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The circular flow model
$1.001. The circular flow model
The following diagram presents a circular flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs.
1.Based on this model, households earn income when (households/firms) purchase ( Goods and services/ Resource) in resource markets.
Suppose Megan earns $600 per week working as an analyst for A-Plus Accountants. She uses $8 to order a mojito cocktail at Little Havana. Little Havana pays Larry $350 per week to wait tables. Larry uses $225 to purchase tax services from A-Plus Accountants.
Identify whether each of the following events in this scenario occurs in the resource market or the product market.
Event Resource Market Product Market 2.Larry spends $225 to purchase tax services from A-Plus Accountants. (Resource mareket/ Product mareket) 3.Larry earns $350 per week working for Little Havana. (Resource mareket/ Product mareket) 4.Megan spends $8 to order a mojito cocktail. (Resource mareket/ Product mareket) 5.Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply.
A.The mojito Megan receives
B.The $225 Larry spends to purchase tax services from A-Plus Accountants
C.The $350 per week Larry earns working for Little Havana
Master Landscaping Services Case Study
$2.50In August, Master Landscaping Services signed a contract to perform $6000 of landscaping services for a customer. The work was started and completed in September. The customer paid Master $3000 in September and $3000 in October. Master purchased $1000 of materials for the project in August, paying $500 at that time and $500 in September.
What are the revenues, expenses, and net incomes for all 3 months on the cash and accrual basis accounting types? If amount is zero, enter it as such.
Violations of the False Claims Act in private practice
$1.00You are the Compliance Officer of a 230-bed teaching hospital. You have just read a newspaper article reporting that a physician on the hospital’s medical staff has been charged with violations of the False Claims Act in his private practice. The charges include upcoming and billing for unnecessary services.
- Do you believe that there is any way that the hospital could be implicated in the physician’s misdeeds? What is your first reaction to receiving this information?
- If it appears that the charges are legitimate and some disciplinary action is necessary, what are your options?
- When you suggest suspending the physician form the medical staff for 6 months, the Chief Medical Officer reminds you that the physician refers a large number of patients to the hospital. Does this make a difference to you?
Convert all relations to third normal form
$1.0024. Figure 4-38 shows an EER diagram for a university dining service organization that provides dining services to a major university.
Convert all relations to third normal form, if necessary, and draw a revised relational schema.
Jane’s case
$2.00Jane is concerned that she could have prevented herself from getting an autoimmune disease. (a) What are some risk factors for development of autoimmune diseases in general? (b) Looking at these risk factors, could Jane have done anything to prevent the development of her disease? Why or why not?
Time spent in the examination rooms
$7.50One particular morning, the length of time spent in the examination rooms is recorded for each patient seen by each physician at an orthopedic clinic. Time in Examination Rooms (minutes) Physician 1 Physician 2 Physician 3 Physician 4 33 34 18 27 25 34 32 30 25 29 30 31 32 33 25 25 27 41 32 34 36 32 30 32 20 25 43 28 Fill in the missing data. (Round your p-value to 4 decimal places, mean values to 1 decimal place and other answers to 3 decimal places.) Treatment Mean n Std. Dev Physician 1 Physician 2 Physician 3 Physician 4 Total One-Factor ANOVA Source SS df MS F p-value Treatment Error Total (a) Based on the given hypothesis, choose the correct option. H0: ?1 = ?2 = ?3 = ?4 H1: Not all the means are equal. ? = 0.05 Reject null hypothesis if F < 3.01 Reject null hypothesis if F > 3.01 (b) Calculate the F for one factor. (Round your answer to 2 decimal places.) F for one factor is (c) “On the basis of the above findings, we reject the null hypothesis”. Is the statement true? Yes No MINICASE: Old Alfred Road
$0.00Old Alfred Road, who is well-known to drivers on the MaineTurnpike, has reached his seventieth birthday and is ready toretire. Mr. Road has no formal training in finance but has savedhis money and invested carefully.
