devry econ545 full course latest 2015 [ all discusion except week 2 ,project paper 1 and 2 and final exam but no quiz] ]

devry econ545 full course latest 2015 [ all discusion except week 2 ,project paper 1 and 2 and final exam but no quiz] ]

Question # 00097008 Posted By: vikas Updated on: 08/26/2015 06:04 AM Due on: 09/12/2015
Subject Economics Topic General Economics Tutorials:
Question
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week 1


Supply and Demand (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Forecasting the Demand for iPhones in Chapter 3 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 1.17, at the end of Chapter 3, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 1 MyEconLab screen for both week 1 videos.


diss 2\

Elasticity ad the Minimum Wage (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Why Are Oil Prices So Unstable in Chapter 6 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 6.3, at the end of Chapter 6, answering and discussing the questions in that exercise. You don’t have to post a graph, but please at least create one on paper and discuss the results.
MyEconLab video link to the Week 1 MyEconLab screen for both week 1 videos.








week 3


Oligopoly and Game Theory (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled With Price Collusion, More is Not Merrier in Chapter 14 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 2.15, at the end of chapter 14, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 3 MyEconLab screen for this video.





diss 2

Antitrust and Market Power (graded)

Below is a recommended topic for this discussion. If your instructor chooses a “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Review and chose a firm of your choice or one provided by your instructor. Is this firm a monopoly? In what ways could it be considered a monopoly? What markets are involved? What antitrust legislation would apply? Is antitrust legislation fair to your chosen firm? Why or why not?








week4

Unemployment and Inflation (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the “Making the Connection” short case titled “What’s So Bad about Falling Prices?” in Chapter 20 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 7.9, at the end of Chapter 20, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 4 MyEconLab screen for both week 4 videos.



diss 2


Business Cycles (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Can a Recession Be a Good Time for a Business to Expand? in Chapter 21 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 3.6, at the end of Chapter 21, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 4 MyEconLab screen for both week 4 videos.







week4

Unemployment and Inflation (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the “Making the Connection” short case titled “What’s So Bad about Falling Prices?” in Chapter 20 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 7.9, at the end of Chapter 20, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 4 MyEconLab screen for both week 4 videos.



diss 2


Business Cycles (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Can a Recession Be a Good Time for a Business to Expand? in Chapter 21 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 3.6, at the end of Chapter 21, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 4 MyEconLab screen for both week 4 videos.









week 5

Fiscal Policy (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Did Fiscal Policy Fail during the Great Depression? in Chapter 27 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 6.6, at the end of Chapter 27, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 5 MyEconLab screen for both week 5 videos.




diss 2

Monetary Policy (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Trying to Hit a Moving Target: Making Policy with Real-Time Data in Chapter 26 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 3.12, at the end of Chapter 26, a








week 6


Federal Reserve Policy (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled The Debate over Quantitative Easing? in Chapter 28 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). ?Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 4.10, at the end of Chapter 28, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 6 MyEconLab screen for both week 6 videos.








diss 2

Macro in an Open Economy (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Japanese Firms Ride the Yen Roller Coaster in Chapter 29 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). ?Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 2.15, at the end of Chapter 29, answering and discussing the questions in that exercise.






week 7


Comparative Advantage (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Comparative Advantage, Opportunity Cost, and Housework in Chapter 2 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your first posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 2.15, at the end of Chapter 2, answering and discussing the questions in that exercise.
MyEconLab video link to the Week 7 MyEconLab screen for both week 7 videos.



diss 2



Fixed and Floating Exchange Rates (graded)

Below is a recommended topic for this discussion. If your instructor chooses a different “Making the Connection” from this weeks’ readings or another alternate discussion topic, his or her chosen topic and any required work in MyEconLab or elsewhere will be in the instructors’ first posting.

  • Read the Making the Connection short case titled Why Did Iceland Recover So Quickly from the Financial Crisis? in Chapter 30 of our textbook, and also be sure to watch the video right under the Making the Connection title (maybe a few times). Then post your posting this week beginning to discuss what you’ve read and watched in the video.
  • Then work on Problems and Applications 2.23, at the end of Chapter 30, answering and discussing the questions in that exercise.











ECON545 Paper Project 1

The Microeconomic Paper tests your ability to apply economic principles to a business decision. Select one situation from the items outlined below: A to D. Complete the paper on the selected situation as specified below. The completed paper is a professional report and is due in Week 3 (150 points). See the grading rubric at the end of this document. Be sure to use the DeVry library for finding data; avoid questionable sources, such as Wikipedia.

The following is a list of the specific required information, research, graphs, and math to be included in each answer regardless of the scenario chosen.

1. Demand Determinants:

a. Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current demand data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.

b. (10 points) Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you can’t find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your demand curve below.

c. (10 points) Graph the demand facing your situation. Note that this requires information from the supply determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.

