Macro Economics
1. Developing a model of an economy means answering the question(s) of:
a. what to produce.
b. how to produce.
c. for whom to produce.
d. what to produce, how to produce and for whom to produce.
e. Only what to produce and how to produce, since distribution is not the task of economics.
2. Every year during the holidays there seems to be a great demand for some particular "hot" toy. This is an example of the effect of _________ on demand.
a. tastes and preferences
b. expectations
c. income
d. prices of other goods
e. wealth
3. A market is in equilibrium when there is:
a. excess demand.
b. excess supply.
c. a shortage.
d. a surplus.
e. None of the above.
4. The equilibrium quantity in a market could remain unchanged if there were a/an _________ in demand offset by a/an ________ in supply.
a. increase, decrease
b. increase, increase
c. decrease, decrease
d. None of the above.
5. Which of the following is microeconomics?
a. A study of national output growth in Japan.
b. A study of IBM sales since 1995.
c. A study of Irish employment levels.
d. A study of unemployment in Sweden.
e. None of the above can be considered microeconomics.
6. Which of the following would NOT cause the demand for a normal good or service to decrease?
a. An increase in the price of the product.
b. The income available to the household decreases.
c. Other goods which are good substitutes become available.
d. Households have negative expectations about future income, wealth and prices.
e. None of the above. All of the above would cause a decrease in demand.
7. Refer to Figure 4.1. Which panel best depicts the following situation: I do not buy Cola Cola at the supermarket because another brand is on sale.
a. panel 1
b. panel 5
c. panel 6
d. panel 7
e. panel 8
8. If there were an increase in the price of hamburger,
a. the quantity demanded of hamburger would decrease.
b. the demand for catsup would decrease.
c. the demand for hamburger rolls would decrease.
d. All of the above.
e. None of the above.
9. The conventional bowed-out shape of the production possibilities curve implies
a. producers are unable to utilize specialized resources efficiently.
b. shifting production from one good to another leads to increasing opportunity costs.
c.
On a global scale, the United States is a relatively wealthy country of advanced industrialization. Unfortunately, the healthcare system is among the costliest, spending close to 18% of gross domestic product (GDP) towards funding healthcare (2011). No universal healthcare coverage is currently available. United States healthcare is currently funded through private, federal, state, and local sources. Coverage is provided privately and through the government and military. Nearly 85% of the U.S. population is covered to some extent, leaving a population of close to 48 million without any type of health insurance. Cost is the primary reason for lack of insurance and individuals foregoing medical care and use of prescription medications.
Century Interpretations of Poe’s Tales. Ed. William L. Howarth. Englewood Cliffs, NJ: Prentice-Hall, Inc., 1971.
The Dominican Republic is a nation located in the Caribbean Sea and shares the land with Haiti, and the whole island is called Hispaniola as it was named when Christopher Columbus discovered it during his first voyage in the year 1492. The country has proved to be one of the leading Caribbean countries with accessible healthcare to its citizens and even expats. However, the country has a multinational population with low-to-medium incomes and multi-level access to healthcare based on income. Despite this, improvements to healthcare system can lead to better medical outcomes to all the citizens and even to the suffering citizens of the Haiti. Because the Dominican Republic is an immediate neighbor to struggling Haiti, it is the moral obligation of the Dominican to provide Haitians with access to healthcare.
Last year the average cost of an insurance policy for a family of four was $20,728.00 according to the Milliman Medical Index (2012 Milliman Medical Index, figure 1). The median household income for 2012 was $51,017.00 according to Steve Hargreaves for CNN Money (2013, para. 1). This means the average American spends almost 40.62 percent of health care premiums. This figure is simply too high to sustain. By comparison the median household income in 2005 was $67,019 according to the United States Census Bureau ( Median Income for 4-Person Families n.d.). The average cost of healthcare according to the Milliman Medical Index for 2005 was $12,214 which was only 18.22 percent. (2005 Milliman Medical Index, figure 1). The percentage Americans spend on health care has more than doubled since 2005. If we don't find a way to get the costs of providing health care under control, then this country cannot survive.
