Homework Help for Economics (page 2865)
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Seek short-term financial gains
Focus on ideal goals or ends such as truth, beauty or freedom
Focus on âhedonisticâ utilitarianism
None of the above
Has mixed results
Services the greater good resulting in harmony and satisfaction of many individuals
Creates the greatest happiness for the elite
None of the above
the real circumstances and desires of a particular community
the ethical health of the individual
the desires of religious leaders
None of the above
not only satisfy individuals but will also make the system as a whole function better
be less nuanced so that more people can understand them
not be âwin-winâ situations because there is too much compromise allowed
None of the above
While most of your friends in college have dreams of going into corporate positions, you have always wanted to start your own business and be your own boss. After some preliminary study at the US Small Business Administration site, you see one of the first steps in starting a business is to develop a comprehensive business plan. This step is vital in laying out a strategy for success and in acquiring funding for the business. Your personal dream has been to market a new product with one of your friends. You'll need to borrow money to start the business and so you decide to write a business plans. Review the basics of the business plans at the US Small Business Administration site. While a real business plan would be quite massive in detail, for the purposes of this exercise you'll be addressing only a very small portion of a total business plan. To see how other businesses have written their plans, please feel free to go to the sample business plans site at B Plans Inc. http://www.bplans.com/sp/businessplans.cfm Your assignment is to develop a PowerPoint presentation presenting your idea to HIGHLAND VENTURE CAPITALISTS in order to obtain funding for your business --a new bottled water company (or any other company of your choosing.) Starting with a named, well- defined business: 1. State your company mission 2. Will there be a physical store or will you sell it on the Web? 3. What needs does your business fill and why is it different than other similar products? Who are the potential customers for your product and why will they purchase it from you rather than your competitors? 4. How will you reach your potential customers? 5. What form of business organization will you use and why? What steps will you take to obtain that form of organization? 6. What laws must you comply with regain the sale of this particular product?
1. Using the concepts learned in this course evaluate all three of the following statements. a) Cigarettes are addictive. Increasing price will not reduce quantity demanded b) When the demand increases. This increase in Price then reduces demand. c) Increasing the minimum wage of $15 per hour will increase the standard of living for low income workers
What do you think of the new US Korea Trade Agreement? Do you believe our nation knows what its comparative (lower opp cost products) and absolute advantages (producing the product using fewer resources than other nations) are by industry?
Microeconomics Multiple choice questions. Please answer all the questions.
A. exists because resources are limited while human wants are unlimited.
B. means we are unable to have as much as we would like to have.
C. will likely be eliminated as technology continues to expand.
D. is not an issue addressed in economics.
2. People are forced to make choices because of:
A. unlimited wants and unlimited resources.
B. limited wants and unlimited resources.
C. unlimited wants and limited resources.
D. limited wants and limited resources.
E. irrational wants and limited resources.
3. Which of the following is closest to the definition of capital?
A. c and e.
B. c and d.
C. Tools, equipment, means of transportation
D. Factories and machinery.
E. Borrowed money.
4. Which one of the following is the most accurate definition of economics?
A. Economics is the study of stocks and bonds.
B. Economics is the study of how people allocate unlimited resources.
C. Economics is the study of how consumers choose to spend their income.
D. Economics is the study of how society chooses to allocate scarce resources.
5. The basic difference between macroeconomics and microeconomics is:
A. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade.
B. microeconomics concentrates on the behavior of individual consumers while macroeconomics focuses on the behavior of firms.
C. microeconomics concentrates on the behavior of individual consumers and firms while macroeconomics focuses on the performance of the entire economy.
D. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment.
