Worksheet 1

E01

1)How do markets to Shifts in the Demand and / or the Supply curve.What is the difference between a movement along a specific demand curve or supply curve and a shift of that demand or supply curve. Provide an example using the recent Corona Virus situation. 2) What is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing Corona Virus Crisis? What is a clear indication that the GDP will be decreasing? Question 3:Why did the Fed switch from increasing Federal Reserve target rates from Dec 2015 to Dec 2018 to reducing interest rates in August 2019? Question 4.Economists often say that trade is a win-win situation. How do you justify this? Why might well-educated economists disagree on appropriate public policy in some situations?Explain some policy options that the US and other countries are considering or implementing in terms of the Corona Virus crisis. 6. Carefully distinguish between an economic theory and economic model. What is the role of value…

Economic models are presented     Through graphs and / or mathematical equations     With graphs only     With mathematical equations only     With neither graphs nor mathematical equations     With sophisticated physical structures that contains all economic variables

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Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

Reading Comprehension : Read the text and answer the questions below.   Producers and consumers Once people could only trade what they could produce with their hands or find in nature for things that other people had made. Then money became a medium of exchange and economic systems were created. Today, developments in industry and technology have enabled vast quantities of goods to be manufactured, transported, and traded, and a range of services like insurance, banking and retail have also appeared. In the digital age, services such as online shopping have made selling goods even easier and trade is now more global than ever. Have these transformations made our lives better? The most obvious benefits of trade relate to consumer choice. There are so many goods and services to choose from that shopping has now become a leisure activity for many people. The internet has also allowed shoppers to compare prices and choose the best deal. However, there are winners and losers; not all…

A) Define (in your own words, please do not use the book, or other online resources) and give a strong, unique, example for the following terms. Answers will be checked for originality. Economics: exports: imports: macroeconomics: microeconomics: model: scarcity:

Discuss Kenya from an economic (urban) perspective. Using some terms: Agglomeration - The economic benefits that accrue from industries and firms that are clustered together or near each other over an extended metropolitan area that encompasses the built-up area of a central city plus some surrounding regions.   Economy of scale-  The efficiency gains and cost reductions that a firm obtains due to expansion. A producer’s average cost per unit falls as the scale of output is increased. At the micro level, economy of scale can be obtained by a single firm’s expansion, while there can be economy of scale efficiency gains as a result of the collective and mutually reinforcing or synergistic growth of a group or cluster of firms.   Global City - Saskia Sassen’s term for major cities that act as control centers for the global economy.   Globalization - The growing integration of countries, firms, individuals, goods, and information across the world.   Urbanization-  the process by which a…

1. Economic models The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production

Assume you are given the following data for country Alpha and country Beta. Country Alpha Beta GDP per Capita $2,500 $15,000 Based only on the GDP per capita data given in the table, you would most likely want to live in Now assume you are given the following additional quality-of-life data. Alpha Beta Life Expectancy at Birth Per Capita Calorie Supply Country Alpha Beta (Years) 70 (Per day) Per Capita Energy Consumption (Kilograms of oil equivalent) 3,500 65 2,500 4,000 3,000 Based on the information in both tables, the nation that you would most prefer to reside is .

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Instructions:The economic ideas of two the most influential economists:  John Maynard Keynes and Frederic von Hayek have a significant impact on the US economy and the entire global economy. They had very different views about a free market economy and the role of the government. Even though they had arguments in 1930s, their ideas still affect our contemporary economic systems. The relevance of their views will be debated in the video:  Fear The Boom and Bust": Keynes vs Hayek Rap Battle. Two models below represent John Maynard Keynes and Frederic von Hayek concepts of aggregate-demand (AD) and aggregate-supply(AS) of the nation’s economy. Once you’ve watched the video and read Chapter 32: Aggregate Demand and Aggregate Supply, then answer the questions that follow. The following links provides a two-minute videos about demand-pull inflation, cost-push inflation, recession, short-run period, and long-run period.  http://welkerswikinomics.com/blog/2011/04/08/1643/ Figure 1: Hayek’s…

March is Women's History Month and March 8 is International Women's Day. On your own, find out about how this celebration got started. Next, use this website to learn about a woman in history whom you have not heard of before now. Without plagiarizing from the website--that is, use all your own words-- write us a short letter of about 100 words (Begin with Dear Friends in ENG 100 and Dr. Fisher:) to tell us about three facts about this woman and to describe, specifically, why you find her story remarkable and inspiring.

List down the important ideas/concepts. Globalization is the term used to describe how countries are becoming more interconnected economically and culturally. Globalization is an international process driven by trade, investment technology, and finances; this process affects culture, political systems, economic development and prosperity, and human physical well-being worldwide. Globalization is not new, though. For thousands of years, people and later corporations bought from and sold to each other at great distances. One such example is the thin silk road across central Asia that connected China and Europe during the middle ages. Still, what exactly has driven globalization over the past 20 years? These have been significant developments in both communications and transport technologies. The introduction of specialized bulk carriers and container ships has helped reduce the cost of transportation and significantly increase the volume of world trade.  Recent developments in…

The development of the internal-combustion engine caused fundamental changes in urban land-use patterns. The transformation from the core-dominated city to the modern suburbanized city took only about 50 years. Given the rapid pace of technological change, it seems likely that some future innovation will cause another transformation of cities. Given your knowledge of science fiction and fact, describe an innovation that would cause fundamental changes in the spatial structure of cities.

Answer all (Question 4 and 5 are compulsory) 4. Explain all three Circular flow economic models in one structure.

Hi, I need help with this Macroeconomics question. Thank you!

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Summarize the twelve economic pillars of (the selected country) CHILE. First pillar: The institutional environment Second pillar:  Broad and efficient infrastructure Third pillar:  Macroeconomic stability Fourth pillar:  Health and primary education Fifth pillar: Higher education and quality training in higher education. Sixth pillar:  The efficiency of the merchandise market in efficient countries. Seventh pillar:  The efficiency of the labor market Eighth pillar: The sophistication of the financial market Ninth pillar:  technological provision Tenth pillar: The size of the market Eleventh pillar: Sophistication of business Twelfth pillar: Innovation Use two additional sources of references and at least five (5) of the concepts to expand the information. Example: Microeconomic, Macroeconomic, Foreign Investment, Tariffs, International Monetary Fund, World Trade Organization, among others. Analyze…

Which of the following factors does not help an economy thrive?         increased wages         low unemployment rates         high unemployment rates         discretionary income

Part 2 question: Imagine you are one of the few highly skilled workers in a less developed country. Your country has been increasingly participated in Global Value Chains (GVCs) in the past decades. Is your country’s increasing involvement in GVCs is a good thing for you? Explain why.  [Note: assume that you are primarily concerned about your wages, and you have no intention to migrate to other countries].

How does Professor Moretti explain the relationship between the new American economy and geography?