Posted: May 22nd, 2024

Final Exam Macroeconomics

Final Exam
Macroeconomics

Dear Colleagues

Enclosed is our final exam. We will review this week and next and is due by Wednesday, May 22 by 11:50 pm by posting on Blackboard.

The attached link provides both a podcast and narrative on the benefits of olive oil from NPR, on Monday, September 30 th
http://www.npr.org/blogs/thesalt/2013/09/30/226844915/to-get-the-benefits-of-olive-oil-fresh-may-be-best
From our discussion on supply and demand, discuss which curve will shift and why given the following:

• Consumers realize olive oil is healthy?
• Consumers realize they have a dated (that is expired) batch of olive oil
• Consumers income will increase and olive oil is a superior good
• More suppliers enter the olive oil industry
• To protect the California olive oil industry, the United States imposes a tariff on Italian olive oil.
• Consumers realize olive oil is healthy and the U.S. imposes a tariff on Italian olive oil
• Consumers realize olive oil is healthy and more firms enter the industry

Please use the following rubric

Met the criteria for the correct responses to the questions assigned.
Used vocabulary relevant to the current week’s topics—at least five terms.
Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion.
Justified ideas and responses by using appropriate examples and references from texts, Web sites, and other references or personal experience.
Presented a structured report free of spelling and grammatical errors and cited sources in APA format when necessary.

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Review a local or national newspaper or magazine. Consider one product in which the article cites has decreasing demand. What are some of the factors explaining the weak demand using our supply and demand model? For example, is the product no longer appealing to a new class of customers (decreased population), the price of a related product has changed? Tastes and preferences have decreased?, etc?

Then do the same for an article citing increasing demand, then increasing supply, then decreasing supply and then one article / podcast threading a shift in demand and a shift in supply

As an example, there was an excellent article in (2/21/08) New York Times, regarding declining demand or interest in golf.

Link: http://www.nytimes.com/2008/02/21/nyregion/21golf.html?_r=1&scp=2&sq=golf&st=nyt

Your discussion should have a minimum of three paragraphs:

The first paragraph provides an overview of the article – in this case, the demand for golf

The second article would briefly discuss the economic analytics or tools we discussed – in this case, supply and demand

The third article would dovetail paragraph one and two

You should either link to the article or provide it in full

Please use the following rubric

Met the criteria for the correct responses to the questions assigned.
Used vocabulary relevant to the current week’s topics—at least five terms.
Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion.
Justified ideas and responses by using appropriate examples and references from texts, Web sites, and other references or personal experience.
Presented a structured report free of spelling and grammatical errors and cited sources in APA format when necessary.

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Hello Colleagues
From the Bureau of Economic Analysis and other resources
http://www.bls.gov/lau/
http://www.bls.gov/news.release/laus.t03.htm
http://www.epi.org/page/-/unemployment_by_quarter%20%282%29.pdf
http://www.census.gov/compendia/statab/cats/labor_force_employment_earnings.html
https://www.bls.gov/lau/ex14tables.htm

Choose 3 states of your choice and discuss the unemployment rates in those respective states. If possible, provide a graph showing the unemployment rates over the past few years.
In addition, discuss the unemployment rate between women and men and different ethnicities (African American, Hispanic, etc.)
What are some reasons for the disparities for unemployment among the 3 states and various groups?
Please post by Tuesday, December 8 and then reply to at least 2 colleagues. However, please be prepared to discuss

Use the following rubric as a guide:
Met the criteria for the correct responses to the questions assigned. 10
Used vocabulary relevant to this week’s topics—at least five terms. 10
Justified ideas and responses by using appropriate examples and references from texts, Web sites, and other references or personal experience. 10
Presented a structured report free of spelling and grammatical errors and cited sources in APA format when necessary. 10
Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion. 10
Total: 50

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From the following table, compute the NDP

ECONOMIC DATA FOR PEMBROKIA (BILLIONS OF DOLLARS)
Government purchases 200 Net exports 7
Consumption spending 540 Personal taxes 94
Investment spending 175 Consumption of Fixed Capital 52
Transfer payments 68 Net nonbusiness interest income 59
Net foreign factor income 5 Wages and salaries 500
Corporate retained earnings 45 Rental income 35
Indirect business taxes 50 Interest income 140
Social Security contributions 58

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From the following table, “What is the economy’s Consumption?”

