Supplied $100 100,000 40,000 $300 90,000 60,000 $500 80,000 80,000 $700 70,000 100,000 $900 60,000 120,000 a. What is the equilibrium price and equilibrium quantity of MRI tests? b. Suppose that the government establishes a health plan guaranteeing that all qualified participants can purchase MRI tests at an effective price to the individual of $100 per test. How many MRI tests are now demanded? Is the result in the market a surplus or shortage? How large is the surplus or shortage? 5. Paint and paintbrushes are complement goods. Describe what occurs in both markets when there is an increase in the price of paint. In your explanation, be sure and describe which one is a change in quantity demanded with movement along the demand curve and which one is a change in demand with a shift in the entire demand curve: a. Explain what happens to the demand curve for paint when the price of paint increases. b. Explain what happens to the demand curve for paintbrushes when the price of paint increases. 6. Briefly explain the three tax systems - proportional, progressive and regressive. As you explain each one, also compare the relationship between marginal tax rate and average tax rate as income rises for each one.com/document/d/lysin Add-ons Help. All changes Saved In Drive Arial 11 BIUAS 3 5 1 Each answer is expected to be a minimum of (5 pages)10 total typewriting pages 1. A large, and continuously developing, body of research has revealed that biological and environmental sources collectively influence all measurable traits. While a substantial portion of this literature has focused primarily on the independent influences stemming from biology and environments, other work as focused on how both sets of influences work collectively. What are the primary ways in which genetic and environmental influences work together to shape behavior? In your answer be sure to: a) Explain the two main categories of gene-environment interplay as well as any subtypes within each category bj Relate your discussion of each category to behavioral outcomes c) Provide specific examples within your discussion 2. Various biological influences have been found to implicated in the development of various behaviors, including but not limited to antisocial behavior. With that said, the processes linking blogy and behavior are complex with multiple linkages, feedback loops, and interactions. Despite this complexity, we have made tremendous progress in specifying these processes and. as a result, shedding additional light on the ways behavioral differences form. Using a specific example, provide an overview of some of the primary linkages in the overall process that connects an environmental influence to a specific behavior. In your answer be sure to: a) Choose a specific environmental influence (can be positive or negative) b) Identify specific biological processes that connect the chosen environment to behavior (you DO NOT need to be exhaustive here, but you do need to focus on one to two specific processes) c) Identify a specific behavioral outcome (again, positive or negative) that has been found to be correlated with the environmental influence you have selected dj Discuss the linkages between the environmental influence you selected, the biological processes you wish to highlight, and your selected behavior Ocom/document/d/lysin Add-ons Help. All changes Saved In Drive Arial 11 BIUAS 3 5 1 Each answer is expected to be a minimum of (5 pages)10 total typewriting pages 1. A large, and continuously developing, body of research has revealed that biological and environmental sources collectively influence all measurable traits. While a substantial portion of this literature has focused primarily on the independent influences stemming from biology and environments, other work as focused on how both sets of influences work collectively. What are the primary ways in which genetic and environmental influences work together to shape behavior? In your answer be sure to: a) Explain the two main categories of gene-environment interplay as well as any subtypes within each category bj Relate your discussion of each category to behavioral outcomes c) Provide specific examples within your discussion 2. Various biological influences have been found to implicated in the development of various behaviors, including but not limited to antisocial behavior. With that said, the processes linking blogy and behavior are complex with multiple linkages, feedback loops, and interactions. Despite this complexity, we have made tremendous progress in specifying these processes and. as a result, shedding additional light on the ways behavioral differences form. Using a specific example, provide an overview of some of the primary linkages in the overall process that connects an environmental influence to a specific behavior. In your answer be sure to: a) Choose a specific environmental influence (can be positive or negative) b) Identify specific biological processes that connect the chosen environment to behavior (you DO NOT need to be exhaustive here, but you do need to focus on one to two specific processes) c) Identify a specific behavioral outcome (again, positive or negative) that has been found to be correlated with the environmental influence you have selected dj Discuss the linkages between the environmental influence you selected, the biological processes you wish to highlight, and your selected behavior O1. A large, and continuously developing, body of research has revealed that biological and environmental sources collectively influence all measurable traits. While a substantial portion of this literature has focused primarily on the independent influences stemming from biology and environments, other work as focused on how both sets of influences work collectively. What are the primary ways in which genetic and environmental influences work together to shape behavior? In your answer be sure to: a) Explain the two main categories of gene-environment interplay as well as any subtypes within each category b) Relate your discussion of each category to behavioral outcomes c) Provide specific examples within your discussion 2. Various biological influences have been found to implicated in the development of various behaviors, including but not limited to antisocial behavior. With that said, the processes linking biology and behavior are complex with multiple linkages, feedback loops, and interactions. Despite