Economics Questions

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.

-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).

Additionally, Centrally Planned Economies usually involve 2 types of government: Socialism which is a social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout a

In the United States, we encounter quite a bit of obstacles that we can’t seem to get rid of completely. We as a nation deal with inflation, unemployment, stagflation, recessions, depressions, and so much more. Reading these three articles opened my eyes to the world of economics, and even made me question the society we live in. I’ve learned that sometimes questions can’t be answered, and I learned that once we solve one issue, there is always another issue on its way. These articles made me analyze, and think about the future of economics, and what I can do to try and help the economy. These authors of these three articles make it very clear that there are issues in the United States, and they do an amazing job

Answer the next question on the basis of the following production possibilities tables for countries Alpha and Beta:

6. Explain which economic system (market, planned, mixed, or traditional) you think is best for consumers. Describe at least one reason why you think this system is best for consumers. (4-7 sentences. 3.0 points) I think the best economy is Mixed economies are likely to be the best choice for consumers. This is because there is no dominance of a particular ideology (capitalism, socialism, etc.). This type of system allows for a wider variety of applying differing methods to a host of problems. In other words, it allows for greater openness and less restriction when considering which ideas are ideal for the situation.

READ: Naked Economics: Undressing the Dismal Science, Charles Wheeland, W.W. Norton, 2003. Completely- cover to cover.

18. If the production function for an economy had constant returns to scale, the labour force doubled, and all other inputs stayed the same, what would happen to real GDP?

1. (10 pts.) Stella Ann Freeman is having a difficult time deciding whether or not to purchase a new car. How would understanding the concept of opportunity costs help her make a decision?

Basic economic models assume that all parties have “perfect information.” How does “informational asymmetry” undermine our market economy?

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?

In a market economy, consumers decide what is produced, producers decide where and how to produce, and consumers decide who gets the products. Also, all productive resources are privately owned and operated. In a traditional economy all resources come from self labor and the government owns all resources. In a command economy, the government plans ways to allocate resources in key industries. Command economy’s government owns all basic resources and anything else is privately owned.

5. What are the factors of production? How can economies grow when one or more of the factors is weak?

Velammal Institute of Technology Department of Computer Science and Engineering MG2452- Engineering Economics and Financial Accounting Question Bank Part A: 1. Define economics 2. Define managerial economics. 3. Define micro economics 4.

Question A The term economic cycle typically refers to fluctuations in production, trade, unemployment, spending, and economic measures over the course of a time period. In capitalism, these fluctuations usually occur between expansion and boom period (rapid economic growth) and periods of decline or stagnation (recession or contraction). They do not follow a predictable pattern and have a number of variables associated. Capitalism, whether simply the term used as Adam Smith's ideal system or the modern trading of wealth and goods/services needs three things to be successful: a market, a means of production, and natural product. The market may be created (we now have multibillion dollar companies that do nothing but create want), or necessary (certain foods, etc.). The means of production is most usually technological, at least in societies that have advanced; and the natural resources may be human or physical. Because of the volatility and number of variables, it is natural that cycles occur.