Econ Final

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ECON Final

1. Graphically and verbally explain why an increase in retail sales during Christmas 2011 will boost GDP growth in Q1 2012.

 
2. Why do the Major League Baseball (MLB) owners want to hire more Latino and Asian players than African-American players? NOTE: this is NOT a political or racial question. Use your knowledge of Economics only!

The economic situation is Latin and many Asian countries are a lot worse off than in America, so in turn hiring more Latino and Asian baseball players they do not require a large salary right away. Many of these people want to live the typical “American Dream” and playing for the MLB would help better their chances of getting out of their country and into the United States.

3. Explain & give examples of a Monopoly

A monopoly is a market structure in which there is only a single seller of a good, service, or resource. Pure monopolies are very rare in the United States, but there are some forms of monopolies across the country. Many government regulated public utilities are monopolized by the government. Many people believe that Major League Baseball is a monopoly because they are the only organization serving baseball fans nationwide. They can make their tickets and concession prices as high as they want because there is no competition around them to compete with over prices.  

4. If I made you the President of the USA, What would you do to correct the Housing mess?

The housing mess is making it very difficult for new home owners to buy a house. Mortgages can be a very simple thing to work with if you have the money (like any other loan) but I feel like the mortgages should be extended now a day. Instead of having 30 years to pay off a mortgage, make it 50 so the payments are cheaper. Also offer incentives for owners who chose to pay more than the minimum payment due. Incentives could include offering lower interest rates if you pay more than the minimum for a certain amount of months.  

5. If I...
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