Economics Test 1 Answers

This question requires you to integrate a variety of sources into a coherent, well-written essay. Refer to the sources to support your position; avoid mere paraphrase or summary. Your argument should be central; the sources should support this argument.

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).

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

The bank rate is the interest rate at which the Bank of Canada stands ready to lend reserves to chartered banks. The banker 's deposit rate is the interest rate that the Bank of Canada pays banks on their deposits at the Bank of Canada. Changes to these rates by the Bank of Canada typically spread to other interest rates and therefore will influence the amount of lending done by the banks.

Question 5 If the relevant population is 268 million people and the number of people in the labor force is 148 million, the labor force participation rate is:

6. Your evaluation of various perspectives on this topic expressed by justices of the Supreme Court, leaders in other branches of government, and commentators in both the academic and popular media. Your assessment should consider several perspectives on this topic, including :

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

5. (TCO 1) If an economy is producing at a point inside a production possibilities curve, then

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

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?

Your paper should be between 1750 and 2500 words, in APA format and structured as follows:

1. SteamScot face a ‘basic economic problem’ what is this ‘problem’ and what is the opportunity cost of the replace and repair programme?

Evaluate each of the following changes in supply and/or demand. How will each affect equilibrium price and quantity in a competitive market? Will price and quantity rise, fall, or be unchanged? Based on shifts, will the answers be indeterminate?

. Through the process of reading, I learned many things about the economy. First of all, I learned that it is a much more difficult decision to come to in regards of how much government involvement in the nation’s economy is enough, how much is too little, and how much is not enough. I also learned that trying to keep the economy stable and productive is a constant and difficult struggle, and that it is often difficult to even know what needs to or can be done in order to stabilize it. While I find economics to be somewhat boring (I am a music major and largely emotionally driven, which means that my entertainment is usually emotionally involving somehow), I actually enjoyed how Wheelan explained economics in this book. While I would not read it for fun, reading this book as an assignment was not painful.