Reference no: EM132925913

Provide detailed explanations to the following questions:

1. Define equity and efficiency. How can we balance between them?

2. Explain and discuss the relationship between saving, investment, and net capital outflow.

3. Which of the following best define Economics as a study? a. How society manages its scarce resources. b. How to run a business most profitably? c. How to predict inflation, unemployment, and stock...?

4. What are the downfalls of using laboratory experiments to study economics?

5. What are the appropriate methods to reduce the principal-agent problems?

6. Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure inventions.

7. Lower tax rates encourage more work and more saving. Is this a positive or normative statement? Explain.

8. In a recession, what are two macroeconomic variables that decline?

9. You pay a hairdresser for a haircut. What components of GDP (if any) would this transaction affect? Explain.

10. Is a family's decision about how much income to save related to microeconomics or macroeconomics?

11. Evaluate the following statement from the perspective of equality and efficiency: "Everyone in society should be guaranteed the best healthcare possible."

12. What adverse effect might be caused by tax incentives to increase saving?

13. In what sense is economics like a science? Define microeconomics and macroeconomics.

14. What policies could the government pursue to increase economic mobility within a generation?

15. Discuss the following statement from the standpoints of equality and efficiency. When workers are laid off, they should be able to collect unemployment benefits until they find a new job.

16. Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers?

17. Describe the Effective Margin scenario.

18. Describe the cobweb model for engineering market.

19. Explain the difference between macroeconomics and micro economics.

20. Explain the difference between market value of equity and enterprise value.

21. Economics The subject of economics is primarily the study of: a. the government decision-making process. b. how to operate a business successfully.

22. Suppose a retailer promotes its store by advertising a drawing for a free car. Is this car free because the winner pays zero for it?

23. Write the definition of economics. What are the main elements of the definition?

24. Determine the name of an economic institution and how it affects the economic decision.

25. Explain the distinctions between theorems and precepts.

26. Which of the following careers could result from majoring in economics? a. Management. b. Banking. c. Government. d. All of the above is correct.

27. What are the disadvantages of using supply-side economics?

28. Give an example of a macroeconomic issue and a microeconomic issue and explain the difference between them.

29. Define microeconomics and macroeconomics.

30. In what ways is economics a science?

31. In what sense is economics like a science?

32. How is unemployment dependent on value judgment?

33. Adam Smith was an advocate of a. mercantilism. b. a nation maximizing its stock of gold. c. unrestricted or free trade. d. the "visible hand" of public interest.

34. A business cycle is the: a. period of time in which expansion and contraction of economic activity are equal. b. period of time in which there are three phases: peak, depression, and expansion. c....

35. Which of the following careers could result from majoring in economics? a. Management b. Banking c. Government d. All of the above

36. In economics, why is money not considered as capital?

37. Which of the following is the best definition of economics? a. Economics is the study of how to manage corporations to generate the greatest return on shareholder investment.

38. What is the glue that holds the economies together?

39. What is the reason for the difference in the price of a hardcover book and a softcover book?

40. According to most economists, reducing automobile emissions to zero would be: a. optimal b. beneficial c. inefficient d. impossible

41. Define equity and efficiency. How can we balance between them?

42. Explain and discuss the relationship between saving, investment, and net capital outflow.

43. Which of the following best define Economics as a study? a. How society manages its scarce resources. b. How to run a business most profitably? c. How to predict inflation, unemployment, and stock.

44. What are the downfalls of using laboratory experiments to study economics?

45. What are the appropriate methods to reduce the principal-agent problems?

46. Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure inv...

47. Lower tax rates encourage more work and more saving. Is this a positive or normative statement? Explain.

48. In a recession, what are two macroeconomic variables that decline?

49. You pay a hairdresser for a haircut. What components of GDP (if any) would this transaction affect? Explain.

50. Is a family's decision about how much income to save related to microeconomics or macroeconomics?

51. Evaluate the following statement from the perspective of equality and efficiency: "Everyone in society should be guaranteed the best healthcare possible."

52. What adverse effect might be caused by tax incentives to increase saving?

53. In what sense is economics like a science? Define microeconomics and macroeconomics.

54. What policies could the government pursue to increase economic mobility within a generation?

55. Discuss the following statement from the standpoints of equality and efficiency. When workers are laid off, they should be able to collect unemployment benefits until they find a new job.

56. Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers?

