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Get college assignment help at uniessay writers For each of the following production functions, draw a diagram showing the general shape of its corresponding isoquant. Comment on the ease at which labor and capital can be substituted for one another relative to the other two production functions. a. Q = K L. b. Q = K0.5L0.5. c. Q = min(K, L).

The United States, unlike most Western European nations, does not generally

The United States, unlike most Western European nations, does not generally provide workers with significant protections against layoffs and firings. Although firings and layoffs based on some discrete criteria are prohibited by law — including race, religion, and gender — as a bedrock rule in American jurisprudence employers have the right to hire and fire as they see fit based upon the economic necessities of their business operations. Indeed, employees generally have little recourse in American courts to challenge the rationale for their firings or layoffs. Contrast that with Western Europe, especially in countries such as France and Germany, which provide workers with significant protections against firings. In fact, in many European nations employees operate under social contracts that make it virtually impossible for businesses to engage in firings without significant bureaucratic hurdles and opposition from entrenched and powerful labor organizations. Do you think that the United States should incorporate greater protections for workers against layoffs and firings? Do you believe that the legal premise of at will employment still has relevance in the modern workplace? What implications, if any, would increasing worker protections have upon the ability of American companies to compete globally? Have worker protections ultimately hurt European industries concerning their abilities to compete in the global marketplace?

Perhaps no government entity involved in the regulation and oversight of

Perhaps no government entity involved in the regulation and oversight of the financial sector in the United States has come under more scrutiny, or has faced greater criticism, than the Securities and Exchange Commission (SEC) (SEC homepage: http://www.sec.gov/index.htm). The SEC, which is charged with enforcing regulations affecting publicly traded companies, as well as their securities and bond issuances, has been heavily criticized by an expanding corps of critics for its poor leadership by previous chairpersons such as Harvey Pitt and Christopher Cox, and for its failure to identify Ponzi schemes such as that promulgated by Bernard Madoff. Indeed, some within the Obama Administration have even argued that the SEC be abolished, preferring the creation of an entirely new regulatory organization charged with greater oversight capabilities and an ironclad administrative mandate. Given the significant turmoil in the US and global financial markets in 2008 and 2009, and spectacular examples of corporate demises such as Enron, Arthur Andersen, and Lehman Brothers, do you believe that the SEC has not performed its mandated role, or that the magnitude of these changes could not have been prevented regardless of what agency was charged with regulatory oversight? Is it prudent or advisable to abolish the SEC, and would a new organization do a better job? Do you believe that the SEC’s perceived weaknesses are a result of institutional failures or leadership failures? Or do you think that the SEC has merely been a convenient lightning rod to distract attention away from fundamental failures by elected officials to properly construct a sound regulatory framework? Finally, you may wish to consider in framing your position whether or not the SEC has provided ordinary investors with greater confidence or lesser confidence vis-à-vis investing in publicly traded securities.

A project requires an invesment of 37,000 dollars. The project will

A project requires an invesment of 37,000 dollars. The project will project revenews of 3,000 dollars at the end of the next 16 years. At the end of the life of the project, the equipment can be sold for a profit with salvage value of 11,000. The MARR is 6.0 percent. Compute the present worth.

“Please read the article “Economist Christine Romer serves up dismal news

“Please read the article “Economist Christine Romer serves up dismal news at her farewell luncheon”. Answers must be 2 paragraphs for each question. 1. How can one person help or hurt the economy? 2. Does she have enough information to really make such statements?

Show or explain using and example from an organization or industry

Show or explain using and example from an organization or industry you are familiar with the concept of average product and marginal product. Explain the relationship between marginal and average product using your example. Show or explain what would happen to the marginal and average product if there was a technological advance in your example (what is that technology and how does it change the marginal and average product)? Please list any sources used

1. MC transfer prices creates incentives for manufacturing to distort MC:

1. MC transfer prices creates incentives for manufacturing to distort MC: a. upwards and then downwards. b. downwards and then upwards. c. downwards. d. upwards.