6. Which of the following is not a resource?
7. Which of the following would an economist classify as capital?
A. 100 shares of Microsoft stock.
B. $50 bill.
C. credit card.
D. lawyer's personal computer.
8. Economics, according to its definition, studies how people:
A. earn and spend money.
B. invest in the stock and bond markets.
C. make choices in the face of scarcity.
D. supply goods in response to demand.
9. Which of the following is the best example of a microeconomic topic?
A. The impact that the money supply has on inflation.
B. The reasons for increases in the price of soft drinks.
C. The effect that federal budget deficits have on the interest rate.
D. The tradeoff between inflation and unemployment.
10. Which of the following is a macroeconomics topic?
A. Wages of textile workers in the Northeast.
B. The cost of producing 10,000 bookcases.
C. The economy's annual growth rate.
D. National demand for fish.
E. Effects of farm subsidies on food prices.
11. An economic theory claims that a rise in gasoline prices will cause gasoline purchases to fall, Ceteris paribus. The phrase "Ceteris paribus" means that:
A. other relevant factors like consumer incomes must be held constant.
B. the gasoline prices must first be adjusted for inflation.
C. the theory is widely accepted but cannot be accurately tested.
D. consumers' need for gasoline remains the same regardless of the price.
12. An economic model is:
A. a plastic scaled version of the economy.
B. a complete depiction of reality.
C. an abstraction from reality.
D. applicable to consumer behavior but not to producer behavior.
E. not an accepted tool of the economics profession.
13. Which of the following sayings best reflects the concept of opportunity cost?
A. "You can't teach an old dog new tricks."
B. "There is no such thing as a free lunch."
C. "I have a baker's dozen."
D. "There's no business like show business."
14. The opportunity cost of watching television is:
A. all of the alternative programs that appear on other stations.
B. zero because there is no money expenditure involved.
C. the alternative use of the time foregone by watching the program.
D. zero if it benefits you.
15. Which of the following does not illustrate opportunity cost?
A. If I study, I must give up going to the football game.
B. If I buy a computer, I must do without a 35" television.
C. More consumer spending now means more spending in the future.
D. If I spend more on clothes, I must spend less on food.
16. When deciding whether to buy a second car, marginal analysis indicates that the purchaser should compare the:
A. benefits expected from two cars with the cost of both.
B. additional benefits expected from a second car with the cost of the two cars.
C. dollar cost of the two cars with the potential income that the cars will generate.
D. additional benefits of the second car with the additional cost of the second car.
17. According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study:
A. is positive.
B. outweighs the extra cost.
C. exceeds the benefits of the previous hour of study.
D. will raise your exam score.
I am not in favor of tariffs and quotas for a few reasons. Tariffs could hurt the economy of a country since it raises the cost of domestic producers which in result they have to sell less. They have to sometimes also eliminate jobs as well since there would be a loss in production due to the reduction of profit. If people are losing jobs then they are losing income which hurts other businesses as well since consumers impacted by job loss will spend less. As a result of all this, it impacts the economy of the country. After some research I found that the World Bank estimates that if barriers like tariffs were eliminated, the global economy would expand up to 830 billion dollars by 2015. Even though domestic and foreign producers benefit from quotas since they receive higher prices and less competition, it hurts consumers. If the demand of a certain product is high, yet if a quota is placed to limit the amount of the product that is being imported, then it is a disadvantage on the consumerâs part. I do understand the purpose of quotas which is to reduce the amount of competition between other markets, but being a consumer myself I would be against it.
Please comment on it.
In 3-4 paragraphs (12-15 sentences) explain using positive and a normative arugment why a business leader would oppose raising the minimum wage. Also, give a postive and normative arugment why a labor leader would favor raising the minimum wage. Be sure to supply both normative and positive statements.
DESCRIBE THE TARGET MARKET for shelley castle photography (Links to an external site.)Links to an external site. (Use the segmenting dimensions on page 100 to describe the targeted market segment.)
EXPLAIN THE MARKETING MIX. How is the marketing mix strategy of shelley castle photography tailored to meet the needs of this particular target market?
REFLECTION. What is your opinion about the future success of shelley castle photography? Why?
Vietnam employs 40 million tons of rice a year. World price os rice is $500 per ton. Vietnam employs 10 million people in rice production with each working an average of 1000 hours a year.
California produces 2 million tons of rice a year. There are 100,000 workers in the California rice industry and they work 1000 hours a year.
1) Which economy, California or Vietnam, has an absolute advantage in rice production?
2) Which economy has a comparative advantage in rice production?
3) What is the wage for rice workers in the two economies? Is it the same? Why or why not?
Since 1920, the NBER (National Bureau of Economic Research) has tracked the business cycles in the U.S. economy that occurred between 1854 and the present time. Approximately how many (complete) business cycles occurred in the U.S. during the period 1854-2015?
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