Question Unit 1 Assignment Read Chapters 4, 5, 6 Assignment Questions:

03 Jun Question Unit 1 Assignment Read Chapters 4, 5, 6 Assignment Questions:

Question
Unit 1 Assignment
Read Chapters 4, 5, 6

Assignment Questions:

Questions for Review p.128-129 #’s 4, 5, 7

Assignment is due Sunday and late assignments are not accepted.

(Remember to include examples in your answers to improve you grade)

Questions for review pages 128-129 numbers 4, 5, & 7

4.)Explains why economists usually oppose controls on prices.

5.) Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of the good. How does this change in tax policy affect the price that buyers pay sellers for good, the amount buyers are out of pocket including the tax, and the quantity of the good sold?

7.) What determines how the burden of a tax is divided between buyers and sellers? Why?

Unit 2 Assignment
Read Chapters 7, 8, 9

Assignment Questions:

Questions for Review p. 167 #’s 1, 4, 5

Assignment is due Sunday and late assignments are not accepted.

(NOT Problems and Applications)

Questions for Review p.167 #’s 1, 4, 5

1.) What happens to consumer and producer surplus when the sale of is good is taxed?

4.) Why do experts disagree about whether labor taxes have small or large deadweight losses?

5.) What happens to the deadweight loss and tax revenue when a tax is increased?

Unit 2 Assignment
Read Chapters 7, 8, 9

Assignment Questions:

Questions for Review p. 167 #’s 1, 4, 5

Assignment is due Sunday and late assignments are not accepted.

(NOT Problems and Applications)

Questions for Review p.167 #’s 1, 4, 5

1.) What happens to consumer and producer surplus when the sale of is good is taxed?

4.) Why do experts disagree about whether labor taxes have small or large deadweight losses?

5.) What happens to the deadweight loss and tax revenue when a tax is increased?

Question 1

4 out of 4 points

A group of buyers and sellers of a particular good or service is called a(n)

· Question 2

4 out of 4 points

In a competitive market, each seller has limited control over the price of his product because

· Question 3

4 out of 4 points

If a firm is a price taker, it operates in a

· Question 4

4 out of 4 points

The line that relates the price of a good and the quantity demanded of that good is called the demand

· Question 5

4 out of 4 points

The price elasticity of demand for a good measures the willingness of

· Question 6

4 out of 4 points

The case of perfectly elastic demand is illustrated by a demand curve that is

· Question 7

4 out of 4 points

Consumer surplus

· Question 8

4 out of 4 points

The marginal seller is the seller who

· Question 9

4 out of 4 points

At the equilibrium price of a good, the good will be purchased by those buyers who

· Question 10

4 out of 4 points

Market power and externalities are examples of

· Question 11

4 out of 4 points

The Social Security tax is a tax on

· Question 12

4 out of 4 points

A logical starting point from which the study of international trade begins is

· Question 13

4 out of 4 points

Which of the following is not an important question for economic policy raised by the experience of the textile industry?

· Question 14

4 out of 4 points

An externality is an example of

· Question 15

4 out of 4 points

A cost imposed on someone who is neither the consumer nor the producer is called a

· Question 16

4 out of 4 points

Research into new technologies provides a

· Question 17

0 out of 4 points

Externalities can be corrected by each of the following except

· Question 18

4 out of 4 points

The Golden Rule is an example of a private solution for

· Question 19

4 out of 4 points

That some firms are engaged in more than one type of business is explained, in some cases, by

· Question 20

4 out of 4 points

A free rider is a person who

· Question 21

4 out of 4 points

The largest source of revenue for the federal government is the

· Question 22

4 out of 4 points

The U.S. federal government finances budget deficits by

· Question 23

0 out of 4 points

The theory that the wealthy should contribute more to police protection than the poor because they have more to protect is based on

· Question 24

4 out of 4 points

The argument that each person should pay taxes according to how well the individual can shoulder the burden is called

· Question 25

4 out of 4 points

The notion that similar taxpayers should pay similar amounts of taxes is known as

Unit 5 Assignment
Read Chapters 15,16, 17

Unit 5 Assignment Questions:

Questions for Review p. 325 #’s 1, 2, 3

1.Give an example of a government- created monopoly. Is creating this monopoly necessarily bad public policy? Explain.
2. Define natural monopoly. What does the size of a market have to do with whether an industry is a natural monopoly?

