Economics

Answer the following questions in short answer/essay form. The answers can be found on the internet. Competency 1 COMPETENCY: Globalization (Peng Chapters 1, 5, 6, 11) Explain the New, Evolutionary, and Pendulum views of Globalization. How do these differ from one another? What is Foreign Direct Investment? What different political views exist on FDI? What benefits exist to a country receiving FDI? Elaborate. What costs exist to a country receiving FDI? Elaborate. How do resources and capabilities influence the competitive dynamics of a business? What is resource similarity and how does this impact competitive dynamics? COMPETENCY: International Trade and Foreign Exchange Market (Peng Chapters 5, 7, 10) 1- Give a description of the classical theory of international trade. 2- How would the modern theory compare to the classical theory? 3- Compare absolute advantage to comparative advantage. What differences exist? 4- What is mercantilism and why is this an important term? 5- What are the critical features of the product life cycle? 6- How would you describe strategic trade? 7- How are supply and demand related to the exchange rate of a country? 8- Which theory came first, mercantilism or modern-day protectionism? 9- If a company seeks to limit foreign exchange rate exposure in the forward direction, what is the most effective way to do this? 10- What is transaction risk? 11- Explain the concept of “hedging” as it relates to reducing various types of risk. 12- What is the difference between currency hedging and strategic hedging? 13- What advantages exist with first mover? 14- What advantages exist with late mover? 15- Consider the model of foreign market entries. How is scale-of-entry related/relevant? Competency 2 COMPETENCY: Political and Economic Forces (Peng Chapter 2) 1- How do institutions reduce uncertainty? 2- Discuss and compare the three pillars (regulatory, normative, and cognitive) 3- Compare formal and informal institutions. 4- On what is the institution based view of global business grounded? What core propositions lie at the root of this view? 5- How is global business affected by democracy? 6- How is global business affected by totalitarianism? 7- What are the differences between democracy and totalitarianism? 8- Explain the core features of civil, common and theocratic law? How do they compare? 9- What is a property right? In what way are property rights essential? 10- What is an intellectual property right? 11- Contrast the market, command, and mixed economy types. Competency 3 COMPETENCY: Consumer Behavior (Mankiw Chapter 21) 1- What is an indifference curve? 2- What are the four properties of an indifference curve? 3- Explain marginal rate of substitution. 4- What is a budget constraint? 5- How might a budget constraint be impacted by an increase in income? 6- What two graphical elements are needed in order to determine a consumer’s optimal point of consumption? 7- How is a consumer’s optimal point of consumption determined precisely? What is the condition that must be met? COMPETENCY: Firm Behavior under Different Market Structures (Mankiw Chapters 13-17) 1- How is marginal cost derived? 2- How is marginal cost related to total cost? 3- What is the specific formula to calculate marginal cost? 4- If Dave’s company has a total cost of $100 when quantity output is 5, and a total cost of $115 when quantity output is 6, what is the marginal cost of producing the 6th unit? 5- Total cost is made of two types of costs, what are they? 6- How does a firm determine to shut down in the short-run? What rule characterizes this? 7- What is a price taker? Which of the market structures are characterized as being “price takers”? 8- When a market is characterized as being a price taker, what fundamental shape does the demand curve for this market take? 9- How is the demand curve for a perfectly competitive firm distinct from the demand curve for a monopolistic market? 10- What does “downward sloping” with regards to a demand curve mean? 11- Where do firms with market power determine the quantity of product/service they will produce? 12- What is the primary goal/objective of the firm? 13- If the firm has price setting capacity, how will they use information about marginal costs and marginal revenues in order to accomplish their primary objective? 