2. A manager in an Investment Center is offered a potential

2. A manager in an Investment Center is offered a potential investment that would have an ROA of 15 percent. After the investment, it would make up 20 percent of his total portfolio. Currently, he makes 20 percent on his portfolio, though the company requires only 12 percent. Which of the following is true? a. He will make the investment since it is 3 percent greater than the company’s required return. b. He will make the investment because a larger portfolio is always better than a smaller portfolio. c. He will not make the investment because it the company prefers 12 percent d. He will not make the investment because it lowers his over all return to 19 percent.

3. Transfer prices or charge-back prices are ________ of most businesses.

3. Transfer prices or charge-back prices are ________ of most businesses. a. required by federal law b. typical c. unusual d. only part of the international component

“You are the human resources manager for a famous retailer, and

“You are the human resources manager for a famous retailer, and you are trying to convince the president of the company to change the structure of employee compensation. Currently, the company’s retail sales staff is paid a flat hourly wage of $18 per hour for each eight-hour shift worked. You propose a new pay structure whereby each salesperson in a store would be compensated $8 per hour, plus five-tenths of 1 percent of that store’s daily profits. Assume that, when run efficiently, each store’s maximum daily profits are $40,000. Outline the arguments that support your proposed plan.”

“It is estimated that over 90,000 students will apply to the

Get college assignment help at uniessay writers “It is estimated that over 90,000 students will apply to the top 30 M.B.A. programs in the United States this year. A. Using the concept of net present value and opportunity cost, explain when it is rational for an individual to pursue an M.B.A. degree. B. What would you expect to happen to the number of applicants if the starting salaries of managers with M.B.A. degrees remained constant but salaries of managers without such degrees increased by 15 percent? Why?”

. Suppose you wake up one morning facing the following exchange

. Suppose you wake up one morning facing the following exchange rates: $1 = ¥100 €1 = $2 ¥1 = €0.005 Can you get rich in this economy? Why or why not? Explain.

Ashlee’s boutique sells 500 bottles of perfume a month when the

Ashlee’s boutique sells 500 bottles of perfume a month when the price is $7. A significant increase in resource costs causes price to rise to $9 and Ashlee only manages to sell 460 bottles of perfume. The price elasticity of demand is:

At a price of $4 per unit, Gadgets Inc. is willign

At a price of $4 per unit, Gadgets Inc. is willign to supply 20,000 gadgets, while United Gadgets is willing to supply 10,000 gadgets. If the price were to rise to $8 per unit, their respective quantities supplied would rise to 45,000 and 25,000. If these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets?

