Potential questions for exam 1

1. Planet Earth is our only home for the time being. As global
populations grow and our resources dwindle, we should
worry more about the issues of SCARCITY AND CHOICE. All
parts of this question are part of the topic called Intro to
some key concepts of Economics.
i. There are 17 Rare Earth Elements. Pick any 5 of
them, and for EACH of the 5, explain in detail why
they are so critical to us. Use Google to look the
up.
 Include in your answer:
a. what it used for,
b. why are those things so critical?
c. Where in the world the resource is
located.
d. And approximately how much is left.
e. For EACH of the 5, please explain 3
things we need to start doing today
to avoid running out of that
resource. It is very important that
you provide thorough and complete
explanations here.
b. 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 are continuing
to make relative to the planet, please:
i. What does over-pumping of aquifers really
mean? Use Google to gather info.
ii. Is continued over-pumping of aquifers around the
world is in our best interest. If yes, explain why. If
no, explain why not.
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. Please provide plenty of detail here.
Google can help!
iv. Explain in detail 3 things we can do to stop the
over-pumping problem. Hint: Focus on the top
uses of water in the world.
c. Utility Concepts:
i. Explain the 3 concepts: Utility, Marginal Utility,
and Diminishing Marginal Utility.
ii. Explain 3 examples of EACH of those 3 concepts
as they might be applied to the Keystone XL
Pipeline project.
d. 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.
ii. Does the theory of consumer behavior reflect
reality? If yes, then why. If no, the why not.
e. Marginal analysis is a decision-making tool. 
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? Explain why in each case.
1. MBMC
2. MCMB
3. MC=MB
iv. Explain 3 examples of MC related to the Keystone
XL Pipeline question.
v. Explain 3 examples of MB related to the Keystone
XL Pipeline question.
2. 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.
a. Please explain what the model teaches us.
b. Please explain each of the 4 assumptions of the
model.
c. Please explain Productive Efficiency and how it relates
to the ppc.
d. Please explain Allocative Efficiency and provide a
thorough explanation of the 2-step process for finding
the point of allocative efficiency on the PPC.
e. 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. Why is Economic growth good for you and your
country?
v. Why is Economic growth bad for you and your
country?
vi. Please provide thorough explanation of 3 factors
that would tend to limit economic growth. Be
sure you explain how those factors would
actually cause economic growth to be limited.
f. 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?
g. Law of increasing opportunity cost:
1. Explain it.
2. What does it teach us?
3. How could it be explained graphically?
h. Explain how you could use the Production Possibility
Model to represent the US Economy during the 2020
Corona Virus pandemic.
3. 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.
a. Please list and explain 5 “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.
b. Please list and explain 5 “bad” things Capitalism has
produced for us over the years. Make sure you provide 
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community
College unless otherwise noted.
thorough explanations of why you believe these are
“bad”.
c. Capitalist Economic Systems typically require a steady
flow of resources and expanding markets. Please
explain in detail what would happen to our capitalist
system when these two conditions are absent, and
explain why those things would happen.
4.Demand, Supply, Market Equilibrium. Please use the
material covered in the topic called Supply and Demand.
a. 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.
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.
b. 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.
c. Market equilibrium.
i. Please thoroughly and completely explain what
market clearing equilibrium means.
1. Don’t just copy stuff, explain what this really
means. Please be thorough.
ii. Thoroughly and in detail, explain what happens
when a price is above the equilibrium price, and
why those things happen!!! Detail!
iii. Thoroughly and in detail, explain what happens
when a price is below the equilibrium price, and
why those things happen!!! Detail!
iv. Thoroughly and completely explain the two
government intervention cases, price floors and
price ceilings and give examples of each.
5.Market Failure. please use the material covered in the topic
called The US Economy – Private and Public Sectors
a. State the definition of a market failure,
b. 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.
c. State the definition of spillovers costs
d. Give two examp les of a spillover cost situation and
explain why your examples are correct.
e. Explain in detail, the economic effects of spillover
costs.
• Explain why a firm would want to offload some
of its production costs to a 3rd party.
• Explain how output decisions are affected.
• Explain how resource allocation is affected by
the output decisions.
• Explain how the new resource allocations leads
to market failure, defined as the over or under
allocation of resources.
f. Explain in detail, how spillover costs are corrected and
how those two approaches would actually work to
solve the problem. Be very detailed.
g. State the definition of spillover benefits.
h. Give two examples of a spillover benefit situation and
explain why your examples are correct. Be specific.
i. 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
solution of the market failure problem.
j. 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.
6. 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
a. What is a tariff?
b. Why would America impose tariffs against another
nation?
c. Why would 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.
d. Given the current trade war with China and other
nations, please explain
i. Which industries are being hurt by higher tariffs
against foreign nations and 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.
e. What is an import quota?
f. Why would America implement import quotas?
g. 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.
h. What are non-tariff barriers?
i. 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.
j. If America suddenly eliminated all trade barriers,
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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