Tag: Economics – Others

How does the French approach to claiming colonial land differ from the English approach?
A. The French purchased all of their land directly from their fellow Catholic ally, the Spanish, whilst the Protestant English openly defied such arrangements and took their territory through conquest.
B. The English avoided any interaction with Native tribes and only claimed uninhabited land, whereas the French would oftentimes force the Natives to sign away their homes in shady land deals.
C. The French used marriage alliances with prominent Native Americans to solidify land claims. In contrast, the English forbade their inhabitants from such practices and instead gained land by driving out the Indigenous inhabitants from a region.
D. The English settled and developed the land (cutting trees, building farms), while the French typically just claimed areas via rivers without extensive colonization.

Initially, there are 6 workers in the origin country and 4 workers in the destination country. Assume thatlabor supply is perfectly inelastic in both countries (that is, that labor supply can be represented through a vertical line).
Consider first the case in which individuals are not able to change their country of residence.What would be the equilibrium wage in the destination and in the origin countries?
Consider next the case in which workers can freely migrate across countries (at no cost).What would be the equilibrium wage in the destination and in the origin countries? Howmany workers (if any) would migrate from the origin to the destination country?The government in the destination country is worried about the potentially negative effects ofimmigration on the labor market. To address this issue, the government is considering the introduction ofa

Each of the scenarios will result in either a shift in the supply curve for labour or a change in the quantity of laboer sapplied. For each scenario, please indicate whether the change will affect supply or quantity supplied and in which direction the change will occur.
a.
Hot springs are discovered outside of Golden, Colorado, leading to the construction of several new ski resorts. These resorts offer many personalized services and require a large staff to meet customer needs. The increase in ski resorts leads to a(n) ◻ in the ◻
b.
The federal government adopts a new visa policy for guest workers seeking jobs in the United States. As a resalt, 30% more work visas are granted than before, a change expected to be permanent. The increase ia the mater of visas leads to a(n) ◻ in the ◻
c.
Health expert Richardo Simmonetz popularizes a new diet that requires people to cat only fried chidien for six

Question content area
Part 1A retail store offers a marketing program in which they suggest that consumers try the product for 30​ days, and if they​ don’t like​ it, send it back. What behavioral economic concept is at issue​ here?
Part 2
Saliency since it will serve as a signal to consumers that the product may not be very high​ quality, but that it can be returned if it is far below your lowest required quality needs.
Loss aversion since people will likely return the product before the 30 days are up to avoid being stuck with an item they may not fully like.
New goods bias since consumers will always value new goods over older goods. This type of promotion will not work since consumers will likely return the product to get a newer item.
Endowment effect since once the item is in their house they will feel ownership and value it​ more, making them less likely to return it.

Consider a homogenous good industry with four firms. Total demand is given by D(p) = 100 – p. The variable (=marginal) cost of each of the firms is c1 = 15, c2 = 25, c3 = 35 and c4 = 40. Firms compete in prices. Suppose firms 1 and 2 merge into one entity and produce with a marginal cost of 10. Which of the following statements is correct?
After the merger, the price in the industry increases by $10 and the profit of the merged entity is 1650.
None of the given answers.
After the merger, the price in the industry increases by $15 and the profit of the merged entity is 1650.
After the merger, the price in the industry increases by $15 and the profit of the merged entity is 975.
After the merger, the price in the industry increases by $10 and the profit of the merged entity is 975.

6 of 29
Suppose the president of a nation proposes a switch from a system of import quotas to a system of tariffs, with the idea that the switch will not affect the quantity of goods imported. Who will be in favor of the switch? Who will oppose it?
Quota holders will oppose the switch; people who will benefit from the tariff revenues will favor the switch.
Quota holders will oppose the switch; people who will benefit from the tariff revenues will favor the switch.
Quota holders will favor the switch; no one will oppose the switch.
Quota holders will favor the switch; no one will oppose the switch.
Quota holders will oppose the switch; no one will favor the switch.
Quota holders will oppose the switch; no one will favor the switch.
Quota holders will favor the switch; people who will not benefit from the tariff revenues will oppose the switch

The National Highway Traffic Safety Administration distributed a film Without Helmet​ Laws, We All Pay thePrice. Two reasons for this title are that some injured motorcyclists are treated at public expense​(e.g.​ Medicaid) and that the dependents of those killed in accidents receive public assistance.
Part 2Does the purchase of a motorcyle by an individual who does not wear a helmet create a negative​ externality? Explain.
Part 3An individual who purchases a motorcycle but does not wear a helmet
Part 4
A.creates a negative externality because motorcycles generate costs on others.
B.creates a negative externality because motorcycles have property rights.
C.does not create a negative externality because motorcycles are a private good.
D.creates a negative externality because motorcycles generate private costs.
E.does not create a negative externality because there is no free riding.

Over the last year, the Federal Reserve has been selling a large quantity of bonds on the open market. Their policy direction has raised concerns about the prospect of a mild recession in the near future.For questions 1, 2 and 3 Use economic concepts and reasoning to explain why and how the Federal reserve’s policies has impacted1) The volume of lending in the economy (1 point) I suggest at least 2 sentences2) Interest rates (1 point) I suggest at least 2 sentences3) Aggregate Demand. Please be specific about which component is impacted and why it is impacted. (1 point) I suggest at least 2 sentencesWould this cause4A) Unemployment to increase or decrease (no need to explain just note whether it would increase or decrease) . (1/2 point)4B) Inflation to increase or decrease (no need to explain just note whether it would increase or decrease) . (1/2 point)

Part 1
What are implicit costs?
Part 2
An implicit cost is
Part 3
A.
a cost that changes as output changes.
B.
a cost that remains constant as output changes.
C.
a nonmonetary opportunity cost.
D.
the highest-valued alternative that must be given up to engage in an activity.
E.
a cost incurred in the long run.
Part 4
How are implicit costs different from explicit costs?
Part 5
A.
An explicit cost is a cost that involves spending money, while an implicit cost is a nonmonetary cost.
B.
An explicit cost is not an opportunity cost, while an implicit cost is an opportunity cost.
C.
An explicit cost is a cost incurred in the short run, while an implicit cost is a cost incurred in the long run.
D.
An explicit cost is a cost incurred holding output constant, while an implicit cost is a cost incurred as output changes.
E.
Both a and b.

Topic: Analytical Game Theory
Table 10.4 Nash equilibrium exercises (a) (b) (c)
Find all the Nash equilibria for the games in the three tables above. Complete this for each game (a), (b), and (c). Player 1 can choose U or D. Player 2 can play L, M or R.
Draw the payoff matrix for the game ‘rock-paper-scissors’. Suppose that a win gives you 1 utile, a tie 0 utiles, and a loss -1 utiles.
For this game, using the payoff matrix you created, are there any unique pure strategy Nash equilibrium? What are they?
2 Topic: Behavioral Game Theory
For the payoffs in the prisoner’s dilemma above, solve the Nash Equilibrium with the following pure strategies:Table 11.2 Prisoners’ dilemma (in dollar terms)(a) Two egoists: U(x,y)=x2(b) Two utilitarians: U(x,y)=x2+y2(c) Two enviers: U(x,y)=x2-y2(d) Two Rawlsians: U(x,y)=min(x2,y2)