14- Describe the basic distinctions between the market models with respect to: number of market participants, type of product being marketed, ease of entry/exit into the market, and the prevalence of advertising/marketing. 15- What fundamental truth is realized when studying the behavior of an oligopolistic firm within the context/model called “prisoner’s dilemma”? 16- How might an oligopolistic firm behave like a monopoly? What forces may prevent this? Competency 4 COMPETENCY: Macroeconomic Principles (Mankiw Chapters 29 & 34) 1- What tools does the Federal Reserve have with regards to monetary control? 2- What are open market operations? 3- When the Fed buys bonds, what impact does this have on the money supply and aggregate demand? 4- When the Fed sells bonds, what impact does this have on the money supply and aggregate demand? 5- What is a discount rate? 6- When the Fed reduces the discount rate, what impact will this have on the money supply and the aggregate demand? 7- When the Fed increases the discount rate, what impact will this have on the money supply and the aggregate demand? 8- What is a reserve ratio? 9- What would the Fed need to do with the reserve ratio in order to increase the money supply and aggregate demand in the economy? 10- What would the Fed need to do with the reserve ratio in order to decrease the money supply and aggregate demand in the economy? 11- If the Fed uses monetary policy in a way that increases money supply, what effect will this have on interest rates and aggregate demand (consider them separately)? 12- If the government uses fiscal policy to increase government spending what impact will this have on interest rates and aggregate demand? 13- If the government uses fiscal policy and cuts taxes, what effect will this have on interest rates and aggregate demand? COMPETENCY: Microeconomic Principles (Mankiw Chapters 4 & 5) 1- Explain the effect an income change might have on shifting the demand curve? 2- What is the difference between a normal good and an inferior good? Explain. 3- Explain how the price of related goods is related to changes in the demand curve? 4- If Luke and I are the only sellers of paper in a given market, and Luke drops his prices for paper, how will this impact the demand for my paper? Which way will the demand curve shift? 5- What other factors might influence the position of the demand curve? 6- What numerical value determines whether or not a product/service is considered price elastic versus inelastic? 7- What is income elasticity and how is it measured? 8- What is price elasticity of demand? Explain the distinctions between elastic, inelastic, and unit-elastic. 9- What two results stem from income elasticity? Why is this important to an economist? 10- What is cross-price elasticity? How is this defined and what result comes from this measure of elasticity? 11- Can you summarize the 3 types of elasticity, their equations, purpose and outcomes? 12- In the net, how are price (P) and quantity (Q) changed by a simultaneous increase in demand and supply? 13- In the net, how are price (P) and quantity (Q) changed by a simultaneous increase in demand and decrease in supply? 14- In the net, how are price (P) and quantity (Q) changed by a simultaneous decrease in demand and supply? 15- In the net, how are price (P) and quantity (Q) changed by a simultaneous decrease in demand and increase in supply? COMPETENCY: Measuring Economic Performance (Mankiw Chapters 7 & 23) 1- What is consumer surplus? 2- Who receives consumer surplus? 3- In relation to the demand curve and price, how is consumer surplus measured? 4- What is producer surplus? 5- Who receives producer surplus? 6- In relation to the supply curve and price, how is producer surplus measured? 7- How is total surplus determined? 8- In what ways might government or policy makers make use of surplus measures? 9- What is the difference between macroeconomics and microeconomics? 10- Why must income equal expenditure in an economy as a whole? 11- Define gross domestic product (GDP). What does it measure? 12- Describe the four components of GDP and explain how they affect aggregate demand. 13- Why are transfer payments such as social security not counted in government expenditures? 14- What is the difference between real and nominal GDP? Why do we need to measure GDP in real terms?

