How does the US Government pay for most public goods and services?

Multiple Choice Question Test

Final Exam Study Guide

Unit 1: Know the following terms and be able to answer the following questions

opportunity Cost
service
Voluntary Exchange
Natural Resources
Market Economy
Command Economy
Mixed Economy

How does the US Government pay for most public goods and services?
What is the relationship between opportunity costs and trade-offs?
What makes an economic decision rational?

Additional Skills needed from this unit: Be able to read a PPC graph and determine the opportunity cost when moving between different points on the graph.

Why is it important to consider the wealth gap between black and white Americans in economic terms and in historical perspective?

Choose two out of the six essay prompts, and write full answers to the two prompts using the materials from class and your own perspective. Follow the format rules below:

Minimum of 1 page, maximum of 2 pages for each essay.
Single-space text
Use a header with only your name and prompt number in a single line at the top of the first
page
1 inch margins
12-pt. font

Remember that you can consult the course materials and your notes as you write your essay responses. You will submit your response in a pdf file on the Gradescope assignment. On Gradescope, the midterm assignment will show you two questions. Match the pages of your first essay with

Question 1, and the pages of your second essay with Question 2.

Remember to keep your essay short and to the point (that’s why there is a page limit). I expect you to take ideas from our readings to build your answer. You should summarize and introduce ideas from the class materials in a clear and concise way. Do not forget to include your own thoughts and perspective into your answers. Once the exam is posted on Gradescope, you can email me for clarification about the essay prompts, the format requirements, and the process for submission.
You can cite the materials by referencing the authors of the course materials, or the persons interviewed in the videos and podcasts. You can reference the Netflix videos by their title (e.g. The Stock Market, The Racial Wealth Gap). There is no need to follow an academic citation format, and there’s no need to provide the full titles of the books or chapters. Just make sure to paraphrase or use direct quotes appropriately.

Also,avoid reproducing the essay prompt substantially within your response. You can certainly include queues from the prompt and paraphrase the prompt throughout your answer, but avoid repeating entire parts of the prompt.

Essay Prompts:

Are companies today focused in improving the quality of lives of consumers, workers, and the communities where they operate? What would be some indications that they are, and some indications that they are not? In particular, what have publicly-traded companies done with their profits in the past few decades, and why does this matter in terms of our living standards? Where do you stand on the debate about the purpose of a company?

The prices of insulin in the U.S. reveal signs of being arbitrarily higher than they should. Why has insulin become so expensive? What problems would Charles Lindblom identify in the insulin industry?

What are insulin patients doing in response to high insulin prices? How could governments or the market fix this issue?

What do social scientists mean by “deep poverty”? What are some ways of measuring deep poverty and what are some recent trends in deep poverty in the U.S.? What groups are affected by deep poverty the most? What are some of the survival strategies employed by people in deep poverty? What are your thoughts on the deep poverty situation in America?

An expert panel from the National Academies has estimated that child poverty in 2015 was 13% using the Supplemental Poverty Measure (SPM), and that child poverty rate for the same year was 20% according to the Official Poverty Measure (OPM). What explains the differences in these measurements and what do you think about these differences? Also, the expert panel has proposed expansions of the safety net that can cut the 13% child poverty rate in half. Some of these expansions were implemented in the American Rescue Plan, yet there is still a case against a permanent expansion. What are some of the arguments regarding the expansion of the safety net? Where do you stand on this matter?

(Hint: the materials that we read in class cover these topics – you won’t need to review the report by the expert panel)

One of the economic results of the Covid-19 pandemic has been a labor shortage. How do we know that there is a shortage of workers? What sectors in the economy are undergoing this shortage? What are some of the possible causes of the shortage? What do you think about David Autors’ arguments about the consequences of higher wages?

Why is it important to consider the wealth gap between black and white Americans in economic terms and in historical perspective? What are some of the causes of the wealth gap, and why is land so important to the wealth gap? What could be done to overcome the racial wealth gap? Make sure to draw upon arguments and facts from our course materials to answer these questions, along with your opinion on these matters.

