AB 204 Entire Course New Flashcards
AB 204 Unit 1 Assignment Ten Principles of Economics NEW
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AB 204 Unit 1 Assignment Ten Principles of Economics NEW
This Assignment deals with the Ten Principles of Economics and their applications to different scenarios. Each scenario below practices one of the 10 principles of economics. Match the principles to the appropriate scenario listed and justify your answer. Each principle will only be used once. Refer to chapter one for the details on the ten principles of economics.
AB 204 Unit 1 Assignment Ten Principles of Economics NEW
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AB 204 Unit 1 Unit 9 All Assignments NEW
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AB 204 Unit 1 Unit 9 All Assignments NEW
Check the included Assignments details Below
AB 204 Unit 1 Assignment Ten Principles of Economics
AB 204 Unit 2 Assignment Economic Models and Comparative Advantage
AB 204 Unit 3 Assignment Supply and Demand Model and PPF
AB 204 Unit 4 Assignment
AB 204 Unit 5 Assignment
AB 204 Unit 6 Assignment
AB 204 Unit 7 Assignment Money, Banks and the Federal Reserve System
AB 204 Unit 8 Assignment
AB 204 Unit 9 Assignment Monetary and Fiscal Policy, Macroeconomic Fluctuations and Macroeconomic Equilibrium
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AB 204 Unit 2 Assignment Economic Models and Comparative Advantage NEW
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AB 204 Unit 2 Assignment Economic Models and Comparative Advantage NEW
Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade between individuals or countries? Is it absolute advantage or comparative advantage? Why?
Let us assume two students must prepare a presentation for their marketing class. As part of their class presentation, they must do a series of calculations and prepare 50 PowerPoint slides. It would take Larry 10 hours to do the required calculation and 10 hours to prepare the slides. It would take Kate 12 hours to do the series of the calculations and 20 hours to prepare the PPT slides.
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AB 204 Unit 3 Assignment Supply and Demand Model and PPF NEW
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AB 204 Unit 3 Assignment Supply and Demand Model and PPF NEW
1) The table below indicates the total quantity supplied and demanded of flashlights at different price levels.
Draw Supply and Demand Curves.
What are the equilibrium price and the equilibrium quantity?
Suppose the market price is $5. What problem would exist in the market? Does it lead to surplus or shortage? How do you expect this problem will affect the price? Indicate this on the supply and demand graphs.
Assume the market price is currently $2. What problem would occur in the market due to this price? Will it be shortage or surplus? What will its effect on the price? Indicate this on the supply and demand graph.
2) Consider supply and demand schedules for Alaska Salmon indicated in the following tables to answers questions from a –d below.
Referring to the schedules of supply and demand, what is the equilibrium price of Salmon? What is the equilibrium quantity of salmon demanded and supplied at the equilibrium price?
Second, assume that Alaskan Salmon can also be sold in UK. The UK demand schedule for salmon is as follows:
Refer to the combined U.S. and UK demand schedule, the U.S. demand schedule and the supply schedule, and analyze the change in the market for salmon .What will happen to the price at which fishermen can sell salmon? What will be the final output of salmon?
After UK joins the market demand for salmon, what will happen to the price U.S. consumers pay for salmon? What will happen to the quantity of salmon consumed by U.S. consumers?
3) Assume Atlantis is a small, isolated island in the South Atlantic. The inhabitants grow potatoes and catch fresh fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources available for catching fish.
Is it feasible for Atlantis to produce 500 pounds of fish and 800 pounds of potatoes? Explain.
Calculate the opportunity cost of increasing the annual output of potatoes from 800 to 1000 pounds.
Calculate the opportunity cost of increasing the annual output of potatoes from 400 to 600 pounds.
What is the difference between the answers to parts b and c?
What does the change in opportunity costs indicate about the slope of the production possibility frontier?
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AB 204 Unit 4 Assignment NEW
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AB 204 Unit 4 Assignment NEW
1) U.S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents? What are the limitations of the GDP as a measure of economic well-being? Given the limitations, why is GDP usually regarded as the best single measure of a society’s economic well-being?
2) What is an intermediate good? How does an intermediate good differ from a final good? Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP.
3) GDP is defined as the market value of all final goods and services produced within a country in a given period of time. In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included.
4) The table below contains data for country A for the year 2010.
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AB 204 Unit 5 Assignment NEW
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AB 204 Unit 5 Assignment NEW
1) Assume there is a simple economy where people consume only 2 goods, food and clothing. Further assume that the market basket of goods used to compute the CPI consists of 100 units of food and 20 units of clothing.
2) Calculate how much each of the following items is worth in terms of today’s dollars using 180 as the price index for today.
3) The table below uses data for 3 hypothetical countries. All the number values are in thousands. Complete the blank entries in the table below.
4) The following table indicates U.S. real GDP data. Calculate real GDP per person for 1987 and 2005. Then use real GDP per capita to compute the percentage change in real GDP per person from 1987 to 2005.
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AB 204 Unit 6 Assignment NEW
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AB 204 Unit 6 Assignment NEW
PART 1: Comparing Long-Run Economic Growth Rates of Countries
Use the electronic library and databases to conduct research to identify the key factors that determine long term economic growth. You can find the most up-to-date reports on the economic growth trends of different countries under the World Bank website linked below.
http://data.worldbank.org/products/wdi
Please also refer to the Webliography in the course web page for additional information on the researches done on economic issues.
