Answer in detail
2.The objective of this question is to help you:
•understand the real issues of scarcityof 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.
Planet Earth is our only home for the time being. As global populations grow and our resources dwindle, we should worry more about theissues of SCARCITYAND CHOICE. All parts of this question are part of thetopic called Intro to some keyconcepts of Economics.
i.There are 17 Rare Earth Elements. Pickany 5of them, and for EACHof the 5, explain in detail whythey are so critical to us.Use Google to look the up.Includein your answer:
a.what it used for,
b.why are those resourcesso critical?
c.Whereinthe world the resource islocated.
d.And approximately how much is left.
e.For EACHof the 5, please explain3thingswe need tostart doingtodayto avoid running out of that resource. It is very important that you provide thorough and complete explanations here.
•The theory of rational behaviorsays that we humans act in ourown self-interest. Given our actual behavior and the decisions we have made and are continuing to make relative to theplanet, please:
i.What doesover-pumping of aquifersreallymean?Use Googleto gather info.
ii.Is continued over-pumping of aquifers around the world in our best interest? If yes, explain why. If no, explain why not.Please provide thorough explanations.
iii.Explain how the continued over-pumpingof aquifersin 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 thatarerelated to aquifers.Connect thedots and explain how our abilityto survive on the planet could be impactedby continued over pumping of aquifers. Pleaseprovide plenty of detail here.Google can help!
iv.Explain in detail 3 thingswe can do to stop the over-pumping problem.In your explanation, please talk about how your suggestion would actually lead to solution of the problem. Hint:Focuson the top usesof water in the world.
•Utility Concepts:
•Explain the 3concepts: Utility, Marginal Utility, and Diminishing Marginal Utility.this material is provided in the slides and audio lecture.
i.Provide explanation of 2examples ofEACHof those 3concepts as they might be applied to the Keystone XL Pipelineproject.
•The Theory of Consumer Behavior:this material is provided in the slides and audio lecture.
i.Explain EACHof the key assumptionsof the Theory of Consumer Behaviorand what the theory tells us.Read the slide and listen to the audiolecture.
ii.Does thetheory of consumer behavior reflectreality? If yes, then why. Ifno, the why not.
•Marginal analysis is a decision-making tool. This material is provided in the slides and audio lecture.
i.Please define Marginal Cost
ii.Please defineMarginal Benefit,
iii.Explain thefollowing3 cases in terms of what you shoulddo regardingthe activityinvolved.Should we do more of the activity, less of the activity, or keep doing the same?Explain why in each case.
1.MB>MC
2.MC>MB
3.MC=MB
iv.Explain 3 examples of MCrelated to theKeystone XL Pipeline question.v.Explain 3 examples ofMBrelated to theKeystone XL Pipeline question
3.The objective of this question is to help you understandand applythe various concepts related to the Production Possibility Model.
The Production Possibilities Modelis one of the first Economic Models students learnabout. Please refer to the material covered in the topic called The Economizing Problem.
•Please explain what the modelteaches us.
•Please explaineachof the 4 assumptions of the model.•Please explain Productive Efficiency and how it relates to the ppc.
•Please explain Allocative Efficiencyand provide a thorough explanation of the 2-step process forfinding the pointofallocative 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 growthrates for the past 60 years show a steadydownward trend. Explain why you should care about that.
v.Why is Economic growthgood foryou and your country?
vi.Why isEconomic growth bad for you and your country?
vii.Please provide thorough explanation of 3factors that would tend to limit economic growth. Be sure you explain how thosefactors would actually cause economic growthto be limited.
•The Presentville –Futureville case:
1.Explain what motivatedeach groupto 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 storyteach you?
•Law of increasing opportunity cost:
1.Explain it.
2.What does it teach us?
3.How could it be explained graphically?
•Explain how you could use the Production Possibility Model torepresent 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 economyand how they interact.
The Circular Flow Model with Governmentisanother important model forstudents to understand.Please use the material covered in the topic called The Economizing problem.
For info on the Governmentsector use the material covered in the topic called The US Economy –Private and Public Sectors.
•Please explain what the model shows us.
•List and explain at least 3 of the characteristics of each component–be verythoroughand provide plenty of detail!
•Thoroughly explain how each component of the model interacts withthe other components–bevery thorough –this requireslots ofdetail!Explain how all of the sectors and markets interactwith each other.You can do this as part of your answer to part (b)if you likebutunderstand that this will require significant detail!
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 systemmust answer. Please use the material covered in the topic called The Market System
•Listand thoroughly andcompletely explainthose 4 fundamental questions andhow 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 presentedunder this topic).
ii.How will the goods and services be produced?
1.Why must firms try toemploy the most economically efficient production techniques?
2.For each of the followingissues, please explainin detail,why they are important to afirm and how a firm might address each one(need to see the detailhere):
a.Optimal plant location
b.Resource Pricesc.
c.Resource Productivityd.
d.Transportation Costs
•Who will getthe goods and services?
•How will the system accommodate change?Be thorough!read the slides and listen to the lecture, then start writing.
•Characteristics ofthe Market system.
i.Select any 5 ofthe characteristics of the Market system that we covered, and explain each ofthem.Be thorough!
ii.Explainhow each characteristicyou selected impacts the 1% versus the 99%.
11.The objection of this question is to help you understand in some detail some of the various trade barriers.
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 impose tariffs against another nation?
•Why would the U.S. impose steep tariffs on Chinese solar panel sprior to 2016?
i.Explain how thiswould workto accomplish theU.S.objective.
•Given the current trade war with China and other nations,please explain
i.Which industries are being hurt by higher tariffs again stforeign nation sand how are they being hurt?
ii. Which industries are being helped by higher tariffs against foreign nations and how are they being helped?
iii. Explain how and why the American customers of those industries are being impacted. Please provide thorough explanations.
•What is an import quota?
•Why would America implement import quotas?
•Identify 3 cases where the U.S. has imposed import quotas on another country and explain why each were 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,andtheir impact on the U.S. and other countries.
i.Google can help you.
•If Americasuddenlyeliminated all trade barriers, explainwhat would happen toemployment, national income, and GDPin America, and why those things would happen.What role wouldthe concept of comparative advantage play in these events? Please provide lots of detail.
•Given the current trade war with China and other nations,please explain
i.Which industries are being hurt by higher tariffs againstforeign nationsand how are theybeing hurt?
ii.Which industries are being helped by higher tariffs against foreignnationsand how are they being helped?
iii.Explain how and why the American customers of those industries are being impacted. Please provide thorough explanations.•Whatis an import quota?
•Why would America implement import quotas?
•Identify 3 cases wheretheU.S. has imposed import quotas on another country and explainwhy each were 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,andtheir impact on the U.S. and other countries.
i.Google can help you.
•If Americasuddenlyeliminated all trade barriers, explain what would happen to employment, national income, andGDPin America, and why those things would happen. What role would the concept of comparative advantage play in these events? Please provide lots of data