How do economists use Monetary and Fiscal Policy to bring the economy to a desired level of Gross National Product.

Organized the assignment

1. Describe how output and prices are determined.

2. Describe shocks

3. Give an example of a shock

4. Explain how monetary and fiscal policy can offset

Aggregate demand and aggregate supply

COVID Essay

Instructions

This is a take-home, open-book assignment. Each student has one week to upload their work to Chalk & Wire AND Canvas. Multiple uploads are allowed, but only the last dated successful upload will be accepted. The final submission should be between 500 and 800 words, excluding references. Each student must complete their work independently, without collaboration or consultation with anyone, in any format. Proper citation is expected when other people’s work is mentioned.

In your answer you should identify and define in detail multiple theories. You should explain in detail how these theories are applied in the discipline of this course. You should provide detailed examples to illustrate how the theories can be applied. Please do NOT put your name on your document.

Writing Prompt

The study of Macroeconomics involves the analysis of economic activity at the aggregate level. Topics include the measurement and determination of national output, total spending, the level of employment, the average price level, interest rates and the forces contributing to their change over time. What specific theory (model) do economists use to determine Gross National Product (GDP) and the average price level (e.g., Consumer Price Level or CPI)? Applying this model, how do economists use Monetary and Fiscal Policy to bring the economy to a desired level of GDP? Provide specific examples to illustrate your points.

Demonstrate logical economic thinking,including how to structure a coherent argument with conclusions linked to evidence.

Aviation: Covid 19 & future challenges

4ECON001W EXPLORING MICROECONOMICS

Report (2000 Words) Semester One 2021/2022

Assessment type: Coursework component – Individual Report
Weight: 50% of total module assessment
Length: Your report should not exceed 2,000 words
Date set: September 2021
Deadline for submission:

This assesses the following Learning Outcomes (LOs 3,4,5,6):

Communicate effectively in an appropriate format in a clear and concise manner using a range of media, which are widely used in business and economics.

Reflect on personal capabilities and manage and prioritise own study time to meet set objectives.

Demonstrate logical economic thinking,including how to structure a coherent argument with conclusions linked to evidence.

Show an awareness of ethical constraints and dilemmas in relation to personal and national beliefs and values.

 

Do firms who list a woman as the person responsible for reporting have wider or smaller gender pay gaps compared to firms which list a man responsible?

Gender pay gap / econometrics

In March 2017 the UK Parliament passed the Equality Act 2010 (Specific Duties and Public Author- ities). Regulations 2017, which required all employers of more than 250 employees to publicly disclose information about their gender pay gaps effective 01 Apr. 2018. You can see these at The aim of the regulation was to pressure employers to take action addressing their pay gaps. Now, that data is available for three reporting years, we can start to assess how effective the regulation has been in addressing this issue. Using the data available you should be able to answer the following FOUR questions:

1. How has the gender pay gap changed at the sampled set of firms between 2018 and 2020?

2. Are larger firms progressing at a different rate than smaller firms? Think about the specification of the model necessary to answer this question.

3. Do firms who list a woman as the person responsible for reporting have wider or smaller gender pay gaps compared to firms which list a man responsible?

4. What potential measurement issues might affect the interpretation of your results? Are firms with larger or smaller gender pay gaps likelier to misreport? Assess what effect this has on your estimates (i.e. under/over-estimation).

One of the files attached is what i’ve done so far.

Identify the market structure that best describes the hotel market and use examples to describe its key features.

Hotel market structure

As the effects of COVID-19 spread across the entire world, the primary focus for governments and businesses is the safety of their people. Strategies to flatten the COVID-19 curve such as community lockdowns, social distancing, stay-at-home orders, travel, and mobility restrictions have significantly decreased the demand for many hospitality businesses. The hotel industry is a subdivision of the hospitality industry specializing in accommodation and is one of the most affected markets by the COVID-19.

Identify the market structure that best describes the hotel market and use examples to describe its key features.

Assuming this market was in long-run equilibrium before the outbreak of COVID-19, use Microeconomics theories to analyze how the COVID-19 would affect this market in the short run and in the long run.