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Question #1 Representatives Waxman of california and Markey of
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Question #1

Representatives Waxman of california and Markey of Massachusetts proposed a law to limit greenhouse gas emissions from electricity generation and require electricity producers to generate a minimum percentage of power using renewable fuels, with some rights to emit to be auctioned. The congressional Budget Office estimated that the government would receive $846 billion from auctions and would spend 821 Billion on incentive programs and compensation for higher energy prices. Electricity producers would spend 208 million a year to comply with the new rules. (Think of these amounts as dollars worth of other goods and services) Answer questions 1-4
1.Would the Waxman-Markey law achieve production efficiency?
2.Is the $846 billion that electricity producers would pay for the right to emit greenhouse gasses part of the opportunity cost of producing electricity?
3.Is the $821 billion that the government would spend on incentive programs and compensation for higher energy prices part of the opportunity cost of producing electricity?
4.Is the $208 million that electricity producers will spend to comply with the new rules part of the opportunity cost of producing electricity?


Question 2

1. In a market economy, resources are allocated by: (Points: 5) The centralized decisions of the government The decentralized decisions of many firms and households as they interact in markets for goods and services The centralized decisions of workers' unions and local governments Either supply or demand, but not demand and supply simultaneously 2. The study of how households and firms make decisions and how they interact in specific markets is called: (Points: 5) The invisible hand Circular Flow of Income Production Possibilities Frontier Microeconomics 3. An oncoming hurricane is announced on the evening news. The next morning, many customers go to the stores to buy plywood, but lumber yard owners had already doubled the price of plywood. Although not very happy, customers still buy the plywood. Which graph best explains this story? (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer. 4. To develop economic models, economists make assumptions. The purpose of this is: (Points: 5) To include as many aspects of reality as possible To develop a universal macroeconomic theory To simplify reality, so the models can help us see the most important aspects. None of the above 5. The people in the village are happy. Their incomes have risen and the shops in town are filled with new, imported goods. (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 6. The people in the village are unhappy. The shops are mostly empty and the few items available are very expensive. (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 7. The people in the village remember the good old days, when tourists came to visit and the place seemed to be alive day and night. Now, there is very little to do, although land and locally produced food are inexpensive. (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 8. The ability to produce a good at a lower opportunity cost than another producer is called: (Points: 5) Substitution effect Externality Comparative Advantage Absolute Advantage 9. Gasoline has doubled in price over the past couple years. Which graph best depicts the markets for bicycles, scooters, and other alternative modes of transportation? (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 10. Solar panels, windmills, and biodiesel generators are cheaper and almost as efficient for office buildings to produce the electricity that they need for themselves. Which graph depicts the market for existing utility companies? (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 11. Whatever must be given up to obtain something is called: (Points: 5) Externality Comparative Advantage Opportunity Cost Specialization 12. The price of gasoline has more than doubled in the past couple years. Which graph applies to this story? (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 13. Housing prices have begun to drop. New home construction has stopped and fewer run-down houses are being repaired. (Points: 5) Graph A Graph B Graph C Graph D There is not enough information to answer the question. 14. Increases in price are always caused by an increase in demand. (Points: 5) True False15. All other things being equal, an increase in demand always leads to an increase in equilibrium price. If prices are not allowed to rise to the new equilibrium, there will be shortages. (Points: 5) True False16. All other things being equal, if there is a significant reduction in supply, it is possible to keep prices at their original level without causing shortages through anti-gouging legislation. (Points: 5) True False17. When suppliers charge unfair prices, government can intervene to bring prices back to their fair levels. (Points: 5) True False18. Economics studies ______. (Points: 5) How society manages its scarce resources Social Welfare Ethical use of resources Protection of workers' rights 19. When doing research, Economists: (Points: 5) follow the scientific method: observation, theory, and more observation cannot use experiments, as they are often done in areas like Physics and Chemistry have to use whatever data the world happens to give them all of the above. 20. When consumers expect the price of a product to be higher in the future, what graph illustrates their reaction today? (Points: 5) graph A graph B graph C graph D there is not enough information to specifiy any graph ________________________________________


Question #3

Select an organization that both U.S. and international presences.

Write a 1,050- to 1,400-word paper in which you answer address the following:  

  • What does the president and congress do to stimulate the economy? What does the president and congress do to contract the economy?
  • What does the Federal Reserve do to stimulate the economy? What does the Federal Reserve do to contract the economy?
  • What motivates policymakers to stimulate the economy or contract the economy?
  • Based on your research, what does the Federal Reserve say about its policy goals?
  • What does the Federal Reserve say about the strength of the economy?
  • How does the strength of other economies outside of the U.S. affect your organization?
  • Based on your research, recommend changes in your organization's competitive strategies or supply chain. 

Use a minimum of 3 peer reviewed sources not including your textbook.





1. 19. Using the rounded values for Questions 19 & 20 calculate the maximum profit.

 

1.

 

11

 


 

16

 

4 points

 


 

Question 24

 

1. le bike.

 

21

 

4 points

 


 

LS LF

 


 

4 6

 


 

5 0

 


 

 







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