paper writting Answer all 6 question in this document Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless oth

paper writting

Answer all 6 question in this document

Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community
College unless otherwise noted.

Questions for exam 1

You must send me your answers to all of the questions.

I will grade 6 of your answers.

Very Important info about exams! Please Read This!

In order for you to be successful in this class, you will have to do

significant research.

I am only interested in your work, not the work of others.

Do not copy the work of others and send it to me included in

your answers. I will certainly figure out that it is not your work

and I will give you a zero for the entire exam.

The best thing for you to do is Read, Think, Listen, Observe,

Discuss, and ask good questions of the material you are

studying. Paraphrase! Do not copy!

Please remember that your goal here is to demonstrate that

you thoroughly understand the material. You cannot do that

with short, vague answers!

Suggestions:
• Use this document as your starting point.

• As you work your way through each topic, look for information that will help you
answer a question.

• When you complete each topic, start preparing answers.

• Include discussion of the related concepts, facts, issues, etc.

• In many cases some additional research will be necessary.

• Consult with other students to get feedback as you work to fine-tune your
answers.

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• Make sure that you are using an open outline like format in the construction of
your answers.

1. The objective of this question is to help you understand

how the critical ecosystem services are impacted by economic

activity and to think about some things we can do to solve

those problems. It is very important that you understand these

relationships if you want to achieve success in your careers.

This question is part of the topic called Intro to some key

concepts of Economics.

To a great extent, Economics is about connecting the dots

(finding relationships between seemingly unrelated things).

For now, Earth is the only place we can live. Our ability

to live on this planet is supported by the many

Ecosystems active on the planet. Some of our

behaviors disrupt those Ecosystems and the Ecosystem

Services. Those disrupted Ecosystem Services in turn

have impacts on the people and economies of the

global north and global south. It is very important that

you develop a good understanding of our behavior

and the environmental and economic consequences

of that behavior.

• First, pick 2 Ecosystem Services from the list in slide 13

of the topic called Intro to some key concepts of

Economics.

• Second, for each of your 2 ecosystem services, please

explain how each is supposed to work. This is key to

answering the entire question, so please focus on this.

Google can help with this! Please note that this is a skill

that you will have to master to be successful in your

careers.

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• Third, for each of your 2 ecosystem services, please

thoroughly explain at least one human behavior that

has disrupted the operation of the Ecosystem Service

and explain the economic and environmental impacts

of that disruptive behavior. Please be thorough.

• Fourth, for each of your 2 Ecosystem Services, explain

how the disruptions to the Ecosystem Service impact

the two different parts of the world (the global north

nations and global south nations). More specifically,

explain how the lives of the people and the national

economies are impacted.

• Fifth, for each of your 2 ecosystem services, thoroughly

explain 3 things that we should start doing right now to

repair or at least stop the damage to the Ecosystem

Services you selected. Be sure you explain how each

of your recommendations would actually lead to

solution of the problem. Remember, you need 3

recommendations for each of your ecosystem

services.

2. The objective of this question is to help you:

• understand the real issues of scarcity of resources and

the choices we must make.

• Understand the issues of rational behavior as it applies

to a real-life problem.

• Understand utility concepts as they are applied to the

Keystone Pipeline Project.

• Understand some of the basics of the theory of

consumer behavior.

• Understand the concepts of marginal analysis as

applied to the Keystone Pipeline project.

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All parts of this question are part of the topic called Intro to

some key concepts of Economics.

Planet Earth is our only home for the time being. As global

populations grow and our resources dwindle, we must worry

more about the issues of SCARCITY AND CHOICE.

i. There are 17 Rare Earth Elements.

1. Pick any 2 of them and explain in detail why

each of them are so critical to us. Use

Google to look them up.

Include in your answer:

a. What are 3 things it is used for?

b. Why are each of the resources so

critical?

c. Where in the world the resource is

located and approximately how

much is left?

2. Currently America is dependent on China

for rare earth elements. That clearly is not

a good situation for America.

i. What are 3 thing American

State and Federal governments

should do to make America

more self-sufficient in this area?

ii. What are 3 things American

private sector companies

should do to make America

more self-sufficient in this area?

