ASIANAM 50 Lecture 24: Lecture 24

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peachcricket859

27 Jun 2016

School

UC-Irvine

Department

Asian American Studies

Course

ASIANAM 50

Professor

Dorothy Fujita- Rony

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Document Summary

Homogeneous units in a direction and once it pasts it is gone forever. Time is not measured out in units and not divided by a rigid schedule. Flows with the rhythm of activities and chores. One does not need a clock or discrete units of time. No distinction b/w social time and work time. Anyone who can t take the time to talk is morally suspect. We spend time and it is in the linear model with discrete units. The ability to be accountable for time when on the clock for work. What you can be doing, where you can be going, and can waste. They must work a double shift. work in the factory then when they come home they need to work chores. The fractured day: when you are on the clock there is no socializing. Social time and work time do not mix but this was a seamless whole in the village.

Related Questions

Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time. Your opportunity cost of taking the test is the

	a.	forgone working or partying, depending on which was your next best choice.
	b.	forgone work.
	c.	forgone working and partying.
	d.	test because you are taking it.

1 points

QUESTION 2

A trend is

	a.	a measure of closeness on a scatter diagram.
	b.	a general tendency for a variable to rise or fall.
	c.	the maximum value of a variable.
	d.	the difference between the maximum value of a variable and the minimum value of the variable.

1 points

QUESTION 3

A time-series graph measures

	a.	time on the y-axis and the variable or variables in which we are interested on the x-axis.
	b.	time on the x-axis and the variable or variables in which we are interested on the y-axis.
	c.	the value of one variable against the value of another variable.
	d.	the value of an economic variable for different groups in a population at a point in time.

1 points

QUESTION 4

Canada has nationalized health care, so that everyone, regardless of their ability to pay, has some access to health care. Based on this observation, Canada has decided that "everyone, regardless of their ability to pay" is the answer to what microeconomic question?

	a.	Why will we offer health care?
	b.	How will health care be produced?
	c.	For whom will health care be produced?
	d.	What type of health care will be produced and in what quantity?

1 points

QUESTION 5

As a shoe factory adds more workers, shoe production grows, reaches a maximum, and then shrinks. In a diagram that has the number of workers on the horizontal axis and the number of shoes on the vertical axis, the relationship between the number of workers and the number of shoes starts as ________ and then, after the maximum point, is ________.

	a.	positive; negative
	b.	negative; positive
	c.	linear; negative
	d.	positive; linear

1 points

QUESTION 6

Microeconomics includes the study of the

	a.	choices made by individuals and businesses.
	b.	recessions and inflation in the global economy.
	c.	aggregate effects on the national economy.
	d.	reasons why the government changes interest rates.

1 points

QUESTION 7

When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ________ question.

	a.	when
	b.	for whom
	c.	how
	d.	what

1 points

QUESTION 8

Proponents of cuts in income tax rates argue that when income tax rates are cut, workers have an incentive to increase their work hours. This argument is based on the assumption that

	a.	the opportunity cost of working is negative.
	b.	the marginal cost of each additional work hour is not important to most workers.
	c.	workers are irrational.
	d.	workers make decisions based on the marginal benefit of each hour worked compared to the marginal cost of work.

1 points

QUESTION 9

A choice made by comparing all relevant alternatives systematically and incrementally is

	a.	an opportunity cost.
	b.	a benefit.
	c.	a sunk cost.
	d.	a choice on the margin.

1 points

QUESTION 10

A normative statement

i. can be tested as to whether it is true or false.

ii. is considered negative.

iii. depends on a person's values.

	a.	i, ii, and iii
	b.	iii only
	c.	i and iii
	d.	ii and iii

1 points

QUESTION 11

Normative statements

i. describe how the world is.

ii. describe how the world ought to be.

iii. depend on people's values and cannot be tested.

	a.	iii only.
	b.	i only.
	c.	ii and iii.
	d.	ii only.

1 points

QUESTION 12

In order to determine whether to major in economics, a rational individual compares the ________ of the decision.

	a.	positive benefits and normative costs
	b.	normative benefits and positive costs
	c.	marginal benefit and marginal cost
	d.	opportunity cost and the sunk cost

1 points

QUESTION 13

If x increases whenever y decreases, then x and y are

	a.	positively related.
	b.	negatively related.
	c.	not related.
	d.	related but whether positively or negatively related depends on whether the x variable or the y variable is plotted on the vertical axis.

1 points

QUESTION 14

Rational choice

	a.	is what you must give up get what you want.
	b.	is made by comparing different incentives.
	c.	making the choice.
	d.	provides the answer to only the "how" question.

1 points

QUESTION 15

Scarcity results from the fact that

	a.	choices made in self-interest rare not always in the social interest.
	b.	not all goals are desirable.
	c.	people's wants exceed the resources available to satisfy them
	d.	we cannot answer the major economic questions.

1 points

QUESTION 16

When Delta decides to quit flying to Lithuania, it directly answers the ________ question.

	a.	what
	b.	why
	c.	for whom
	d.	how

1 points

QUESTION 17

A normative statement

	a.	says what is currently believed about the way the world operates.
	b.	depends on someone's values.
	c.	cannot use the word "should."
	d.	must be tested to determine if it is correct.

1 points

QUESTION 18

Which of the following statements best describes the study of economics? Economics studies how

	a.	to organize production so that scarcity does not occur.
	b.	to create incentives so that scarcity does not exist.
	c.	firms make profits.
	d.	we make choices in the face of scarcity.