3. Why is a monopolist’s marginal revenue less than the price of its good? Can marginal revenue ever be negative? Explain.

Topic Paper
In economic history there have been many great Economists who have developed theories, concepts and ideas which have improved our economy to a great degree. Below are five very influential and important economists:

Irving Fisher

http://en.wikipedia.org/wiki/Irving_Fisher

Milton Friedman

http://en.wikipedia.org/wiki/Milton_Friedman

Friedrich A Hayek

http://en.wikipedia.org/wiki/Friedrich_A._Hayek

John M. Keynes

http://en.wikipedia.org/wiki/John_M._Keynes

Adam Smith

http://en.wikipedia.org/wiki/Adam_smith

I tried to include a diverse group so at least one will spark your interest. Please look at the Wikipedia link to get some brief information on them, but use Wikipedia only as a starting point in your research and DO NOT include Wikipedia as a reference in your papers. Wikipedia is a great place for information, but should not be used as a source in academic writing. The issue is that anyone can edit it so please use this only as a starting point. If for some reason you would rather write about another economist you can, but you must email the person of your choice and your reason for the selection by the end of Unit 3 for approval.

Please discuss the different economic theories of the person of your choice. Why are they important? Have they helped or hurt our economy? If they were alive today, what do you think he would suggest as an economic plan for our economy? Would they agree or disagree with the current policies?

You must use APA and include the following in your paper: Cover page, Thesis Statement (included in the introduction and typically the last sentence of the introduction), Body of paper, Conclusion, Reference Page (NOT a works cited or bibliography as this is APA). The Paper is due at the end of Unit 7 and I will check all papers for plagiarism. Any papers that have plagiarism will automatically be graded a 0 and will be turned over to the Academic Affairs Department at Post University for further action.

Grade point value is 100 and is 20% of your grade.

The paper must be 5 to 8 pages in length (not including the cover page or reference page) and include at least three references besides the textbook

· Question 1

0 out of 4 points

A student might describe information about the costs of production as

· Question 2

4 out of 4 points

To an economist, the field of industrial organization answers which of the following questions?

· Question 3

4 out of 4 points

Economists assume that the typical person who starts her own business does so with the intention of

· Question 4

4 out of 4 points

How long does it take a firm to go from the short run to the long run?

· Question 5

4 out of 4 points

When a firm experiences constant returns to scale,

· Question 6

4 out of 4 points

When a firm experiences diseconomies of scale,

· Question 7

4 out of 4 points

A key characteristic of a competitive market is that

· Question 8

4 out of 4 points

In a competitive market,

· Question 9

4 out of 4 points

Which of the following firms is the closest to being a perfectly competitive firm?

· Question 10

4 out of 4 points

For a competitive firm,

· Question 11

4 out of 4 points

Economists assume that monopolists behave as

· Question 12

4 out of 4 points

Deadweight loss

· Question 13

4 out of 4 points

Which of the following pairs illustrates the two extreme examples of market structures?

· Question 14

4 out of 4 points

The general term for market structures that fall somewhere between monopoly and perfect competition is

· Question 15

4 out of 4 points

Monopolistic competition is characterized by which of the following attributes?

(i)

free entry

(ii)

product differentiation

(iii)

many sellers

· Question 16

4 out of 4 points

In a monopolistically competitive market,

· Question 17

4 out of 4 points

In monopolistic competition as well as in monopoly,

· Question 18

4 out of 4 points

A firm in a monopolistically competitive market faces a

· Question 19

4 out of 4 points

The theory of oligopoly provides another reason that free trade can benefit all countries because

· Question 20

4 out of 4 points

The likely outcome of the standard prisoners’ dilemma game is that

· Question 21

4 out of 4 points

In a game, a dominant strategy is

· Question 22

4 out of 4 points

Because a firm’s demand for a factor of production is derived from its decision to supply a good in the market, it is called a

· Question 23

4 out of 4 points

The purchase price of capital is

· Question 24

4 out of 4 points

Which of the following accurately describes how earnings from capital eventually get paid to households?

· Question 25

4 out of 4 points

Labor-market discrimination is evident when