Economics does not study correct or incorrect behaviors, but rather it

Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior? A. equitably B. selfishly C. emotionally D. rationally 2) By definition, what is economics the study of? A. how to make money in the stock market. B. supply and demand. C. the choices people make to attain their goals, given their scarce resources. D. how to make money in a market economy. 3) What is the term in economics by which a group of buyers and sellers of a product come together to trade? A. market B. trade-off C. collective D. cooperative 4) Which of the following statements describes the actions of producers in the circular flow model? A. hire resources sold by households in the factor market. B. spend earnings from resource sales on goods and services in the product market. C. sell goods and services in the input market. D. and households spend earnings from resource sales on goods and services in the factor market. 5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so? A. factor market. B. dairy products market. C. output market. D. product market. 6) Which of the following is not a critical function of the government in facilitating the operation of a market economy? A. ensuring an equal distribution of income to all citizens. B. enforcing contracts. C. protecting private property. D. enforcing property rights. 7) If demand is inelastic, the absolute value of the price elasticity of demand is A. greater than one. B. greater than the absolute value of the slope of the demand curve. C. one. D. less than one. 8) Economists in general A. Do not believe that people’s tastes determine demand and therefore they ignore the subject of tastes. B. Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements. C. Do not try to explain people’s tastes, but they do try to explain what happens when tastes change. D. Believe that they must be able to explain people’s tastes in order to explain what happens when tastes change. 9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand. A. vertical; downward sloping B. upward sloping; horizontal C. downward sloping; vertical D. horizontal; downward sloping 10) A decrease in the price of GPS systems will result in A. a decrease in the demand for GPS systems. B. an increase in the supply of GPS systems. C. a smaller quantity of GPS systems supplied. D. a larger quantity of GPS systems supplied. 11) At a product’s equilibrium price A. the product’s demand curve is the same as the product’s supply curve. B. the product’s demand curve crosses the product’s supply curve. C. the quantity of the product demanded is less than the quantity of the product supplied. D. the quantity of the product demanded is greater than the quantity of the product supplied. 12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until A. the quantity demanded exceeds the quantity supplied. The market will then be in equilibrium. B. quantity demanded equals quantity supplied. The market price will then equal the equilibrium price. C. all consumers will be able to afford the product. D. quantity demanded equals quantity supplied. The equilibrium price will then be lower than the market price. 13) Marginal revenue product of labor for a competitive seller is A. the change in total product from hiring one more worker. B. the marginal revenue of the product multiplied by the output price. C. the output price multiplied by the quantity sold. D. equal to the marginal product of labor multiplied by the output price. 14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the condition where a competitive firm would hire another worker is A. P × MP = W. B. P × W > MP. C. P × MP > W. D. P × MP < W. 15) Marginal revenue product for a perfectly competitive seller is equal to A. the output price multiplied by the total product of labor. B. the marginal cost of production. C. the change in total revenue that results from hiring another worker. D. the output price multiplied by the number workers hired. 16) An individual's labor supply curve shows A. the maximum wage rates offered to that individual by various potential employers. B. the relationship between the quantity of hours worked and total income earned by that individual. C. the relationship between wages and the quantity of labor that a firm is willing to employ. D. the relationship between wages and the quantity of labor that she is willing to supply. 17) A firm's demand for labor curve is also called its A. marginal revenue product of labor curve. B. marginal benefit of labor curve. C. marginal valuation curve. D. marginal factor cost of labor curve. 18) A decrease in the wage rate causes A. a decrease in labor's productivity. B. an increase in the quantity of labor demanded. C. a rightward shift of the firm's labor demand curve. D. a leftward shift of the firm's labor demand curve. 19) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption? A. common resources B. public goods C. private goods D. quasi-public goods 20) Which of the following is an example of a quasi-public good? A. crime prevention B. cable television C. organic apples D. stock of knowledge in the public domain 21) Which of the following displays these two characteristics: rivalry and nonexcludability? A. a common resource B. a public good C. a private good D. a quasi-public good 22) A monopoly is a seller of a product A. without a well-defined demand curve. B. with many substitutes. C. without a close substitute. D. with a perfectly inelastic demand. 