Personal taxes 322
Durable Goods 46
Proprietor Income 63
Services 89
Consumption of Fixed Capital 82
Non-durable Goods 18
Social Security Benefits 46
Student Scholarships 22
Exports 8
Imports 15
New York Road Infrastructure 63
Government Submarine purchases 122
New Amazon Headquarters 65
Medicaid Contributions 36
Installation of new robotic equipment 19
New residential housing construction 67
Housing built in 1995 and resold in 2018 88

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From the following table, “What is GDP?”

Personal taxes 322
Durable Goods 46
Proprietor Income 63
Services 89
Consumption of Fixed Capital 82
Non-durable Goods 18
Social Security Benefits 46
Student Scholarships 22
Exports 8
Imports 15
New York Road Infrastructure 63
Government Submarine purchases 122
New Amazon Headquarters 65
Medicaid Contributions 36
Installation of new robotic equipment 19
New residential housing construction 67
Housing built in 1995 and resold in 2018 88

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From the following table, “What is the value of Transfer Payments?”

Personal taxes 322
Durable Goods 46
Proprietor Income 63
Services 89
Consumption of Fixed Capital 82
Non-durable Goods 18
Social Security Benefits 46
Student Scholarships 22
Exports 8
Imports 15
New York Road Infrastructure 63
Government Submarine purchases 122
New Amazon Headquarters 65
Medicaid Contributions 36
Installation of new robotic equipment 19
New residential housing construction 67
Housing built in 1995 and resold in 2018 88

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Here is a list of items:
1. BCC Student Scholarship
2. A home built in 1995 and sold in 2018
3. A car manufactured in 2018
4. Social Security benefits to a retiree
5. A commercial property constructed in 2018
6. The purchase of a pre-owned automobile
7. Proprietor’s Income
8. Dividends received from an Apple stockholder
9. Interest received on a Verizon bond
10. Cashing in a corporate bond

Which items are considered transfer payments?

a. 1, 7, 9
b. 3, 4, 10
c. 1, 4
d. 8, 9, 10

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Here is a list of items:

1. BCC Student Scholarship
2. A home built in 1995 and sold in 2018
3. A car manufactured in 2018
4. Social Security benefits to a retiree
5. A commercial property constructed in 2018
6. The purchase of a pre-owned automobile
7. Proprietor’s Income
8. Dividends received from an Apple stockholder
9. Interest received on a Verizon bond
10. Cashing in a corporate bond

Which Items are considered income?

A. 1, 5, 7 and 10 only
B. 7, 8 and 9 only
C. 2, 4 and 10 only

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The following table shows the price of a specific stereo receiver for a five-year period. Using year 2003 as the base year, calculate the price index for year 2000.

Year Price Price index
2000 $ 166 ___
2001 $200 ___
2003 $240 ___
2004 $264 ___
2005 $280 ___

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Using year 2013 as the base year, compute the Price Index for each year

Year Price Quantity

2011 $30 500
2012 $25 675
2013 $22 700
2014 $24 587
2015 $29 722

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Briefly explain the major differences between the Classical School and Keynesian Economics

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The Classical School argued that Recessions or Depressions cannot exist or will quickly dissipate because: ___________________

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The Keynesian School argued that Recessions or Depressions can exist or will be hard to extinguish because: ___________________

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Suppose you put $1,000 into a bank today. How much is the Reserve Requirement? What does the bank do with the reminder?

Check Price Discount

Study Notes & Homework Samples: Strategic Planning Essay »The Demand Function and Elasticities