2. Supply Determinants:

a. Each individual determinant analyzed for your situation, with examples applicable to your situation (3 points each) and research (2 points each) showing current supply data or most recent past data, except for the expectations determinant in which you need to use data estimating future market conditions.

i. (20 points) You need to be very specific in the cost of production determinant to identify fixed, variable, and marginal cost in order to derive your supply curve for the graphing component. You will need to explain and show how profit maximization or loss minimization output and price are determined. You will need to do the math using actual figures [cited] or your own estimated figures [identified as such] and explain why you expect short run economic or normal profits, acceptable loss or temporary shutdown, and how you will know which it is.

ii. The number of sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.

b. (10 points) Price Elasticity of Supply you have based on the cost of production changes as output changes, including actual calculation of it using the midpoint formula. If you can’t find data, then determine the price elasticity from the characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your supply curve.

c. (10 points) Graph your supply situation using the numbers from your earlier cost of production analysis.

3. Recommendations—(40 points) what are your recommendations explained by your analysis?

4. Paper presentation—(10 points) good format, citations, lack of spelling errors, etc.

Situation A

Jenny, your niece, is a smart high-school student who wants to make intelligent choices for her future. Hearing of your course in business economics, she has e-mailed you asking for advice on whether to become a doctor and on the best location to practice it. She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimal decision for her, so she has asked you for advice.

Having read the piece “Fewer Physicians Move, a Sign of Career Caution” on page 20 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Jenny with the most informed advice possible.

Situation B

Your neighbor Cindy wants to start a contracting business for installing solar panels. She has heard of the cost savings that households and businesses can make each year by installing solar panels on their roofs. Cindy has also heard of government incentives for installing solar panels. Being concerned about the environment and wishing to reduce pollution, Cindy thinks installing solar panels also serves a good social purpose. But she does not want to risk her life savings on a venture that might not succeed or become profitable enough. After hearing from you about taking this course in business economics, she decides to ask you for advice.

At first, you are hesitant to give investment advice. Then you read the piece “US boosts ‘game-changer’ solar technology in bid for global market share” on page 374 of the textbook. You realize there are more pieces to the decision than Cindy is considering. You decide to research the market in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Cindy with the most informed advice possible.

Situation C

Cousin Edgar is always thinking of the next business idea. This time, he plans to invest in buying two gas stations. He reckons American consumers have come to accept the high gasoline prices, and estimates world prices for gasoline to increase even further with high demand from India and China. Besides, Cousin Edgar thinks he will make a good profit on the sale of convenience items at each station. But before buying the gas stations, he decides to ask for your advice because you are taking this course in business economics.

You happened to read the piece “$4-a-Gallon Gas Fueling Fears for Recovery” on page 196 of the textbook. Being skeptical of Cousin Edgar’s optimism on the profitability of selling gasoline and convenience items, you decide to research the market in terms of supply and demand, elasticity, costs of production, pricing, and normal or economic profit or loss. You want to provide Cousin Edgar with the most informed advice possible.

Situation D

After hearing of you taking this course in business economics, Uncle Dan has e-mailed you asking for advice on his 100-acre corn farm. He mentioned how, after 30 years of growing corn, he wishes to leave that commodity’s market and enter a more profitable market instead. He is thinking of planting some organic crop. But he is not sure which crop would be most profitable. He already knows that going organic requires changing some of his practices to qualify for the certification. Therefore, he wants to know how much it costs to become a certified organic farmer, and which crop would be best suited for him to grow given his current equipment.

Luckily before you can find time to answer Uncle Dan’s e-mail, you read the piece on “organic farming in the United Kingdom” on page 422 of the textbook. Recognizing the costs and risks for Uncle Dan in making the switch, you decide to research the market in terms of supply and demand, elasticity, production costs, pricing, and economic or normal profit or loss. You decide to educate yourself about organic farming so that you can provide Uncle Dan with the most informed advice possible.

Microeconomic Paper as a Professional Report

Your paper should be organized into five parts as listed below.

1. Title Page—Name, course, and date

2. Introduction to situation, but do NOT copy the scenario.Briefly summarize the situation and identify the microeconomic issue(s) to be decided from the perspective of the organization.

3.Relevant Economic Principles: Determinants of Demand, Supply, etc. and Relevant Data

Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the DeVry Online Library. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data. Graphs may be included here.

4.Recommendations and Economic Justification

Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.

5.References

List the full references for at least five sources alphabetically in APA format.













ECON545 Paper Project 2

The Macroeconomic Paper tests your ability to apply economic principles to a business decision considering the impact of macroeconomic variables. Select one situation from the items outlined below: A to D. Complete the paper on the selected situation as specified below. The completed paper is a professional report and is due in Week 6 (200 points). See the grading rubric at the end of this document. Be sure to use the DeVry library to find data, and avoid questionable sources, such as Wikipedia.