• The theory of rational behavior says that we humans

act in our own self-interest. Given our actual behavior

and the decisions we have made and continue to

make relative to the planet:

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i. Explain 3 economic consequences of continued

over-pumping in America. Use Google to gather

info. Please be thorough.

ii. Is continued over-pumping of aquifers in America

in our best interest? If yes, explain why. If no,

explain why not. Please provide thorough

explanations.

iii. Explain how the continued over-pumping of

aquifers in America, China, and India, could

impact our ability to survive on the planet. This

will require that you find out what things these 3

nations have in common that are related to

aquifers. Connect the dots and explain how our

ability to survive on the planet could be

impacted by continued over pumping of aquifers

in those nations. Please provide plenty of detail

here. Google can help!

iv. Explain in detail 2 things we can do to stop the

over-pumping problem in America. In your

explanation, please talk about the positive and

negative impacts of your solution. Hint: Focus on

the top uses of water in the world.

• Utility Concepts:

i. Explain the 3 concepts: Utility, Marginal Utility,

and Diminishing Marginal Utility. This material is

provided in the slides and audio lecture.

ii. Explain 1 example of EACH of those 3 concepts

as they might be applied to the Keystone XL

Pipeline project.

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• The Theory of Consumer Behavior: This material is

provided in the slides and audio lecture.

i. Explain EACH of the key assumptions of the

Theory of Consumer Behavior and what the

theory tells us. Read the slide and listen to the

audio lecture to get this.

ii. Does the theory of consumer behavior reflect

reality? If yes, then why. If no, the why not.

• Marginal Analysis

Marginal analysis is a decision-making tool. This

material is provided in the slides and audio lecture.

i. Please define Marginal Cost

ii. Please define Marginal Benefit,

iii. Explain the following 3 cases in terms of what you

should do regarding the activity involved. Should

we do more of the activity, less of the activity, or

keep doing the same thing? Explain why in each

case.

1. MB>MC

2. MC>MB

3. MC=MB

iv. Explain 1 example of MC related to the Keystone

XL Pipeline question.

v. Explain 1 example of MB related to the Keystone

XL Pipeline question.

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3. The objective of this question is to help you understand

and apply the various concepts related to the Production

Possibility Model.

The Production Possibilities Model is one of the first Economic

Models students learn about. Please refer to the material

covered in the topic called The Economizing Problem.

• Please explain 2 things the model teaches us.

• Please explain each of the 4 assumptions of the

model.

• Please explain Productive Efficiency and how it relates

to the ppc.

• Please explain Allocative Efficiency and provide a

thorough explanation of the 2-step process for finding

the point of allocative efficiency on the PPC.

• On the topic of Economic growth: need to see some

detail here.

i. What does it mean?

ii. How can it be graphically represented?

iii. What are the prerequisites to Economic growth?

iv. GDP growth rates in America for the past 60 years

show a steady downward trend. Use what you

have learned about Economics to explain why

you should care about that.

v. Why is Economic growth good for you and your

country? Please be thorough.

vi. Why is Economic growth bad for you and your

country? Please be thorough.

vii. Please provide thorough explanation of 3 factors

that would tend to limit economic growth. Be

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sure you explain how those factors would

actually cause economic growth to be limited.

• The Presentville – Futureville case:

1. Explain what motivated each group to

make the decisions they made.

2. Explain the impact of those decisions on the

future of each group.

3. Which group is most like America, and why?

4. What does this story teach you?

• Explain how you could use the Production Possibility

Model to represent the US Economy during the Corona

Virus pandemic.

4. The objective of this question is to help you begin to

understand the basic elements of the economy and how they

interact. Please note that this is an important skill to master if

you want to maximize your career success going forward.

The Circular Flow Model with Government is another

important model for students to understand. Please use the

material covered in the topic called The Economizing

Problem. For info on the Government sector use the material

covered in the topic called The US Economy – Private and

Public Sectors.

• Please explain what the model shows us. Be thorough.

• List and explain at least 2 of the characteristics of each

component of the circular flow model. Be very

thorough and provide plenty of detail!

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• Thoroughly explain how each component of the

model interacts with the other components – be very

thorough – this requires lots of detail! Explain how all of

the sectors and markets interact with each other. You
can do this as part of your answer to part ( b) if you like but

understand that this will require significant detail!

5. The objective of this question is to help you learn how to

ask hard questions of an economic system to determine what’s

good and what’s bad about it. Learning how to ask excellent

questions is another important skill to master if you want to

successful in your careers.