Mr Road owns his home-the mortgage is paid off-and dose not want tomove.He is a widower,and he wants to bequeath the house and anyremaining assets to his daughter.He has accumulated savings of $180,000, conservatively invested.The investments are yielding 9 percent interest. Mr. Road also has$12,000 in a savings account at 5 percent interest. He wants tokeep the savings account intact for unexpected expenses oremergencies.
Mr. Road’s basic living expenses now average about $1,500 permonth, and he plans to spend $500 per month on travel and hobbies.To maintain this planned standard of living, he will have to relyon his investment portfolio. The interest from the portfolio is$16,200 per year (9 percent of $180,000), or $1,350 per month.
Mr. Road will also receive $750 per month in social securitypayments for the rest of his life. These payments are indexed forinflation. That is, they will be automatically increased inproportion to changes in the consumer price index.
Mr. Road’s main concern is with inflation. The inflation rate hasbeen below 3 percent recently, but a 3 percent rate is unusuallylow by historical standards. His social security payments willincrease with inflation, but the interest on his investmentportfolio will not.
What advice do you have for Mr. Road? Can he safely spend all theinterest from his investment portfolio? How much could he withdrawat year-end from that portfolio if he wants to keep its real valueintact?
Suppose Mr. Road will live for 20 more years and is willing to useup all of his investment portfolio over that period. He also wantshis monthly spending to increase along with inflation over thatperiod. In other words, he wants his monthly spending to stay thesame in real terms. How much can he afford to spend per month?
Assume that the investment portfolio continues to yield a 9 percentrate of return and that the inflation rate will be 4 percent.THE AGE OF STUPID REVIEW
$5.00FILM: “THE AGE OF STUPID” (impacts of climate change, catastrophic change). A futuristic documentary – drama – animation hybrid film. This film should make you think about policy and the environment on both domestic and international scales. What should be the international role of the US, in terms of energy and the environment? Think about “foreign policy”
This film is a futuristic look at climate change, and how “we” could have saved ourselves. The film uses a variety of actual and recent footage, including some interview material, to make some points.
Are we not paying attention? If not, why not? Feel free to post any good links to this film. *Relate what you viewed to our current political discussions, and consider… “
Do we need to curb global warming?” What must we and political officials do? What are the impediments to action / change?
Have you heard about the collapse of much the enormous Antarctic ice sheets, and the serious implications? Happened in the late spring of 2014? Check the news.
Ancient Aliens Built the Pyramids: A Skeptical Analysis
$5.00Ancient Alien proponents make a variety of extraordinary claims suggesting that extraterrestrial alien beings have been visiting Earth and directing human cultural and biological evolution for millennia. One such extraordinary claim is that ancient extraterrestrial aliens built the Great Pyramid at Giza in Egypt.
- Briefly discuss in 3-5 sentences the terrestrial, down-to-earth counterarguments to the following extraordinary claims:
- Claim: The sandstone, limestone, and granite blocks used to built the Great Pyramid were too heavy for the Egyptians to move by conventional methods and could only have been moved using ancient alien anti-gravity technology.
- Claim: Ancient aliens used laser technology to cut the perfectly smooth stone blocks used to build the pyramids, since the ancient Egyptians possessed no method to make such precise cuts.
- The ancient Egyptian stone quarries at Aswan contain a massive unfinished obelisk that was being cut from the bedrock. Near the completion of the process, the huge monument developed cracks and was abandoned in place. Explain how this incomplete obelisk provides strong evidence against the claim that Ancient Aliens built the Great Pyramid.
- The logical fallacy of Personal Incredulity is committed when an individual rejects an explanation because he or she personally finds it hard to believe, often because the explanation may be complex and difficult to understand, may be viewed as incomplete, or may conflict with the individual’s worldview. Discuss how personal incredulity plays a role in Ancient Alien proponents rejecting the overwhelming evidence that ancient Egyptians built the Great Pyramid.
