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Economics

1.Indifference curves—for each set of indifference curves shown below, explain what the indifference curves are telling you about the individual’s preferences for the two goods.  Determine the marginal rate of substitution between the two goods.

a.  The indifference curves below show Sam’ s preferences for soccer and football.

Football IC Ilz IC 3 Soccer

b.  The indifference curves below show Mary’s preferences for widgets and gadgets.

Gadgets 5 4 ? 3 2 Widgets 6 Tea 9 Ic 12 IC IT 4

c.  The indifference curves on the next page show Pete’s preferences for right and left shoes.

Left Shoe 3 Iz 2 Icz IC... ?????????????? Right Shoe.

2.What administrative trade policies are in place in Australia that make it difficult for imports to enter?

3. According to Mr. Cochran, there is a strong, significantly positive relationship between diversity and corporate innovation. True O False Question 33 2.5 pts According to Mr. Cochran, anytime there is a legal question in your business you must drop everything and go straight to a lawyer to sort the issue out. True False
Question 34 2.5 pts Title 7 of the original Civil Rights Act of 1964 automatically protects which of the following groups of individuals from discrimination? O People who are of a specific gender. O People in a specific age group, for example, people over 60. People of a specific race. O People who are transsexual. O All of the above answers. Question 35 2.5 pts According to Mr. Cochran, one of the biggest reasons diversity should be important to business is because: O A business has to follow laws made in Washington even if the business doesn't like or believe in the law. O Diversity spurs innovation because there are more alternatives to consider. Diversity means your business has the correct quota of groups of underrepresented people. All of the above answers.

4.The amount of resources (in man-hour) to produce 1 unit of good X or 1 unit of good Y in countries A and B :

Country A : X = 1 hr , Y = 4 hr
Country B : X = 6 hr , Y = 12 hr

Which of the following can be mutually beneficial terms of trade , i.e. both countries have strictly positive gains from trade?

A. 1X = 2Y
B. 1X = 1Y
C. 1X = 0.25Y
D. 1X = 0.5Y
E. 1X = 0.35Y

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