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Midterm Review
I (i) What are the chiefly important economic challenges that countries semblance today? The most important economic challenges that countries visage are using limited economic resources so as factors of production: land, labor, prime, and entrepreneurial ability in efficient usage. According to International Monetary Fund (2013), global arrangement growth in 2013 will be being of the kind which same as 2012 such as on high 3% growth only. Thus, the ut~ important economic challenges that countries countenance today are thinking about growth manner of economy. For developed countries, the prominent thing is how to make a reliable plan for keeping viable medium-name debt with supporting macroeconomic policy mingle. For developing countries, economists should imagine the solution for the tradeoff problem which is between macroeconomic policies to restore weak activity and those to contain capital outflows (International Monetary Fund, 2013). I (ii) How can we expand the production possibilities curves at macro- and micro-housekeeping levels? (give some examples) More resources and more productive or efficient means by which anything is reached can be expanded the production possibilities curve. More resources mean that more labor, first-class, and investment. More productive or operative way means that new technology a thing . At macro-economic, if one people succeeds to find a huge substance of some resources such as oil, its lengthening possibilities curve will expand dramatically inasmuch as of oil resources. For example, whether or not Australia finds oil, it would exist worth nearly 20 billion dollars (Snyder, July 23rd, 2013). At micro-housekeeping level, for instance at the crew, Brilliant Media, the largest privately owned media supervision in the United Kingdom, reduces their IT rubbish’s working time by using renovated IT technology, so their IT medicine can do more productively (Hewlett Packard, February 2012). I (iii) What is the role of firms in our housekeeping system?

The role of firms is the the same of the players in our household system. There are three types...

Running head: BUS 500B ECONOMICS FOR DECISION MAKING 1

Yasushi Akiyama

Professor: Julius M. Walecki

Midterm Review

I (i) What are the in the greatest degree important economic challenges that countries put a ~ today?

The most important economic challenges that countries confront are using limited

economic resources of the like kind as factors of production: land, labor, excellent, and entrepreneurial

ability in efficient practice. According to International Monetary Fund (2013), global management

growth in 2013 will be like same as 2012 such as overhead 3% growth only. Thus, the chiefly

important economic challenges that countries front today are thinking about growth plan of conduct of

economy. For developed countries, the important thing is how to make a reliable plan for

keeping viable medium-denomination debt with supporting macroeconomic policy com~. For

developing countries, economists should believe the solution for the tradeoff point in dispute which is

between macroeconomic policies to forbear weak activity and those to keep in check capital outflows

(International Monetary Fund, 2013).

I (ii) How have power to we expand the production possibilities curves at macro- and

micro-housekeeping levels? (give some examples)

More supplies and more productive or efficient advance can be expanded the production

possibilities curve. More resources mean that more labor, excellent, and investment. More

productive or energetic way means that new technology a part. At macro-economic, if

one political division succeeds to find a huge sum of some resources such as oil, its fruit

possibilities curve will expand dramatically since of oil resources. For example, admitting that

Australia finds oil, it would have ~ing worth nearly 20 billion dollars (Snyder, July 23rd, 2013). At

micro-relating to housekeeping level, for instance at the partnership, Brilliant Media, the largest privately

owned media procurement in the United Kingdom, reduces their IT absurdity’s working time by using

repaired IT technology, so their IT twaddle can do more productively (Hewlett Packard, February

2012).

I (iii) What is the role of firms in our economic system?

The role of firms is the individual of the players in our relating to housekeeping system. There are three

types of firms similar as sole proprietorship, partnership, and corporations. In our housekeeping

system, over 70% firms are single proprietorships, but most sales is created through corporations

such as over 80% (U.S. Census Bureau, 2012).

II (i) Do the basic laws of public economy still work today? (use some examples)

The basic laws of plutology still work today. Even monopoly, instead of example Microsoft,

the laws of political economy still is working because there is the reward. Also, in class, we discussed

with reference to the milk price. Even if administration controls the milk price floor from 1.5$ to 2$, the

laws of public economy is still working. Milk is human being of people’s necessities and that's why there

would be only small declines in exact, but the law of demand smooth works in this case.

II (ii) Should governments have existence involved in price controls, such being of the kind which setting the price

ceilings? (explain power economic costs and benefits of so policies)

Governments should be involved in estimation controls, such as setting the value ceilings

because it would help consumers in the same proportion that demand side. For example, the U.S. body politic tried to

control prices of rift to make housing more reasonable. In New York City, the guidance

conducted the price ceiling for tear or housing because of expensive cost in NYC, and

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