Every country has its own unique type of Economic System.

Ours is called Capitalism. Please consult the material

covered in the topic called The Market System. Google

may also be of help here.

• Please list and explain 4 “good” things Capitalism has

produced for us over the years. Make sure you provide

thorough explanations of why you believe these are

“good” things.

This is harder than it looks! Think carefully and be

objective. Nothing is 100% good or bad, so you

will need to be very thorough in your

explanations. Don’t talk about pros and cons.

Focus only on good things that capitalism has

produced.

• Please list and explain 4 “bad” things Capitalism has

produced for us over the years. Make sure you provide

thorough explanations of why you believe these are

“bad”.

• Capitalist Economic Systems typically require a steady

flow of resources and expanding markets. Please

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explain in detail what would happen to our American

capitalist system if these two conditions are absent and

explain why we would expect to see those results.

6. The objective of this question is to help you develop a

good understanding of how our capitalist system answers the 4

fundamental questions.

The discussion of the Market System we talked about the

characteristics of the Market system and 4 Fundamental

Questions that every economic system must answer. Please

use the material covered in the topic called The Market

System

• List and thoroughly and completely explain those 4

fundamental questions and how they are answered.
All the necessary information is provided in the slides and the

audio lectures. Be sure you provide thorough and complete

explanations throughout.

i. What will be produced? (include explanation of

all the concepts presented under this topic)

.

ii. How will the goods and services be produced?

1. Why must firms try to employ the most

economically efficient production

techniques?

2. For each of the following issues, please

explain in detail, why they are important to

a firm and how a firm might address each

one (need to see the detail here):

a. Optimal plant location

b. Resource Prices

c. Resource Productivity

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d. Transportation Costs

• Who will get the goods and services?

• How will the system accommodate change? Be

thorough! read the slides and listen to the lecture, then

start writing.

• Characteristics of the Market system.

i. Select any 5 of the characteristics of the Market

system that we covered, and explain each of

them. Be thorough!

ii. Explain how each characteristic you selected

impacts the 1% versus the 99%.

7. The objective of this question is to help you develop a

good understanding of demand, supply, and market clearing

equilibrium. Please note that these are fundamental concepts

that can be applied throughout your careers.

Demand, Supply, Market Equilibrium. Please use the

material covered in the topic called Supply and Demand.

• Demand:

i. Please Thoroughly and completely define

demand.

ii. Please state the law of demand.

iii. List and thoroughly explain the 3 factors that

support the law of demand. Be sure you explain

how each actually supports the law of demand.

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1. Don’t just copy from the slides, explain what

they actually mean and how they support

the law of demand.

iv. List and explain the determinants of demand and

how each can cause an increase in demand and

a decrease in demand.

1. List and explain each of the 5 determinants

and how they impact demand.

v. Thoroughly and completely explain the

differences between a change in demand and a

change in quantity demanded along with the

causes of those changes, and how each change

is graphically represented.

vi. Pick 3 products and explain how the pandemic

affected the demand for those products and

what happened in the supply chains for those

products.

• Supply .

i. Define supply.

ii. State the law of supply.

iii. List and explain the determinants of supply and

how each can cause an increase in supply and

a decrease in supply.

iv. Thoroughly and completely explain the

differences between a change in supply and a

change in quantity supplied, the causes of

those changes, and how each is graphically

represented.

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v. Pick 3 different products and explain how the

pandemic affected the supply of those

products and what happened in the supply

chains of each of those products.

• Market equilibrium.

i. Please thoroughly and completely explain what

market clearing equilibrium means and how it

happens.

1. Don’t just copy stuff, explain what this really

means. Please be thorough.

ii. Explain how the Covid pandemic shocked the

markets for hand sanitizer and sanitizing wipes

out of equilibrium and how those markets have

returned to equilibrium. Need the details.

iii. Thoroughly and completely explain the two

government intervention cases, price floors and

price ceilings and give examples of each.

8. The objective of this question is to help you understand

the concepts of private goods, public goods, free rider

problem, and quasi-public goods. Please note that these are

fundamental concepts that will help you throughout your

careers.

Public goods vs. Private goods. Please use the material

covered in the topic called The US Economy – Private and

Public Sectors

• Private goods:

i. Please explain private goods.

ii. Please explain their characteristics.