57. Describe the Effective Margin scenario.

58. Describe the cobweb model for engineering market.

59. Explain the difference between macroeconomics and micro economics.

60. Explain the difference between market value of equity and enterprise value.

61. In January 2016, United Airlines (UAL) had a market capitalization of $20.74 billion, debt of $11.95 billion,

62. Economists generally agree that the most important tax in the U.S. economy is the A) investment tax. B) sales tax. C) property tax. D) labor tax.

63. As scientists, economists perform all of the following except: a. devise theories about how the world works b. make simplifying assumptions c. prefer experiments in the lab over real-world observations...

64. Economics is the Study of [{Blank}]. a) Scarcity of resources or goods b) The interaction of people in social situations c) Biological systems in the environment d) Human behavior under stress.

65. Explain the difference between the study of microeconomics and the study of macroeconomics.

66. How is economics relevant to the United States health care system?

67. When measuring economic activity, fully explain the differences between GNP and NNP.

68. The total market value (V) of the securities of a firm that has both debt (D) and equity (E) is: (a) V = D - E (b) V = E - D (c) V = D times E (d) V = D + E

69. What is the Lucas critique?

70. Elasticity of demand measures: a. how many more we would buy if the price falls. b. how many less we would buy if the price rises. c. the intensity of consumers' response to a price change.

71. What are the three major tasks of economics, and how can these tasks help to address healthcare concerns?

72. A basic difference between microeconomics and macroeconomics is that microeconomic examines the choices made by individual participants in an economy, whereas macroeconomics considers the economy's...

73. Economics is primarily concerned with the study of: a. how new wants and economic resources are produced. b. allocating scarce resources to satisfy unlimited wants.

74. The subject matter of microeconomics includes the study of: a. a particular market for a given commodity. b. an individual consumer. c. the operation of a firm. d. all of the above

75. Economic decision making recognizes that: a) all choices have benefits and costs b) benefits are largely free while costs are not c) costs are controllable but benefits are not measurable

76. Why do you think economics is part of some class' curriculum? How can economics help you in everyday life?

77. What's Economics in general? What does this definition mean to you with respect to your individual life/daily events and decision making and to work?

78. Microeconomics, unlike macroeconomics, focuses on: a. individual households and businesses and how they make decisions. b. households and businesses as groups and their relationship to other households.

79. What are diminishing marginal returns as they relate to costs?

80. Why should someone study economics? Explain how the knowledge of economics benefits an earner, a consumer and a citizen.

81. Explain how economists are both scientists and policymakers.

82. Boylan Company manufactures two products - long dash toaster ovens and bread machines. The following data are available: Toaster Ovens Bread Machines Sales price $70 $150 Variable costs $40 $70. Find changes in the price ratio.

83. Economics is: a. a precise or "hard" science, like physics or chemistry. b. a purely mathematical science. c. a social science, like sociology or psychology. d. a branch of the humanities.

84. The correct definition of economics is: a. the study of money. b. the study of exchange under conditions of uncertainty. c. the study of the allocation of scarce resources.

85. Why do you think price stability is such an important macroeconomic goal? Discuss the consequences of inflation.

86. Define: a. Minimum wage law b. Labor unions c. Life Expectancy D. Infant mortality

87. Explain the differences between microeconomics and macroeconomics.

88. Differentiate between microeconomics and macroeconomics. Identify and describe three differences between macroeconomics and microeconomics.

89. Economics is best defined as the study of: a. how society manages its scarce resources. b. how to run a business most profitably. c. how to predict inflation, unemployment, and stock prices.

90. Why are economic theories and principles imprecise? Shouldn't they apply to everyone?

91. Labor economists have recently begun focusing on a new area referred to as personnel economics. Describe what personnel economics might study. Personnel economics examines all of the following issues.

92. The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in A. formulating theories about economic events. B. analyzing available data.

93. Using economic concepts, explain why people buy the things they buy. What influences you to purchases a product, especially as it relates to online purchases?

94. Economics can best be described as the study of: a. how scarce resources are produced and distributed. b. supply and demand for a firm. c. how people make money. d. how government controls the money.

95. Adam Smith believed that the basic motivation of human beings was: a. self-interest. b. a desire for meditative contemplation. c. concern for one's fellow humans. d. desire for the social good.

96. In a few simple sentences, define economics.

97. __________ is concerned with the branch of economics relating the behavior of principals and their agents. Select correct option: a. Financial management. b. Profit maximization. c. Agency theory

98. Explain the term "welfare economics" and apply it to the allocation of resources and its effects on today's society.

99. The study of economics centers around: a. how to solve the problem of scarcity. b. how to make good choices given the mismatch between resources and human wants. c. how to increase the productivity.

100. State true or false and justify your answer: Economics is the study of how fairly goods and services are distributed within society.