After you have conducted research and read the items listed above, access the “Data & Research” tab in the World Bank website and compare growth rates between two countries of your choice. Specifically, select one advanced economy (such as U.S., Germany, etc.), and select one developing economy (such as Angola, Bangladesh, etc.).
Download their data for major economic indicators (2005–2013) such for the real GDP growth (annual %). Then identify and describe possible factors that may explain the differences between the GDP growth rates and long term economic growth of the advanced and developing economies for the countries you selected.
**Somalia does not participate in the bond market, commercial banking or lending, net domestic credit, and there is also no cash surplus. The United States however does participate in all these which is why the GDP is higher and also why it has a great investment market. The difference between these factors is there is not depth in the country Somalia when it comes to investing as a whole. It is basically land with no structure for the work force. Currently the regime in charge has no order and this would explain why the development of this country has slowed if not stopped.
PART 2: Loanable Funds Market
Examine each of the following scenarios in the market for loanable funds. Explain the impacts on private savings, private investment spending, and the rate of interest under each of the following events. Assume the economy is autarky (closed) and it does not have trade and capital transactions (flows) with foreign countries.
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AB 204 Unit 7 Assignment Money, Banks and the Federal Reserve System NEW
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AB 204 Unit 7 Assignment Money, Banks and the Federal Reserve System NEW
- This section deals with increase money supply given two scenarios (see “a” and “b” below).
In Westlandia, the public holds 50% of money one (M1) in the form of currency, and the required reserve ratio is 20%.
- Explain how each of the following changes quantity of money (money supply) in the economy.
- Assume that in a country the total holdings of banks were as follows:
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AB 204 Unit 8 Assignment NEW
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AB 204 Unit 8 Assignment NEW
- Long-run Macroeconomic Equilibrium and Stock Market Boom
Let us assume the economy reaches its long-run macroeconomic equilibrium in 2020. When the economy is in the long run macroeconomic equilibrium, the stock market will also reach its boom. This will in turn lead to increases in stock prices more than expected, and the stock prices will stay high for some period.
2) Studies indicate that net exports and net capital outflows tend to be equal.
a) Why do net exports and net capital outflows tend to be equal? How does an increase in the price level change interest rates?
b) How does this change in interest rates lead to changes in investment and net exports?
3) Assume there is a decrease in the demand for goods and services, which leads to a decrease in the real GDP and eventually the economy into recession.
a) When the economy enters recession due to a decline in demand, what will happen to the price level?
b) Assume there is no government intervention. What will ensure that the economy still eventually gets back to the natural rate of output (real GDP)?
4) A number macroeconomic variables decline during recessions. One of these variables is the GDP.
a) What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in these economic variables which are to be expected.
b) Empirical studies indicate that the long-run trend in real GDP of the USA has an upward trend. How is this possible given business cycles and macroeconomic fluctuations? What factors explain the upward trend in spite of the cycles?
5) Assume there are short-run and long-run Macroeconomic Equilibriums in the economy.
Refer to the AS and AD curves above to answer the following questions.
What is the initial point of the long-run macroeconomic equilibrium? What are the equilibrium values? What does the appearance of the long-run aggregate-supply (LRAS) curve indicate? How does it differ from AS?
What are the factors that can shift short-run aggregate supply curve from AS1 to AS2? What does Point A represent in the graph? What does point B represent? Is it the short-run or long-run macroeconomic equilibrium? Explain.
Assume aggregate demand (AD) is held constant, in the long-run, starting from point B, what will the economy likely experience? Will it reach the long equilibrium?
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AB 204 Unit 9 Assignment Monetary and Fiscal Policy, Macroeconomic Fluctuations and Macroeconomic Equilibrium NEW
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AB 204 Unit 9 Assignment Monetary and Fiscal Policy, Macroeconomic Fluctuations and Macroeconomic Equilibrium NEW
- Refer to the sets of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves. Use the graphs to explain the process and steps by which each of the following economic scenarios will shift the economy from one long-run macroeconomic equilibrium to another equilibrium. Under each scenario, elaborate the short-run and long-run effects of the shifts in the aggregate demand and aggregate supply curves on the aggregate price level and aggregate output (real GDP).
Suppose the household wealth decreases due to a decline in the stock market asset prices (See the set of graphs below and pay attention to the 3-stage shifts in graphs).
Assume the government lowers taxes, which increases the household’s disposable income. However, the government purchases (spending) remains the same. (See the set of graphs below and shifts in graphs)
- Suppose the economy of a hypothetical country has reached its long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs. What kind of gap, inflationary or recessionary gap, will the economy face after the AD shock indicated by the shift in AD curves? What types of fiscal policy instruments will help move the economy back to the potential level of output (real GDP)? Give specific examples.
At the long-run macroeconomic equilibrium, the stock market boom occurs and this increases the value of stocks households hold. (See the set of graphs below and shifts in graphs in the two-steps)
The government increases its purchases (spending) due to natural disasters. (See the set of graphs below and shifts in graphs)
Assume the Central Bank reduces the money supply in the economy which leads to an increase in the interest rates. (See the set of graphs below and shifts in graphs)
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