23) The key characteristics of a monopolistically competitive market structure include A. sellers have no incentive to advertise their products. B. many small (relative to the total market) sellers acting independently. C. all sellers sell a homogeneous product. D. barriers to entry are strong. 24) A characteristic found only in oligopolies is A. products that are slightly different. B. break even level of profits. C. interdependence of firms. D. independence of firms. 25) The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude A. a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. B. a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. C. it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information. D. a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines. 26) Gross domestic product understates the total production of final goods and services because of the omission of A. intermediate goods. B. the underground economy. C. exports. D. inflation. 27) Gross domestic product is calculated by summing up A. the total quantity of goods and services produced in the economy during a period of time. B. the total quantity of goods and services in the economy. C. the total market value of final goods and services produced in the economy during a period of time. D. the total market value of goods and services in the economy. 28) Fiscal policy refers to changes in A. federal taxes and purchases that are intended to achieve macroeconomic policy objectives. B. state and local taxes and purchases that are intended to achieve macroeconomic policy objectives. C. the money supply and interest rates that are intended to achieve macroeconomic policy objectives. D. federal taxes and purchases that are intended to fund the war on terrorism. 29) If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy? A. a decrease in government purchases B. an increase in the money supply and a decrease in interest rates C. a decrease in oil prices D. a decrease in taxes 30) Which of the following is an objective of fiscal policy? A. health care coverage for all Americans B. energy independence from Middle East oil C. high rates of economic growth D. discovering a cure for AIDs 31) Which of the following assets is most liquid? A. bond B. money C. stock D. savings account 32) If credit card balances rise in the economy, then M1 will ________ and M2 will ________. A. not change; not change B. increase; increase C. increase; decrease D. not change; increase E. decrease; increase 33) Economists estimate that ________ of U.S. currency is outside the United States and held primarily by ________. A. less than one quarter; foreign banks and foreign governments B. over half; households and firms in countries where there is little confidence in the local currency C. less than one quarter; households and firms in countries where there is little confidence in the local currency D. over half; foreign banks and foreign governments 34) The M2 measure of the money supply equals A. M1 plus savings account balances plus small-denomination time deposits plus noninstitutional money market fund shares. B. savings account balances plus small-denomination time deposits plus traveler's checks. C. M1 plus savings account balances plus small-denomination time deposits. D. savings account balances plus small-denomination time deposits plus noninstitutional money market fund shares. 35) The M1 measure of the money supply equals A. currency plus checking account balances plus traveler's checks plus savings account balances. B. paper money plus coins in circulation. C. currency plus checking account balances plus traveler's checks. D. currency plus checking account balances. 36) Which of the following is one of the most important benefits of money in an economy? A. Money encourages people to produce all of their own goods (self-sufficiency) and therefore increases economic stability. B. Money allows for the exchange of goods and services. C. Money makes exchange easier, leading to more specialization and higher productivity. D. Money allows for the accumulation of wealth. 37) To increase the money supply, the Federal Reserve could A. conduct an open market purchase of Treasury securities. B. raise the discount rate. C. lower transfer payments. D. decrease income taxes. E. raise the required reserve ratio. 38) Which of the following determines the amount of money the banking system as a whole can create? A. the quantity of bank reserves B. the quantity of vault cash held by banks C. the gold reserves held by the Federal Reserve D. the limit on profits by banks imposed by the U.S. Congress 39) Money market mutual funds sell shares to investors and use the money to buy A. overseas assets through foreign direct investment. B. mortgage-backed securities. C. short-term securities. D. foreign currency. 40) The goals of monetary policy tend to be interrelated. For example, when the Fed pursues the goal of ________, it also can achieve the goal of ________ simultaneously. A. high employment; lowering government spending B. high employment; economic growth C. economic growth; a low current account deficit D. stability of financial markets; a low current account deficit 41) The Federal Reserve System's four monetary policy goals are A. low rate of bank failures, high reserve ratios, price stability, and economic growth. B. low government budget deficits, low current account deficits, high employment, and a high foreign exchange value of the dollar. C. price stability, high employment, economic growth, and stability of financial markets and institutions. D. price stability, low government budget deficits, low current account deficits, and low rate of bank failures. 