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Posted: February 26th, 2022
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! I need help writing my essay – research paper 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,
Ace my homework – Write my paper – Online assignment help tutors – Discuss, and ask good questions of the material you are
studying. Paraphrase! Do not copy!
I need help writing my essay – research paper 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.
• Get custom essay samples and course-specific study resources via course hero homework for you service – 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.
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted.
• 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! I need help writing my essay – research paper note that this is a skill
that you will have to master to be successful in your
careers.
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted.
• 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. I need help writing my essay – research paper 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.
Get custom essay samples and course-specific study resources via course hero homework for you service – 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. I need help writing my essay – research paper be thorough.
ii. Is continued over-pumping of aquifers in America
in our best interest? If yes, explain why. If no,
explain why not. I need help writing my essay – research paper 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. I need help writing my essay – research paper 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. I need help writing my essay – research paper define Marginal Cost
ii. I need help writing my essay – research paper 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. I need help writing my essay – research paper refer to the material
covered in the topic called The Economizing Problem.
• I need help writing my essay – research paper explain 2 things the model teaches us.
• I need help writing my essay – research paper explain each of the 4 assumptions of the
model.
• I need help writing my essay – research paper explain Productive Efficiency and how it relates
to the ppc.
• I need help writing my essay – research paper 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? I need help writing my essay – research paper be thorough.
vi. Why is Economic growth bad for you and your
country? I need help writing my essay – research paper be thorough.
vii. I need help writing my essay – research paper 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. I need help writing my essay – research paper 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. I need help writing my essay – research paper 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.
• I need help writing my essay – research paper 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!
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted.
• 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. I need help writing my essay – research paper consult the material
covered in the topic called The Market System. Google
may also be of help here.
• I need help writing my essay – research paper 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.
• I need help writing my essay – research paper 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. I need help writing my essay – research paper
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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. I need help writing my essay – research paper
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. I need help writing my essay – research paper note that these are fundamental concepts
that can be applied throughout your careers.
Demand, Supply, Market Equilibrium. I need help writing my essay – research paper use the
material covered in the topic called Supply and Demand.
• Demand:
i. I need help writing my essay – research paper Thoroughly and completely define
demand.
ii. I need help writing my essay – research paper 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. I need help writing my essay – research paper thoroughly and completely explain what
market clearing equilibrium means and how it
happens.
1. Don’t just copy stuff, explain what this really
means. I need help writing my essay – research paper 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. I need help writing my essay – research paper note that these are
fundamental concepts that will help you throughout your
careers.
Public goods vs. Private goods. I need help writing my essay – research paper use the material
covered in the topic called The US Economy – Private and
Public Sectors
• Private goods:
i. I need help writing my essay – research paper explain private goods.
ii. I need help writing my essay – research paper explain their characteristics.
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iii. I need help writing my essay – research paper give 2 examples of private goods,
including why those examples best fit your
definition.
iv. I need help writing my essay – research paper explain how private goods impact income
inequality.
• Public goods:
i. I need help writing my essay – research paper explain public goods.
ii. I need help writing my essay – research paper explain their characteristics.
iii. I need help writing my essay – research paper give 2 examples of public goods,
including why those examples best fit your
definition.
iv. I need help writing my essay – research paper explain how public goods impact income
inequality.
• Free rider problem:
i. I need help writing my essay – research paper 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. I need help writing my essay – research paper thoroughly and completely explain the
presence of quasi-public goods.
ii. I need help writing my essay – research paper 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.
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted.
• 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 I need help writing my essay – research paper use the material covered in the
topic called The US in the Global Economy.
• I need help writing my essay – research paper thoroughly and completely explain how the US
dollar might depreciate relative to another currency,
and how that would impact U.S. GDP.
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted.
• I need help writing my essay – research paper 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. I need help writing my essay – research paper use the material covered in
the topic called The US in the Global Economy as well as
• 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: 2024 – Do my homework – Help write my assignment online?
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.
I need help writing my essay – research paper provide thorough explanations.
• What is an import quota?
Creative Commons Attribution 4.0 License, CC BY Charles Hackner Houston Community College unless otherwise noted.
• 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? I need help writing my essay – research paper provide lots of detail.
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