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Imagine a nation discovers a massive source of oil off of its shore that it never knew existed. Imagine that this oil discovery has made the country instantly rich. Now consider your understanding of human nature. How would you expect people to behave once this discovery was revealed to everyone in the country?
Listen to this podcast from NPR, then consider the following questions. Submit answers to Blackboard with your class (Micro) and bonus in the RE section.
1. What would oil drilling companies want to do?
2. What would the government want to do?
3. What would the people want for their own personal condition?
4. What would happen to the balance of economic activity in the country?
5. Describe the impact on wages, prices and costs that this new found wealth would have on the country's markets.
In economics, the concepts of economies of scale and economies of scope if often used in the context of production. How are theseconcepts similar and different? Please use your own examples toexplain these concepts.
Discuss John Maynard Keynes' contribution to the theories of Macroeconomics. Why was he such an important economist.
Describe the total shortage associated with the price ceiling. Compute the full economic price. How much is the non-pecuniary price.
Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP), then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click "Be..
Describe or give example of a real-world dilemma where these six principles could be applied. 1. Understanding each dimension of the problem 2. Who would benefit/suffer 3. Alternative solutions legal/fair 4. Your "gut feeling" level 5. Defend your de..
What are some of the implications that Waltz draws from his structural/systems theory of international politics? Central claims abouthow states conduct their business in relation to one another.
However the political system is stable and the government does agood job protecting property rights. Assess this country's prospects for growth. Recommend two things thatwould enhance the country's growth.
Christy maintains her inventory levels through borrowing cash on daily basis from bank. She estimates demand for cash for the coming year will be $17,000 per day.
Beef supplies are sharply reduced because of drought in the beef-raising states, and consumers turn to pork as a substitute for beef. How would you illustrate this change in the beef-market in supply-and-demand terms?
What type of tax structure is the "fairest." What, if any, alternative tax structure would you propose to replace the federal income tax?
Tickets cost $5 to play, and you get to pick a number between 1 and 20. If you guess right, you win $100. If you guess wrong, you win nothing. In either case, you must pay the $5 to play. What is your expected payoff if you play this game
suppose that the average prices of refrigerators have fallen over the past few years yet the refrigerator companies
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