this complexity, we have made tremendous progress in specifying these processes and, as a result, shedding additional light on the ways behavioral differences form. Using a specific example, provide an overview of some of the primary linkages in the overall process that connects an environmental influence to a specific behavior, In your answer be sure to a) Choose a specific environmental influence (can be positive or negative) bj Identify specific biological processes that connect the chosen environment to behavior (you DO NOT need to be exhaustive here, but you do need to focus on one to two specific processes) c) Identify a specific behavioral outcome (again, positive or negative) that has been found to be correlated with the environmental influence you have selected dj Discuss the linkages between the environmental influence you selected, the biological processes you wish to highlight, and your selected behavior +1. A large, and continuously developing, body of research has revealed that biological and environmental sources collectively influence all measurable traits. While a substantial portion of this literature has focused primarily on the independent influences stemming from biology and environments, other work as focused on how both sets of influences work collectively. What are the primary ways in which genetic and environmental influences work together to shape behavior? In your answer be sure to: a) Explain the two main categories of gene-environment interplay as well as any subtypes within each category b) Relate your discussion of each category to behavioral outcomes c) Provide specific examples within your discussion 2. Various biological influences have been found to implicated in the development of various behaviors, including but not limited to antisocial behavior. With that said, the processes linking biology and behavior are complex with multiple linkages, feedback loops, and interactions. Despite this complexity, we have made tremendous progress in specifying these processes and, as a result, shedding additional light on the ways behavioral differences form. Using a specific example, provide an overview of some of the primary linkages in the overall process that connects an environmental influence to a specific behavior, In your answer be sure to a) Choose a specific environmental influence (can be positive or negative) bj Identify specific biological processes that connect the chosen environment to behavior (you DO NOT need to be exhaustive here, but you do need to focus on one to two specific processes) c) Identify a specific behavioral outcome (again, positive or negative) that has been found to be correlated with the environmental influence you have selected dj Discuss the linkages between the environmental influence you selected, the biological processes you wish to highlight, and your selected behavior +(13) In the market for reserves, if the federal funds rate is above the interest rate paid on excess reserves, an open market purchase the of reserves which causes the federal funds rate to fall, everything else held constant. A) decreases; supply B) decreases; demand C) increases; supply D) increases; demand (14) Everything else held constant, in the market for reserves, when the federal funds rate is 3%, increasing the interest rate paid on excess reserves from 1% to 2% A) lowers the federal funds rate. B) raises the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect on the federal funds rate. (15) Suppose on any given day there is an excess demand of reserves in the federal funds market. If the Federal Reserve wishes to keep the federal funds rate at its current level, then the appropriate action for the Federal Reserve to take is a open market . everything else held constant. A) dynamic; sale B) dynamic; purchase C) defensive; sale D) defensive; purchase8. Find an article that identifies a change in supply or a change in demand. Use the article to fulfill the following instructions and questions: a) Copy and paste the article into your homework assignment. Be sure and cite your reference for the article. Indicate the source, author, title, date, and page for the article you have chosen. b) Write a short summary addressing the following items: i. What shift occurred in either supply or demand and in which direction would the supply or demand have shifted. ii. What factor changed that caused the shift. Describe the changes in the factor that have occurred. iii. Indicate evidence in the article of whether the market is an international, national, regional, or local market. 9. Read the article, The Price of Wine is Dropping Fast, provided at the following: https://www.cnn.com/2020/02/16/business/grape-surplus-cheap-wine- trnd/index.htmlAnswer the following three questions: a. What factors led to an increase in the supply of wine? b. What factors led to a decrease in demand for wine? c. What will the industry need to do to restore the long-term equilibrium in this market? 10. Explain what an externality is and then give an example. How can government correct a negative externality? How can government encourage a positive externality?8. Find an article that identifies a change in supply or a change in demand. Use the article to fulfill the following instructions and questions: a) Copy and paste the article into your homework assignment. Be sure and cite your reference for the article. Indicate the source, author, title, date, and page for the article you have chosen. b) Write a short summary addressing the following items: i. What shift occurred in either supply or demand and in which direction would the supply or demand have shifted. ii. What factor changed that caused the shift. Describe the changes in the factor that have occurred. iii. Indicate evidence in the article of whether the market is an international, national, regional, or local market. 9. Read the article, The Price of Wine is Dropping Fast, provided at the following: https://www.cnn.com/2020/02/16/business/grape-surplus-cheap-wine- trnd/index.htmlAnswer the following three questions: a. What factors led to an increase in the supply of wine? b. What factors led to a decrease in demand for wine? c. What will the industry need to do to restore the long-term equilibrium in this market? 10. Explain what an externality is and then give an example. How can government correct a negative externality? How can government encourage a positive externality