Micro & Macro Economics

1. If an economy produces final output worth $5 trillion, then the amount of gross

Discussion 2, Tariffs and Quotas. Who gains and who loses from a tariff? How do the effects of tariffs differ from the effects of quotas? If you were a small country, what would you rather utilize?

Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.

Additionally, Sally is withdrawing $34,000 from her savings account that pays 4% interest/year to purchase the furniture and equipment; she will quit her current job that pays $25,000 per year. She expects total revenues from the new business in the first year to be $70,000. Calculate the following:

As we have learned throughout this course, the Chinese people have various ways in which they determine their traditions, leadership and customs. Laozi,

Expansionary Activities: Like what I describe previously about the three monetary policy tools that the Fed can use to increase the money supply. Which are open market purchases of securities, discount rate decreases, and reserve requirement decreased? All else constant, whenever the Federal Reserve carried out the purchases of securities in the open market, reserve accounts of banks (and thus, the money base) increase. And whenever the discount rate is being lower by Fed, this results in a lowering of interest rates in the economy. Lastly, if reserve requirement decreased, all else constant, it results to an increase in reserves for all banks. Two out of these three cases (open market operations and reserve requirement changes), an increase

Chinese middle class is trying to strive for a better social environment, they started doubting the current political system of Chinese government. Many people want to establish a democratic state like U.S. or other western countries. However, in my opinion that is unrealistic and irrational. The five important components of leadership include environment context and culture contest. China has completely different historical background and current circumstances compare with the western world. “If leaders try to centralize power around themselves, they are labeled “autocratic”. The outcome of this paradox is a frustrating, give and take game, which for a non-western may seem perplexing and inefficient.” (Perruci,107) However, Western World also confuse about the leadership’s style of other cultures. In the Western perspective that Xi is a dictator who take freedom and human rights from his people. Each culture has its unique value systems, it is hard to judge who is right and who is wrong. I truly believe that every culture or cultivation has their own way of developing. A good management of leadership may work well on one culture, but it doesn’t on the other

We will make these calculations automatically for each student—you don’t have to “opt in” or “opt out” of one or the other weighting. We will make certain you receive the highest grade to which you are entitled.

a) Textbook Definition: “the PPC captures all maximum output possibilities for two (or more) goods, given

1. Innovation and new technologies have led to longer product life cycles and lowered product obsolescence. FALSE

China is a highly collectivist culture where people turn in pursuit of the group and not necessarily themselves, therefore in-group scrutiny is favored among the culture. These in-groups benefit from association with one

Competitive market equilibrium is the traditional concept of economic equilibrium, appropriate for the analysis of commodity markets with flexible prices and many traders. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices. This paper will discuss the short run competitive equilibrium versus the long run competitive equilibrium and the differences between the short run and long run shut down decision of a firm.

With China emerging as a global power in business within the last decade, knowing about doing business in China has become more important than ever. There are both many advantanges and challenges with doing business in China in this modern era, and understanding both sides of this coin is the key to being successful in China. Some aspects to keep in mind include the cultural barrier, the price of the work force in China compared to the United States, and have the “made in China” brand be accepted back in the United States.

China’s accession to the WTO in 2001 has helped shape its economy to becoming a more predictable environment for trade and foreign investment. Corporate governance and frameworks for business operations and interactions have improved, providing a much more transparent environment. (Deckers, 2004)

When you begin your first meeting, expect the first conversations to be personal. Take the time to get to know your Chinese counterpart and allow them time to get to know you. Remember that the Chinese have a rich culture and they are proud of their historical background. Taking the time to build a personal relationship can result in a stronger business relationship. (Chinese Business Etiquette, 2014)