1 points

QUESTION 19

Which of the following best defines economics?

	a.	Economics teaches how to limit our wants.
	b.	Economics is concerned with prices and quantities of goods and services, both at the individual level and at the industry level.
	c.	Economics helps you earn as much money as possible.
	d.	Economics studies how to choose the best alternative when coping with scarcity.

1 points

QUESTION 20

In economics, cost is ________, and benefit is ________.

	a.	the amount of money that you pay for something; the amount of money that someone else is willing to pay you
	b.	what you are willing to pay on the margin; what the government pays you when you are unemployed or retired
	c.	what you must give up to get something; what you are willing to give up to get it
	d.	the amount of money that you pay on the margin; the amount of money that you receive on the margin

1 points

QUESTION 21

If Jessie studies economics for two hours instead of going to the movies with her friends, then

	a.	the opportunity cost of studying is the missed movie.
	b.	Jessie is ignoring a sunk cost
	c.	Jessie is not responding to any incentives.
	d.	Jesse definitely is making a rational choice.

1 points

QUESTION 22

Going skiing will cost Adam $80 a day. He also loses $40 per day in wages because he has to take time off from work. Adam still decides to go skiing.

	a.	The $80 price of skiing is a sunk cost and so did not affect Adam's decision.
	b.	He loses a total of $120 per day, so his decision is irrational.
	c.	His decision is rational if Adam's marginal benefit of spending a day skiing is greater than his marginal cost.
	d.	Adam's lost $40 per day in wages is a sunk cost and so did not affect his decision.

1 points

QUESTION 23

If a curve falls and then rises, it

	a.	has a maximum.
	b.	has a linear relationship.
	c.	has a minimum.
	d.	has a constant slope relationship.

1 points

QUESTION 24

In 2003, Michael Jordan decided to retire from professional basketball. Which of the following was an opportunity cost of his decision?

	a.	the avoidance of pain and injury from playing one more year
	b.	the time he could spend with his family while retired
	c.	the lost salary from playing one more year
	d.	the value of new employment opportunities that would await him

1 points

QUESTION 25

Which of the following statements is a normative statement?

	a.	Military spending as a percent of government spending decreased by 5 percent in the 1990s.
	b.	Every American household should have health care insurance coverage.
	c.	Welfare reform has decreased the amount the government spends on welfare.
	d.	The price of computers fell last year.

greencat417

Case Study 4: (25 Marks)

Alum Tubes Ltd manufactures aluminium cylinders that are used ina variety of products, such as scuba diving equipment and fireextinguishers. The company has just introduced a performancerelatedpay system in their smallest manufacturing plant. Employees willreceive bonuses, based on their work team exceeding the teamâsperformance targets. At this stage only three of the four workteams will participate in the scheme. If this system works well, itwill be introduced into all of the companyâs plants.

There are four teams, and each team has been given quarterlyperformance targets for (1) time taken in manufacturing cycle time,(2) material cost per unit and (3) production output (number ofunits produced). Two of the work teams are organised sequentially,that is, the output of Team A becomes the input for Team B. Teams Cand D both manufacture their product independently of the otherteams. However, teams C and D do share some equipment with Team B.Team D is not participating in the new performance-related payscheme. Team D has just introduced some new production technologyand therefore management believe the team is facing a steeplearning curve at present with this new technology, and the lack ofknowledge and experience would make it difficult for team D toachieve any performance targets at this stage.

A bonus pool of $10,000 has been set aside each quarter. Thisbonus is to be shared only among each of the participating teamsthat achieves their targets for the quarter and shared equallyamong the members of these successful teams.

The employees are excited by the new scheme. They can only gainby such a system. However, at the end of the second month, tempersstart to fray. Sam Smart, a member of Team B, takes his complaintsto the production manager, Adam Dolittle:

Sam: This new system is just not working. Team A is sabotagingour performance. How can we meet our performance targets when TeamA gives us faulty product to process? âThey have skimped on thequality of materials, so it takes us much longer to complete ourpart of the manufacturing process because of the amount of re-workto fix the products. We have had a 15% increase in the number ofunits we have had to scrap due to materials defects, which reducesthe number of units we can make in a day!. This is made worse whenthe purchasing department orders our material far too late (as theycan purchase materials cheaper if bought in larger quantities, butthis makes delivery slower), so we have to wait around fordeliveries. Also, someone has been leaving the calibrator machinein such a mess, so we waste valuable time resetting the gaugesbefore we can use it. I am sure it is a member of Team C. Thesystem is not fair. The other two teams are making their targetsand we are not- and it is not our fault! Additionally, John Grump,a member of our team, is clearly not working to capacity- and hisrewards will be the same as ours!â

Adam was not sympathetic. He has just had to deal with adelegation from Team D who is upset because they cannot share inthe performance bonuses.

Adam: Calm down Sam. I am sure that you are exaggerating. Theseproblems will iron themselves out over the next few months. It isup to each team to manage its performance. Go away and deal withthese problems.

Requirements:

1. If Adam Dolittle is wrong, then what features of theperformance-related pay system are causing problems? Support youranswer with an explanation. 5 marks

2. Are the three performance measures appropriate for assessingperformance and awarding bonuses? Explain your answer. 4 marks

bronzewoodchuck277

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ASIANAM 50 Lecture 24: Lecture 24

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