Each of the scenarios has a list of macroeconomic areas you are to address, with sources, in your answer. Briefly you are to research and show how these apply to your scenario: GDP growth rate (20 points), the business cycle, unemployment, and inflation (40 points), fiscal policy and level of unemployment (40 points), monetary policy and interest rates (40 points), and demographics (10 points).

Situation A

Rick, your friend, runs a small manufacturing plant that produces parts for the auto industry. Rick is thinking of expanding his operations to meet the increasing demand from car manufacturers. Hearing of your taking this course in business economics, he asks you for advice on how to go about making the expansion decision.

At first you are reluctant to give investment advice, but then you happen to read the piece “U.S. Auto Sales Estimates Cut as Confidence Slows Rebound” on page 634 of the textbook. You suddenly realize that Rick needs to take a number of macroeconomic variables into consideration for the expansion decision. You decide to research the economy in terms of GDP growth rate, interest rates, level of unemployment, the business cycle, fiscal policy, monetary policy, international trade, and demographics. You want to provide Rick with the most informed advice possible.

Situation B

Your neighbor Cindy wants to start a contracting business for installing solar panels. She has heard of the cost savings that households and businesses can make each year by installing solar panels on their roofs. Cindy has also heard of government incentives for installing solar panels. Being concerned about the environment and wishing to reduce pollution, Cindy thinks installing solar panels also serves a good social purpose. But she does not want to risk her life savings on a venture that might not succeed or become profitable enough. After hearing from you about taking this course in business economics, she decides to ask you for advice.

At first you are hesitant to give investment advice. Then you read the piece “Postal Service Considering Cutting 120,000 Jobs” on page 668 of the textbook. You realize there are more pieces to the decision than Cindy is considering. You decide to research the economy in terms of GDP growth rate, interest rates, level of unemployment, the business cycle, fiscal policy, monetary policy, international trade, and demographics. You want to provide Cindy with the most informed advice possible.

Situation C

Cousin Edgar is always thinking of the next business idea. This time, he plans to invest in buying four gas stations. He reckons American consumers have come to accept the high gasoline prices, and estimates world prices for gasoline to increase even further with high demand from India and China. Besides, Cousin Edgar thinks he will make a good profit on the sale of convenience items at each station. But before buying the gas stations, he decides to ask for your advice because you are taking this course in business economics.

You happened to read the piece “Bank Lending Signals a Strengthening Economy” on page 856 of the textbook. Cousin Edgar needs financing for his new business, but you realize there are more macroeconomic factors he needs to consider in timing his decision. You decide to research the economy in terms of GDP growth rate, interest rates, level of unemployment, the business cycle, fiscal policy, monetary policy, international trade, and demographics. You want to provide Cousin Edgar with the most informed advice possible.

Situation D

After hearing of you taking this course in business economics, Uncle Dan has e-mailed you asking for advice on his 100-acre corn farm. He mentioned how, after 30 years of growing corn, he wishes to leave that commodity’s market and enter a more profitable market instead. He is thinking of subdividing his land and building homes and shops. He reckons he could make a good profit by selling the homes and renting the shops.

Before you can find time to answer Uncle Dan’s e-mail, you read the piece “Will the Fed’s New Policies Revitalize the Housing Market?” on page 896 of the textbook. Recognizing the costs and risks for Uncle Dan in making the switch, you decide to research the economy in terms of GDP growth rate, interest rates, level of unemployment, the business cycle, fiscal policy, monetary policy, international trade, and demographics. You decide to educate yourself about macroeconomics so that you can provide Uncle Dan with the most informed advice possible.

Macroeconomic Paper as a Professional Report

Your paper should be organized into five parts as listed below.

1. Title Page: Name, class, and date

2. Introduction to situation but do NOT copy the scenario.Briefly summarize the situation and identify the macroeconomic issue(s) to be decided from the perspective of the organization.

3. Business cycles, unemployment, inflation, international—comparative advantage, exchange rates, trade, etc., monetary policy and interest rates, and fiscal policy and unemployment. Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the DeVry Online Library. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data. Graphs may be included here.

4.Recommendations and Economic Justification

Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.

5.References

List the full references for at least five sources alphabetically in APA format.

Grading Rubric












final



Question 1. 1. (TCOs A and D) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (30 points)

(Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected on the Widget Market, you know that market demand has recently decreased and market supply has recently increased. Name two shift factors and determinants that could have caused the market demand to decrease and two shift factors and determinants that could have caused the market supply to increase. Also as manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? (15 points)

Remember that supply and demand are about the market supply and market demand, which is much bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. You want to identify the possible change in market equilibrium price, and possible change in market equilibrium quantity based on the shifts in demand and supply and adjust your own price and quantity to match the market.

