List an example of a monopoly that you feel should be ( any 6)

Directions: Please answer the following questions and attach a text document in the Final Exam Inbox link. You will be graded on the completeness and accuracy of your answers. Make sure to supply reasons for all of your answers. The value of each question is noted within the exam. The exam is to be submitted by Monday, December 14 with no exception.

1. (6 points) List an example of a monopoly that you feel should be regulated. List an example of a monopoly that you feel should go unregulated. Cite specific economic reasons for your answers.

2. (10 points) Describe some of the measures used to classify industries by market structure, including concentration ratios and the Herfindahl Index. What are the shortcomings of these measures? Develop and describe an alternative method of your own which uses data to classify industries into market structures.

3. (8 points) You are in charge of designing a new board game. The board game will be similar to the Parker Brothers’ version of “Monopoly”, except that your game will be called “Oligopoly”. How would you design this board game? What features would be available in the game? You are free to list any ideas you have for the game, as long as your ideas support the title of the game.

4. (10 points) The table below shows the total production a firm will be able to obtain if it employs varying amounts of labor while the amounts of the other resources the firm employs remain constant. Compute the marginal product of each of the seven units of labor and enter these figures in the table. Assume the product the firm produces sells in the market for $3.00 per unit. Compute the total revenue of the firm at each of the eight levels of output and the marginal revenue product of each of the seven units of labor. Enter these figures in the table below. If the cost of each unit of labor is $20, how many units of labor will the firm employ?

Quantity of labor employed	Total product	Marginal product of labor	Total revenue	Marginal revenue product of labor
0	0
1	28	_____	$_____	$_____
2	46	_____	_____	_____
3	62	_____	_____	_____
4	75	_____	_____	_____
5	82	_____	_____	_____
6	84	_____	_____	_____
7	86	_____	_____	_____

5. (10 points) The “Consider This” section of Chapter 14 discusses winner-take-all-markets. The section uses marginal analysis to describe markets of this kind. The section details how musicians like Beyoncé have high MRP’s from selling albums and having highly attended concerts. How is the resource market for musicians different than that of professional athletes? Are professional sports winner-take-all-markets? Why do general managers pay players like Miguel Cabrera $21 million per year, while they pay random minor league baseball players around $1000 per month?

6. (6 points) Use whatever research tools necessary to find an updated (as new as you can get; list sources) unemployment rate figure for Williams County, ND. How does this figure compare to the national unemployment rate at the same time? List a few reasons (not just the oil boom) why these numbers might be different.

7. (10 points)

a. In general, do you believe CEO’s are overpaid? Use economic arguments to support your opinion.

b. Matt’s Co. is a firm which has annual sales of approximately $2.5 billion. Matt’s Co. has 500 people employed at an average salary of $60,000. The CEO of Matt’s Co. has been in his current position for 12 years and has done an above average job with the company. Determine an appropriate compensation for the CEO of Matt’s Co. You may choose from a combination of salary, benefits, bonuses, or stock options. What other information, if any, would you want to have before making your decision?

8. (6 points) Explain in detail why a piece of land in North Dakota is more expensive than a piece of land the same size in the Sahara Desert.

9. (6 points) Explain why businesses tend to pay attention to the real interest rate rather than the nominal interest rate when determining investment decisions.

10. (7 points) Find and list three household items that have been made in a foreign country. Which countries were the items produced in? Find and list three additional household items that were made in the U.S. Was it easier to find foreign-made items or U.S. made items?

Items made in Foreign Country

1. AMPAD Envelopes: Made in Mexico

2. Stanley Bostitch Stapler: Made in Taiwan

3. Microsoft Mouse: Made in china

Items Made In USA

1. BT MASTERBRAND Staples

2. Scotch Tape dispenser

3. Febreze Air Effects

I found that it was so much easier to find items that were made in a foreign country most items that are sold in the USA where not made in the USA that is because it allows for cheaper labor and it makes the product more affordable to own.

11. (8 points) Mr. Smith is widely considered to be the best attorney in town. He is also the most efficient lawn mower in town. What would you do with your time if you were in Mr. Smith’s shoes? How does this example relate to the concepts of comparative advantage, absolute advantage, and specialization in international trading?

12. (8 points) List at least five reasons why a nation might protect its industries by levying trade restrictions. Which reasons do you think are strongest? Which are weakest? Why?

13. (5 points) What information that we covered did you find most useful and interesting? What information did you find most difficult? Is there anything we didn’t cover that you think we should have?