WHY SCARCITY IS A CULTURAL CONCEPT?
Unit I Homework Answer the following from the Problems Appendix in the back of your textbook on pp. 325-326,
Chapter 1: Questions 1, 2, and 4
1. What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?
2. Discuss the impact of rational self-interest on each of the following decisions:
a. Whether to attend college full time or enter the workforce full time
b. Whether to buy a new textbook or a used one
c. Whether to attend a local college or an out-of-town college
4. The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase profitability?
Chapter 2: Questions 1, 2, and 4
1. Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
2. You can either spend spring break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What’s your opportunity cost of going to Florida?
4. Provide some examples of specialized markets or retail outlets. What makes the Web so conducive to specialization?
Your completed Homework assignment should be at least three to four pages in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.
Course Textbook McEachern, W. A. (2015). ECON macroeconomics (4th ed.). Stamford, CT: Cengage Learning.
During the 1950' s and 1960' s, female pop music groups became wildly popular with American teenagers. How did the music of “girl groups” help to support feminism for young women of the time? Why was this music seen as dangerous to parents during this time? This paper should be 1-2 pages, in APA style, utilizing the college' s library resources. One scholarly article as a minimum should be included in your essay.
What role does microeconomics play in business decisions as compared to macroeconomics? Provide at least one real-world example to demonstrate how microeconomics and macroeconomics impact the decision-making process of a business.
What are some of the trends in mobile banking? Will we become a cashless society in which all transactions are made with some type of credit card?
Question 29
What are the obstacles in penetrating the markets in transitional economies? [2 Marks]
International travel has its own price elasticity of between -1.2 and -1.5. The demand for international travel has increased about 25% over the past year. What could be the possible price change at the same time interval? (Select all that apply)
| It has increased by 20.8% | ||
| It has increased by 25% | ||
| It has declined by 18% | ||
| It has declined by 16.7% | ||
| It has declined by 20.8% | ||
| It has increased by 20% | ||
| It has declined by 25% | ||
| It has declined by 17.5% |
1. Usually when the dollar weakens.US exports are expected to pick up and US imports fall. However, inflation plays an important part in this too. If US inflation is 12%. Japanese is 3% and the US dollar depreciates 4%. We would expect US exports to Japan to ______ and US imports from Japan to ______ A. Fall; Rise B. Fall; Fall C. Rise: Fall D. Rise; Rise 2. As the US dollar depreciate a US importer paying MXNN 5471 for a good from Mexico will find the dollar cost they pay for the good to be going up? A. Vary B. Faux 3. Suppose the current account for the US. Shows a deficit of$400 billion in goods/merchandise and a deficit of $800 billion in services, this would imply the US has a relative comparative advantage in the productions of? A. Good/ merchandise B. both Good/ merchandise and services C. Services D. Neither Good/merchandise nor service.
Macroeconomic Conditions and Company Performance: RE: Walmart, Neighborhood Market a) Describe the trends of Net Profit and Total Revenue over the past three years. b) Analyze the relationship between Net Profit and Total Revenue (performance variables) and Unemployment, Inflation, and Interest Rates (macroeconomic variables) for the past three years. Include Any relating graphs or suggested graphing methods** c) Assess how the current monetary policy and fiscal policy in the United States may impact Walmart Neighborhood Markets financial performance in the short term (six months to one year). Justify your response
Because some college majors pay nearly twice as much as others, why would students pursuing their rational self-interest choose a lower paying major? What can you learn about the payoff to college education for both women and men? . . .
Use relevant diagrams to answer the following: a. If consumers foresee future taxes completely, what would bathe impact of reduction in taxes this year that is accompanied by an offsetting increase in future taxes, on the goods market equilibrium. (Assumes a closed economy and that taxes don’t impact investment decisions and also assume consumption smoothing) b. The tax code changes so that business firms face higher tax rates on their revenue (offset by other lump-sum tax changes so there’s no overall change in tax revenue). What happens to saving, investment, real interest rate and current account balance in a small open economy. . ..
Use the first web site listed below to find the budget surplus or deficit for the last 5 years. Use the second web site to find the unemployment rate during those same years. Explain whether you think fiscal policy was appropriate during the last 5 years, assuming the economy is at the full employment level when the unemployment rate is 5 percent. Make your reasons clear. The Congressional Budget Office is charged with providing nonpartisan analysis of the economy and the budget to Congress. Got their home page (see the URL below), click on “Historical Budget Data,” and then select the Historical Budget Data – Jun 2017. Open the excel document, select the Deficits, Surpluses, and Debt tab at the bottom and write down the numbers for the past 5 years, which are present in the seventh column, the Total Deficit (-) or Surplus. http://www.cbo.gov/topics/budget The Federal Reserve Bank of St. Louis maintains a free database of economic data called FRED. Go to the page (find the URL below), search on the term unemployment and click on “Civilian Unemployment Rate.” Look at the chart to get the unemployment rate over the last5 years.” . . .
Use the first web site listed below to find the budget surplus or deficit for the last 5 years. Use the second web site to find the unemployment rate during those same years. Explain whether you think fiscal policy was appropriate during the last 5 years, assuming the economy is at the full employment level when the unemployment rate is 5 percent. Make your reasons clear. The Congressional Budget Office is charged with providing nonpartisan analysis of the economy and the budget to Congress. Got their home page (see the URL below), click on “Historical Budget Data,” and then select the Historical Budget Data – Jun 2017. Open the excel document, select the Deficits, Surpluses, and Debt tab at the bottom and write down the numbers for the past 5 years, which are present in the seventh column, the Total Deficit (-) or Surplus. http://www.cbo.gov/topics/budget The Federal Reserve Bank of St. Louis maintains a free database of economic data called FRED. Go to the page (find the URL below), search on the term unemployment and click on “Civilian Unemployment Rate.” Look at the chart to get the unemployment rate over the last5 years.” https://fred.stlouisfed.org/ Use the first web site listed below to find the budget surplus or deficit for the last 5 years. Use the second web site to find the unemployment rate during those same years. Explain whether you think fiscal policy was appropriate during the last 5 years, assuming the economy is at the full employment level when the unemployment rate is 5 percent. Make your reasons clear. The Congressional Budget Office is charged with providing nonpartisan analysis of the economy and the budget to Congress. Got their home page (see the URL below), click on “Historical Budget Data,” and then select the Historical Budget Data – Jun 2017. Open the excel document, select the Deficits, Surpluses, and Debt tab at the bottom and write down the numbers for the past 5 years, which are present in the seventh column, the Total Deficit (-) or Surplus. http://www.cbo.gov/topics/budget The Federal Reserve Bank of St. Louis maintains a free database of economic data called FRED. Go to the page (find the URL below), search on the term unemployment and click on “Civilian Unemployment Rate.” Look at the chart to get the unemployment rate over the last5 years.” https://fred.stlouisfed.org/ . . .