In 1835 he began to sell short stories to magazines and became the editor of the Southern Literary Messenger in Richmond. His brother Leonard Poe was a poet before his death, and Poe was thought as being morbid and mysterious. Humiliated with the fact of poverty, he moved back to Richmond and from being broke and alone there, he moved to Baltimore. The first night he was back in Baltimore he was robbed by his cousin. He made several calls to people to find a place to stay, and the only person who took him in was his Aunt Maria Clemm. From his aunt Maria, he was introduced to his younger cousin Virginia. Poe who was around the age of twenty seven married his cousin Virginia who was the short age of twelve. They loved each other so much that they wrote one another poems to exchange their love, and sang together every night before bed. In 1846, Poe moved to New York to continue his writing but was shortl...
Thomson, Gary Richard, and Poe Edgar. The selected writings of Edgar Allan Poe. New York: Norton & Company, 2004
Pruette, Lorine. “A Psycho-Analytical study of Edgar Allan Poe.” Ther American Jounal of Psychology.31.4 (1920): 370-402. University of Illinois Press. Web. 28 March 2014.
Health care is one of the most debated issues in the United States today and it 's necessary to understand the basics of this problem. Approximately 50 million people living in the United
In order to make ones’ health care coverage more affordable, the nation needs to address the continually increasing medical care costs. Approximately more than one-sixth of the United States economy is devoted to health care spending, such as: soaring prices for medical services, costly prescription drugs, newly advanced medical technology, and even unhealthy lifestyles. Our system is spending approximately $2.7 trillion annually on health care. According to experts, it is estimated that approximately 20%-30% of that spending (approx. $800 billion a year) appears to go towards wasteful, redundant, or even inefficient care.
Despite the established health care facilities in the United States, most citizens do not have access to proper medical care. We must appreciate from the very onset that a healthy and strong nation must have a proper health care system. Such a health system should be available and affordable to all. The cost of health services is high. In fact, the ...
Edgar Allan Poe had a devastating childhood and a dark life as an adult. He was born January 19,1809, under the name of Edgar Poe. His father soon abandoned Poe and his fate is unknown. When Poe was two years old his mother died. John Allan who was part of the Ellis and Allan Tobacco Merchants then adopted him. Poe attended many schools because he could never manage to stay in one school very long. In 1826, he went to the University of Virginia for not even one year and was kicked out because he never paid his gambling debts. Poe started living a dark life after he was kicked out because he had to live on the streets. He married his 13-year-old cousin Virginia Clemm in 1836. He was happy until 1847 when Virginia Clemm died. He was so unhappy that a year later he attempted suicide. The circumstances of Poe’s death remain a mystery. But after a visit to Norfolk and Richmond for lectures, he was found in Baltimore in a pitiable condition and taken unconscious to a hospital where he died on Sunday, October 7, 1849. He was buried in the yard of Westminster Presbyterian Church in Baltimore, Maryland.
Figure I I .4 illustrates the effects of an increase in demand. OD is the original demand curve so that the equilibrium price is P and quantity Q is demanded and supplied.
... Also important is the price of complements, or goods that are used together. When the price of gasoline rises, the demand for cars falls.
deal with “luxury” goods (Exhibit N). It is important to note that the sale of “luxury” goods is affected more
Types of goods will help us determine whether demand for cars is elastic or inelastic. If a good is considered to be a luxury rather than a necessity, the greater is the price elasticity of demand (McConnell & Brue, 2004). Cars can be deemed as necessary due to a need for transportation. Other types of cars can be classified as luxury. A person who needs to be able to get from one place to another will have the need for a car. An old vehicle may suffice. In such a scenario, buying a brand new car is more likely to be a luxury rather than a necessity. If car prices go up, people are more inclined to just keep driving their old vehicles. In essence, the cars already on the road would serve as substitutes for new cars. However, over a longer period of time, old cars tend to wear out and the elasticity of demand for vehicles is less.