(Part B) Now, suppose that the following changes in demand and supply occur: (1) a substitute good goes up in price and (2) the number of suppliers decrease. What decisions will you make regarding production levels and pricing for your Widget facility based ONLY on these changes, for example, do not factor in the changes in part (a) here? (15 points) (Points : 30)

Question 2. 2. (TCO B) Consider the data for two products as shown below. (20 points)

Quantities Purchased

Quantities Purchased

Prices

Product X

Product Y

$6

40

50

$4

50

80

Quantities Purchased

Quantities Purchased

Income

Product X

Product Y

$30,000

25

20

50,000

10

30

(Part A) Using the midpoint formula, calculate the coefficient of elasticity for each product. (8 points)

(Part B) Calculate the income elasticity for each product and characterize each. (12 points) (Points : 20)

Question 3. 3. (TCOs C and D) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. (20 points)

Workers Total Labor Cost Output Total Revenue

1 $50 100 $700

2 $100 250 $1,150

3 $150 300 $1,440

4 $200 380 $1,620

5 $250 440 $1,720

6 $300 480 $1,780

7 $350 500 $1,820

(Part A) (5 points) What is the marginal product of the second worker?.

(Part B) (5 points) What is the marginal revenue product (MRP) of the fourth worker?

(Part C) (5 points) What is the marginal cost (MC) of the first worker?

(Part D) (5 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

(Points : 20)

Question 4. 4. (TCO C) Answer the next questions (Parts A and B) on the basis of the following cost data for a firm operating in pure competition. (20 points)

Output TFC TVC

0 $200.00 0.00

1 $200.00 50.00

2 $200.00 120.00

3 $200.00 200.00

4 $200.00 300.00

5 $200.00 450.00

6 $200.00 650.00

(Part A) Refer to the above data. If the product price is $75 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. (10 points)

(Part B) Refer to the above data. If the product price is $100 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. (10 points) (Points : 20)

Question 5. 5. (TCOs E and F) Compare and contrast the different stages of the business cycle and how inflation and unemployment vary via these different stages. Then discuss the appropriate fiscal and monetary policies to address inflation and unemployment. (20 points) (Points : 20)

Question 6. 6. (TCO E) Answer Parts A and B completely. (30 points)

(Part A) (20 points) Suppose nominal GDP in 2012 was $100 billion and in 2014 it was $220 billion. The general price index in 2012 was 100, and in 2014 it was 140. Between 2012 and 2014, the real GDP rose by what percent?

In a given year in the United States, the total number of residents is 190 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 27 million, and the number of unemployed is 5 million.

(Part B1) (5 points) Refer to the data in the above scenario. What is the size of the labor force in the United States for the given year?

(Part B2) (5 points) Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year? (Points : 30)

Question 7. 7. (TCOs E and F) Answer Parts A, B, and C completely. (40 points)

(Part A) Suppose your local Congress representative suggests that the federal government should not intervene in the baseball ticket market to stop runaway price increases. Would you say that this view basically supports the Keynesian or the Monetarist school of thought? Why? What position would the opposing school of thought take on this issue? (Be brief—you can answer this in two or three brief paragraphs.) (15 points)

(Part B) Any change in the economy’s total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works. (10 points)

(Part C) You are told that 50 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $15 billion. (15 points) (Points : 40)


Question 8. 8. (TCO H) You are in charge of making recommendations based on economic forecasts to uppermanagement of your firm, which produces widgets and employs 2,500 workers. Uppermanagement has informed you that they are planning to build a new facility and hire 500 additional workers. They would like you to research leading indicators and produce a detailed analysis of where the economy is heading in the next 6 months. What would you look for in terms of leading indicators (discuss at least three indicators), and what recommendations would you make to uppermanagement based on your findings regarding leading indicators? Be sure to consider the macroeconomic nature of leading indicators, and the microeconomic nature of your firms’ decisions. (30 points) (Points : 30)

9(TCO E and I) Let the exchange rate be defined as the number of dollars per British pound. Assume there is a decrease in U.S. interest rates relative to that of Britain.

(a.) (10 points) Would this event cause the demand for the dollar to increase or decrease relative to the demand for the pound? Why?

(b.) (10 points) Has the dollar appreciated or depreciated in value relative to the pound?


(c.) (10 points) Does this change in the value of the dollar make imports cheaper or more expensive for Americans? Are American exports cheaper or more expensive for importers of U.S. goods in Great Britain? Illustrate by showing the price of a U.S. cell phone in Britain before and after the change in the exchange rate.


(d.) (10 points) If you had a business exporting goods to Britain, and U.S. interest rates fell as they have in this example, would you plan to expand production or cut back? Why?


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