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iii. Please give 2 examples of private goods,

including why those examples best fit your

definition.

iv. Please explain how private goods impact income

inequality.

• Public goods:

i. Please explain public goods.

ii. Please explain their characteristics.

iii. Please give 2 examples of public goods,

including why those examples best fit your

definition.

iv. Please explain how public goods impact income

inequality.

• Free rider problem:

i. Please thoroughly and completely explain the

free rider problem, and why it is a problem.

ii. Explain how the people who refuse to get

vaccinated against Covid might represent a free

rider problem.

• Quasi-public goods:

i. Please thoroughly and completely explain the

presence of quasi-public goods.

ii. Please provide 2 examples of quasi-public goods

and explain how each might impact income and

wealth inequality.

9. The objective of this question is to help you understand

some of the details of market failure, spillover costs, and

spillover benefits down to the level of resource allocation

problems. Understanding the issues of market failure will be very

important to achieving success in your careers.

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Market Failure. please use the material covered in the topic

called The US Economy – Private and Public Sectors

• State the definition of a market failure found in the

slides.

• List and explain the 4 causes of market failure included

in the slides, including how they actually lead to over

or under allocation of resources (market failure). Don’t

miss this part! Must be very specific.

• State the definition of spillovers costs.

• Give two examples of a spillover cost situation and

explain why your examples are correct.

• Explain in detail, the economic effects of spillover

costs. Specifically,

• Explain why a firm would want to offload some

of its production costs to a 3rd party.

• Explain how output decisions are affected by

the offloading of production costs.

• Explain how resource allocation is affected by

the output decisions.

• Explain how the new resource allocations lead

to market failure, defined as the over or under

allocation of resources.

• Explain in detail, how spillover costs are corrected by

the two approaches covered in the slides. Be very

detailed.

• State the definition of spillover benefits.

• Give two examples of a spillover benefit situation and

explain why your examples are correct. Be specific.

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• Explain in detail, the economic effects of spillover

benefits.

• Explain how the 3rd party responds to receiving

unexpected benefits.

• Explain how the behavior of the 3rd party impacts

the producers’ perception of demand.

• Explain how the producers’ perception of

demand leads to changes in the output decisions

of the firm.

• Explain how those output decisions lead to

market failure, defined as the over or under

allocation of resources.

• Thoroughly and completely explain how spillover

benefits are corrected and the economic implications

of the corrections.

Explain the two approaches used to solve the spillover

benefit problem and how they work to solve the

problem.

10. The objective of this question is to help you develop a

good understanding of the concepts of depreciation and

appreciation of a currency. Again note that these are

fundamental concepts that can be applied throughout your

careers.

International Trade Please use the material covered in the

topic called The US in the Global Economy.

• Please thoroughly and completely explain how the US

dollar might depreciate relative to another currency,

and how that would impact U.S. GDP.

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• Please thoroughly and completely explain how the US

dollar might appreciate relative to another currency,

and how that would impact U.S. GDP.

11. The objective of this question is to help you

understand in some detail some of the various trade

barriers. Understanding these basic concepts will be very

helpful to your careers going forward.

Throughout the ages countries have implemented

impediments to trade. Please use the material covered in

the topic called The US in the Global Economy as well as

Google

• What is a tariff?

• Why would America typically impose tariffs against

another nation?

• Why did the U.S. impose steep tariffs on Chinese solar

panels prior to 2016?

i. Explain how this would work to accomplish the

U.S. objective.

• Given the current trade war with China, please explain

i. Which American industries are being hurt by

higher tariffs against foreign nations and how are

they being hurt?

ii. Which American industries are being helped by

higher tariffs against foreign nations and how are

they being helped?

iii. Explain how and why American consumers are

being impacted by the trade war with China.

Please provide thorough explanations.

• What is an import quota?

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• Why would America implement import quotas against

other nations?

• Identify 3 cases where the U.S. has imposed import

quotas on another country and explain why each case

was implemented. Be thorough.

i. Google can help you.

• What are non-tariff barriers?

• List and explain 3 examples of non-tariff barriers

imposed by the U.S., why they were implemented, and

their impact on the U.S. and other countries.

i. Google can help you.

• If America suddenly eliminated all trade barriers with

other nations, explain what would happen to

employment, national income, and GDP in America,

and why those things would happen. What role would

the concept of comparative advantage play in these

events? Please provide lots of detail.

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