Newsom has committed the state to a $990-million agreement with a China-based electric car company to produce 200 million protective masks. If you were an economics professor, what grade would you give Governor Newsom on his mask deal. Was the decision to pay high prices for PPE in the immediate aftermath of the onset of the virus a good financial decision? Is the evidence consistent with Newsom being corrupt and/or ignorant of basic economic theory?
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Newsom has committed the state to a $990-million agreement with a China-based electric car company to produce 200 million protective masks.
If you were an economics professor, what grade would you give Governor Newsom on his mask deal.
Was the decision to pay high prices for PPE in the immediate aftermath of the onset of the virus a good financial decision?
Is the evidence consistent with Newsom being corrupt and/or ignorant of basic economic theory?
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- There is a telling joke about two economists walking down the street. They spot a $20 bill on the sidewalk. One stoops to pick it up, but the other one says, “Don’t bother; if the bill was real, someone would have picked it up already.” The lesson is clear. A strong belief in efficient markets can disable the investor and make it appear that no research effort can be justified. Do you think there are still enough anomalies in the empirical evidence to justify the search for overpriced/underpricedsecurities? Support your answer with examples and new theories in the context of Efficient Market Hypothesis.With regards to the law of demand and supply, if you are the manager of a dressmaking shop, what will you advice the owners of the shop to do during these pandemic?Which of the following would be the least likely thing an economist would study? What new platforms are teens and young adults using to download music and movies? What is the effectiveness of a new $50 million government campaign to keep teens from vaping? What types of movies do children like to watch in the summer? What are the health effects of new energy drinks on young consumers?
- The COVID-19 pandemic severely affected the Australian restaurant industry. Also, Government policy restricting the seating capacity of restaurants resulted in a drastic decline in the number of people dining in restaurants. As the number of COVID-19 cases is steadily decreasing, the government has removed the restriction and, in addition, offered adults in every household a $40 dining voucher to pay part of their restaurant bills. What would be the short-term impact of the government’s $40 dining voucher policy on the equilibrium price and quantity of restaurant meals? Assume that the restaurant industry is competitive and currently in long-run equilibrium. Illustrate your answer with either DIAGRAM A or DIAGRAM B.Nobel Prize winner and New York Times columnist Paul Krugman noted that economics is a lot like medicine: Knowledge is limited and many cures are quite painful. What are some other ways that economics and medicine are alike?Frustration over US pharmaceutical pricing has led researchers to develop frameworks for evaluation that can be used by any purchaser or patient making complex drug choices. One of the most prominent, the Institute for Clinical and Economic Review, uses clinical trial data and compares value -- per quality adjusted life year (QALY) -- under actual market pricing and other possible references prices for specific drugs. Do you think $/QALY is an appropriate metric for evaluating the value of new drugs?
- Is the death penalty a deterrent to murder? One way to answer is to compare homicide rates in U.S. states that have the death penalty to rates in similar states that don’t have the death penalty (during the same time period). What do studies of this type show? no effect a small deterrent effect a medium-sized deterrent effect a backfire effectWhy will the market fail to yield efficient outcome during the pandemic?In most countries, government policy to eliminate narcotic problem is to catch narcotic producers/sellers, i.e. reducing supply. Why might the policy turn out to make narcotic producers better off (financially)? What should be a better policy to eliminate the narcotic problem?
- Which of the following techniques is used by economists to value years of life saved by a highway safety program? Either measuring the increased income that it allows or trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of death Trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of death none of the other answers is correct, because economists believe that it is impossible to put a value on life Measuring the increased income that it allowsThe Tucker family has health insurance coverage that pays 80 percent of out-of-hospital expenses after a deductible of $1,000 per person. If one family member has doctor and prescription medication expenses of $2,200, what amount would the insurance company pay?Economics CHOOSE THE CORRECT ANSWER. Remember that in the equilibrium prediction of an ultimatum game, the Proposer will offer the smallest non-zero amount of money possible. First-year Commerce students were asked to play an Ultimatum game where a choice had to be made over the division of R100. Offers could only be made in R10 increments, and the results of the various offers made are reported in the table below. Amount offered by Proposer RO R10 R20 R30 R40 R50 Proportion rejected 100% 60% 50% 30% 10% 0% What is the equilibrium split of the R100 between the Proposer and the Responder? O A. Proposer: R50, Responder: R50 O B. Proposer: R10, Responder: R90 O C. Proposer: R90, Responder: R10 O D. Proposer: R60, Responder: R40 O E. Proposer: R40, Responder: R60