Econ 213

Humanities: Hamanities classes are all about the human. These types of classes focus on cultural values, history and Art.

It is indicated that on page seven in his book, In Our Hands: A plan to Replace the Welfare State, Charles Murray of the American Enterprises outlines his proposal to establish a Universal Basic Income or UBI. Furthermore, based on the work that I have learned in this class over the course of the semester, I believe my overall evaluation of this proposal is that it seems like a great ideal proposal for the United States of America because it provides every individual the opportunity to receive a Universal Basic Income (UBI). However, after learning about what the proposal contains, it seems like it would not be an achievable or possible idea due to various factors. Therefore, it would alter the distribution

Sweeteners and packaging are a variable cost to Coca-Cola because their use is directly proportional to the amount of product produced. If the unit cost of a variable cost item increases, the contribution margin will decline. This will lead to a decline in net income unless the company can increase its selling price, increase the number of units it sells, or reduce other costs.

Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting:

o Mediterranean agriculture was diverse but experienced very little technological improvement. Suffered from overcropping and overgrazing, then deforestation and soil erosion.

A restaurant currently has two cooks and ten waiters. Cooks earn $10 an hour and waiters earn $5 an hour. The last cook

1. Amos McCoy is currently raising corn on his 100-acre farm and earning an accounting profit of $100 per acre. However, if he raised soybeans, he could earn $200 per acre. Is he currently earning an economic profit? Why or why not?

The further growth of the budget deficit has been caused by a weak economy and increased government spending in areas such as: health care, education, defense spending, and lowered taxes. The government and/or Federal Reserve Bank can often hurt the economy trying to balance out high budget deficits. There is no doubt that our national debt is increasing. Budget deficits today will reduce the growth rate of the economy in the future, proving where we invest our money matters. Fiscal and monetary policies also play a role in managing budget deficits. High budget deficits will certainly affect the overall economic growth and the debt that the U.S. has to struggle with.

Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity

Centrally planned economies tend to not have a problem with unemployment, and market economies do because market economies can’t predict supply and demand unlike how centrally planned economies know how much to produce in order to keep up with the need of the market. Market economies are able to keep up with shifts in demand, where centrally planned economies are unable to do so since they need permission from the single person or group that is in charge of decisions before making any changes to their output, which also makes them more efficient. A couple other differences are that centrally planned economies have compensation that is morally based, and the assets tend to be state owned, where a market economy’s compensation is usually material goods and the assets are privately owned.

1) Problem 6: Suppose demand and supply are given by Qd = 60 – P and Qs = P – 20.

In 1983, the video game industry experienced a major “crash” due to a number of factors (A&E Network). One factor was an oversaturated game console market which caused extremely low sales of all games and consoles all at once (A&E Network). The second factor was due to a

6. NI is composed of a number of categories. What category makes up the largest portion of NI?

The magnitude of the slope of the budget line equals the relative price of the good or service measured on the horizontal axis. A fall in the price of the good measured on the horizontal (vertical) axis decreases that good’s

3. What are the key success factors in the video gaming industry today? Are these the same as in the past?