42) The Federal Reserve's two main ________ are the money supply and the interest rate. A. policy tools B. monetary policy targets C. fiscal policy targets D. fiscal tools 43) Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except A. increase the variety of products that it can consume with no increase in resources. B. engage in mutually beneficial trade with other nations. C. consume a combination of goods that lies outside its own production possibilities frontier. D. produce a combination of goods that lies outside its own production possibilities frontier. 44) Table 2-3 Serena Haley Bracelets 8 9 Necklaces 16 12 Refer to Table 2-3. Which of the following statements is true? A. Serena has an absolute advantage in making both products. B. Haley has an absolute advantage in making both products. C. Haley has an absolute advantage in making bracelets and Serena in making necklaces. D. Haley has an absolute advantage in making necklaces and Serena in making bracelets. 45) Table 2-3 Serena Haley Bracelets 8 9 Necklaces 16 12 Refer to Table 2-3. What is Haley's opportunity cost of making a bracelet? A. 3 bracelets B. 3/4 of a bracelet C. 1 1/3 necklaces D. 2 necklaces 46) How does an increase in a country's exchange rate affect its balance of trade? A. An increase in the exchange rate reduces imports, raises exports, and reduces the balance of trade. B. An increase in the exchange rate raises imports, reduces exports, and reduces the balance of trade. C. An increase in the exchange rate reduces imports, raises exports, and increases the balance of trade. D. An increase in the exchange rate raises imports, reduces exports, and increases the balance of trade. 47) Currency traders expect the value of the dollar to fall. What effect will this have on the demand for dollars and the supply of dollars in the foreign exchange market? A. Demand for dollars will decrease, and supply of dollars will decrease. B. Demand for dollars will increase, and supply of dollars will decrease. C. Demand for dollars will decrease, and supply of dollars will increase. D. Demand for dollars will increase, and supply of dollars will increase. 48) When the market value of the dollar rises relative to other currencies around the world, we say that A. the supply of dollars has increased. B. the dollar has appreciated. C. the demand for dollars has increased. D. the dollar has depreciated. 49) Destabilizing speculation refers to A. any depreciation of a country's currency as a result of long-run adjustments to purchasing power parity. B. actions taken by the International Monetary Fund that increase lending to countries who have pegged their currencies against the dollar. C. actions taken by investors who sell a country's currency in anticipation of buying it back later at a lower price. D. actions taken by currency traders to sell a currency that is undervalued. 50) If the purchasing power of the dollar is greater than the purchasing power of the euro, purchasing power parity predicts that the exchange rate will A. not fluctuate and stay constant in the long run. B. increase if the exchange rate is greater than 1 euro per dollar. C. be equal to the relative purchasing power across the currencies in the long run. D. decrease if the exchange rate is less than 1 euro per dollar. 51) Pegging a country's exchange rate to the dollar can be advantageous if A. imports are not a significant fraction of the goods the country's consumers buy. B. the country does not trade much with the United States. C. a country wishes to conduct independent monetary policy. D. investors believe the dollar to be more stable than the domestic country's currency. 52) The three most important international financial centers today are A. Tokyo, London, and New York. B. New York, Los Angeles, and London. C. San Francisco, Paris, and Mexico City. D. London, Tokyo, and Beijing. 53) China has been accused of deliberately undervaluing its currency, the yuan, in order to A. maintain purchasing power parity. B. increase its exports. C. prevent deflation. D. increase its imports. 54) What two countries each accounted for more than 25% of all foreign purchases of U.S. stocks and bonds in 2008? A. Mexico and Canada B. Japan and Mexico C. Japan and India D. China and the United Kingdom

How is moral hazard related to health care?

How is moral hazard related to health care?

Suppose people value clean air more as their incomes increase. What

Suppose people value clean air more as their incomes increase. What would happen to the optimal amount of clean air as a country develops economically? Is there an economic prediction we can make from this?

What are the private costs of driving an automobile? What are

What are the private costs of driving an automobile? What are the external costs?

The market for mil is in equilibrium. Recent health reports indicate

The market for mil is in equilibrium. Recent health reports indicate that Calcium is absorbed better in natural forms such as milk, and at the same time, the cost of milking equipment rises.

Ben is exhausting his money income consuming products A and B

Ben is exhausting his money income consuming products A and B MUa/Pa=5 and MUb/Pb =3 Ben should purchase? A.) more of a and less of b B.)more of B and less of A c.) more of both A and B d.) less of both A and B

Use the following to answer questions 3-4: Refer to the diagram.

Use the following to answer questions 3-4: Refer to the diagram. The initial aggregate demand curve is AD1 and the initial aggregate supply curve is AS1. Demand-pull inflation in the short run is best shown as:

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