Category: Economics

Question 8 1 pts Consider the file HW4-Short Run & Long Run. Suppose that a technological progress takes place and as a result the average cost of production decrease by 8 dollars (The ATC curve shifts down vertically by $8). Then, in the long run, the equilibrium price of the product will equal dollars per unit, the equilibrium quantity units, and there will be firms in the industry each making an economic profit of dollars.
Question 10 Consider the file HW4-Short Run & Long Run and ignore everything that happened in the previous two questions. Start from the beginning. Assume that this is a constant-cost industry. Suppose that the demand for this product increases by 1,200 units and stays at this new higher level forever. Then, in the short run, the equilibrium price of the product will equal dollars per unit, the equilibrium quantity units, and there will be firms in the industry each making an economic profit of dollars. In the long run, the equilibrium price of the product will equal dollars per unit, the equilibrium quantity units, and there will be firms in the industry each making an economic profit of dollars.

3. Agreement and disagreement among economists
Suppose that Tim, an economist from a consulting firm, and Alyssa, another economist from a nonprofit institution in the Midwest, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over health insurance. The following dialogue represents a portion of the transcript of their discussion:
Alyssa:
A popular topic for debate among politicians as well as economists is the idea of providing government assistance for health benefits.
Tim:
I think it is oppressive for the government to tax people who take care of themselves in order to pay for health insurance for those who are obese.
Alyssa:
I disagree. I think government funding of health insurance is useful to ensure basic fairness.
The disagreement between these economists is most likely due to .
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Having a single income tax rate would improve economic performance.
Immigrants receive more in government benefits than they contribute in taxes.
Rent ceilings reduce the quantity and quality of available housing.

MA127-4-FYWhat is the price elasticity of demand on the following demand curveQd=60-15P P2at a price of P=5 ?
(a) 1.5
(b) -2.5
(c) 0
(d) -0.5
[2.5 mark]
2. A consumer’s demand curve for Good x is represented by the equation_Qd=60-0.3Pwhere Qd is the quantity of Good x demanded and P is the price of Good x. A producer’s supply curve for Good x is represented by the equation_Qs=15 1.2Pwhere Q, is the quantity of Good x supplied. What is the equilibrium quantity and equilibrium price for Good x ?
(a) Equilibrium quantity is 30 and equilibrium price is 100 .
(b) Equilibrium quantity is 42 and equilibrium price is 60 .
(c) Equilibrium quantity is 51 and equilibrium price is 30 .
(d) Equilibrium quantity is 54 and equilibrium price is 20 .
[2.5 mark]
3. Which of the following factors determine the effectiveness of discretionary fiscal policy?
(a) The accuracy of forecasting the course which the economy would take without the policy.
(b) The ability to forecast the magnitude of the effect of changes in government spending and taxation on other injections and withdrawals.
(c) The ability of governments to act quickly.
(d) All of the above.
[2.5 mark]

The Evolution of the Global Monetary System
The international monetary system has evolved as governments’ needs have changed and as these governments respond to domestic and international conditions. Private investors and speculators also have a major impact, sometimes to the disadvantage of specific countries. During the 20th century, the international monetary system underwent major transformations to respond to the needs of governments, international businesses, and currency traders.
Although supply and demand determine the relative value of any two currencies through the foreign exchange market, governments also have a major impact. The exchange rate policy adopted by a government will affect international business operations in that country. Because discussion and debate still surround the institutions in the system, businesses need to be aware of their history and evolution.
Match the description to the appropriate development in the evolution of the global monetary system.
Gold Standard (1880)2Devaluing Bretton WoodsJamaica Agreement (1944)4 (1976) Currencies (1930s)Fixed Rate Collapse (1973)
Match each of the options above to the items below.

Read and undenstand the Comporato Governatice in practice regards to consumer protection and answer the question belowThe desire by businesses to achieve strong competitive advantage through horizontal integration, related economies of scale involving large sales volumes and large barriers to entry could ultimately result in a corporation achieving a monopolistic position in a market. Seeking to maximize sales, Corporation A agreed with two of its competitors that it would place a high tender for a construction contract if they would agree to do the same for a future construction contract.What kind of unlawful market behaviour would most accurately be described as taking place?
i. Horizontal exclusive dealing
ii. Bid rigging
iii. Predatory pricing
iv. Cartel conduct involving price agreements
52.Read and understand the Corporate Governance in practice in regards to breaching and answer the question below.Whistle-blowers in Australia are protected in respect of disclosures about:
(i.) Breaches of company law
ii. Breaches of anti-bias in employment rules
iii. Breaches of environmental protection rules
iv. Breaches of occupational health and safety

Listed below are a number of statements relating to the death of two or more persons.
Where two or more people pass away, the time and sequence of deaths may be important in order to establish who may be entitled to the insurance proceeds.
Joint life insurance policies insure more than one person and pay upon the death of both the first or the second insured person.
If the joint insured persons die in an accident where it is not possible to prove who died first or last, the policy may state who is presumed to have died first.
The insurer may have no need to dispute that the insurance benefit is payable, since there is conclusive evidence that the life insured has died. However, the insurer may have trouble determining who the beneficiaries are.
If insurers have difficulty in determining who the beneficiaries are, a provision in provincial and territorial insurance legislation allows the insurer to pay the benefit into Court.
Payment of claims into the court does not release the insurer from liability.
Which of the above statements are correct?
Select one:
3,4,5,6
1,2,3,5
1,2,3,4,5,6
1,3,4,5