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The World Trade Organization is an important global organization that deals with the rules of trade between nations with the goal to ensure that trade flows as smoothly and predictably as possible. One common critique of the WTO is that it overturns national environmental protections and forces countries to lower standards. Research and find at least one example where the WTO has done this. What are the implications to the country, to the rest of the member states, and to international trade when the WTO overturns such national environmental protections? Minimum word count: 600 words; Have an introduction and a strong conclusion; provide a cover page and a separate reference page; Follow APA guidelines.

This is a management course. We are to pick between the economic crisis that started in 2007, rise of inequality, populism, threats to democracy, OR impacts of technology on Western culture, economy, and politics and write our reflection on the topic. Our reflection should be based on the following book. The Rise and Fall of Neoliberal Capitalism – David M. Kotz – 2015

Please listen to the following EconTalk podcast in its entirety: Craft a discussion post in which you answer the following: 1. The host (Roberts) and the guest (Rajkumar) agree that the current prices of cancer drugs are not reflective of a ‘market price.’ Why not? What are the main factors that influence the prices of cancer drugs (and other pharmaceuticals) in the U.S.? 2. To what extent is the demand for this type of product characterized by ‘bounded rationality’ and cognitive biases? Is this an example where the ultimate consumer, the patient, is not the best judge of need or value? Why or why not? 3. Which of Rajkumar’s reform proposals do you find to be the most compelling? Which are the least persuasive? Explain. 4. This podcast might be summarized by the maxim, “governments are notorious for simultaneously subsidizing demand and restricting supply – a recipe guaranteed to raise prices.” Where else do you observe this pattern?

1. Why are coal miners paid more than other workers with similar amounts of education? (4 Marks) 2. A basic finding of labour economics is that workers who have more experience in the labour force are paid more than workers who have less experience (holding constant the amount of formal education). Why might this be so? Some studies have also found that experience at the same job (called job tenure) has an extra positive influence on wages. Explain why this might occur.(4 Marks)

The topic is on whether or not oligopolies must be regulated?

Consider three possible areas for applying a tradable permit system: Runoff of nitrates in the Mississippi River basin (see http://graphics.wsj.com/mississippi/ (Links to an external site.) for more detail) Mercury emissions from coal-fired power plants (see https://www.epa.gov/mats/cleaner-power-plants#controls (Links to an external site.) – the current plan is to set a standard for mercury) Shrimp, an important natural resource found in the waters off the coast of South Carolina (see http://www.dnr.sc.gov/marine/pub/seascience/shrimp.html (Links to an external site.) for background on shrimp in South Carolina) Which of these do you think presents the greatest opportunity from shifting from a standard based regulation to a tradable permit system and why? Describe briefly how such a system might work in this case, including who would get permits, the size of net benefits from controlling emissions (or overharvesting in the case of shrimp) resulting from a more cost effective regulation, and what you think the greatest challenge to implementing such a system might be. Present your ideas in about 350-400 words.

Here are four individuals telling you their stories of how they became unemployed. In a multi-paragraph essay, apply the theories of unemployment to explain the type of unemployment that each of these individuals is facing and explain which of these individuals qualifies for unemployment benefits: Two months ago, Marcelle used to work full time in an automobile manufacturing firm. “The factory where I used to work has closed because our market contracted so much, and so I was laid off. This is happening to people all over the country-all you see in the papers is that economic growth has fallen and incomes across the country have fallen. I have been looking very hard for a new job, but have had no luck yet.” Until last week, Dominic used to work full time as a hair-dresser in downtown Cincinnati. “I decided to quit my job, because I want to move to New York City.” Until last month, Francine worked part time at a ski resort. “Well, it is summer now, and so the resort is closed. I will apply again in the winter when the snow is back. I am not interested in working until then.” Two months ago, Beauvoir had been working full time as a secretary. “I was a good typist, but I don’t know how to use a computer. My boss wanted to upgrade the office to computers, and so I was replaced by someone who is computer-savvy. I have been looking for another job, but it appears that I need to learn some computer skills.” Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.

Summarize two videos, the summary should be less than 250 words per video (500 words total). Do not quote or copy any element when writing your journal. The journal should be completely original. DO NOT USE OVER COMPLICATED VERBIAGE. Aggregate Demand: https://www.khanacademy.org/economics-finance-domain/macroeconomics/aggregate-supply-demand-topic/aggregate-supply-demand-tut/v/aggregate-demand Long Run Aggregate Supply: https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/national-income-and-price-determinations/long-run-aggregate-supply-ap/v/long-run-aggregate-supply