Economics Exam Paper

The economy of Brazil is in the top ten largest economies along with the United States. It is the biggest in Latin America. Actually it is the seventh largest in the world. Brazil has used its newly found economic mechanism to syndicate its outcome in South America and show more of a role in the Global Businesses. The Obama Administration’s National Security Strategy recognizes Brazil as a developing center of effect, and greets the management of the country’s joint and global issues. The United States and Brazil associations mostly have been good in the recent years. But Brazil has other strengthening relations with neighboring countries and expanding ties with nontraditional partners in the South that’s developing.

Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there are days when ice creams remain unsold but other days when there are not enough ice creams for the number of customers.

-Mohair farmers have earned a subsidy from the federal government for decades because the mohair farmers can get large payments from the government without taxpayers ever really noticing because the farmers who get the subsidy care a lot about it, while the rest of us taxpayers (paying mere pennies extra in taxes) do not really care. And, “any politician with a preference for job security can calculate that a vote for the mohair subsidy will earn the strong support of the mohair farmers while costing nothing among other voters” (Wheelan 177).

Refer to the above table. Suppose the government commands each firm to reduce its emissions by 1 ton each and allows these two firms to trade pollution permits. If a 1-ton credit is sold for $175, the total cost for both companies combined to reduce emissions by a total of 2 tons could be as low as:

THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS ECON1202/2291 QUANTITATIVE MEHODS A FINAL EXAMINATION SESSION 2 2008

1. NORMATIVE ECONOMICS—REPUBLICANS VERSUS DEMOCRATS Visit both the Republicans’ www.rnc.org and the Democrats’ www.democrats.org Web sites. Both parties address Healthcare and both address Energy policy, for example. (Democrats under “Issues”, Republicans under “Our Party”.) Compare and contrast their views on two such issues. Generally speaking, how much of the disagreement is based on normative economics compared to positive economics? Give an example of loaded terminology from each site.

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

An increase in the exchange rate of the U.S. dollar relative to a trading partner can result from

(7) A monopolist can discriminate prices for his product, a firm working under perfect competition cannot. The monopolist will be increasing his total profit by price discrimination if he find? Elastic ties of demand are different in different markets.

What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases?

10. The characteristic of oligopolistic firms that makes them different from all other types of firms is that oligopolistic firms

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

The current economy has hurt many retail businesses. Every month another retail giant closes its doors. Retail stores which we never would have imagined have gone bankrupt. Retail sales have declined greatly. Major cause of this declination is because many people are unemployed and cannot afford to purchase anything. Retailers are forced to discount prices to increase sales, but discounting still hurts margins. Retailers are assuming a very

•Oligopoly: This is an industry with very little firms in the market. If they conspire, they weaken output and raise profits the way a monopoly would and should do. For example the mobile phone industry is an oligopoly what with so many companies for example Apple, LG and Samsung all competing together. Supermarkets are oligopoly’s as they make supernormal profits as well.

In the United States, minimum wage has remained at a low number for several years. Minimum wage is defined as the lowest possible income that an employer can legally pay an employee. This ensures that all people are fairly paid and not defrauded by companies or businesses. Minimum wage is considered a price floor and the minimum wage laws determine the lowest price possible that any employer must pay for labor. In an economic model, the quantity of supplied is greater than the quantity demanded and the minimum wage is above equilibrium price and quantity. Minimum wage prevents labor supplied and labor demanded from moving