Premium Essay

Hamilton

In:

Submitted By yakshendra
Words 1466
Pages 6
FE341: Microeconomics Homework 1 Due August 30 th ANSWER KEY Please indicate the students that you worked on this homework assignment with, if any. 1. From the textbook page 18: Questions for Review #2 Which of the following two statements involves positive economic analysis and which normative? How do the two kinds of analysis differ? a. Gasoline rationing (allocating to each individual a maximum amount of gasoline that can be purchased each year) is poor social policy because it interferes with the workings of the competitive market system. Positive economic analysis describes what is. Normative economics describes what ought to be. Statement (a) merges both types of analysis. First, statement (a) makes a positive statement that “ rationing interferes with the workings of the competitive market system.” know from economic analysis that a constraint placed on supply will We change the market equilibrium. Second, statement (a) makes the normative statement that gasoline rationing “ is poor social policy.” b. Gasoline rationing is a policy under which more people are made worse off than are made better off. Statement (b) is positive because it states what the effect of gasoline rationing is without making a value judgment about the desirability of the rationing policy. 2. From the textbook page 18: Questions for Review #6 The price of long-distance telephone service fell from 40 cents per minute in 1996 to 22 cents per minute in 1999, a 45-percent (18 cents/40 cents) decrease. The CPI increased by 10 percent over this period. What happened to the real price of telephone service? Let the CPI equal 1 for 1996 and the CIP for 1999 equal 1.1 (a 10% increase). To find the real price of telephone service in each period, divide the nominal price by the CPI for that year. For 1996, we have 40/1 = 40 cents. For 1999, we have 22/1.1 or 20 cents. The real price therefore fell

Similar Documents

Free Essay

Alexander Hamilton

...History 111 ALEXANDER HAMILTON, AMERICAN by Richard Brookhiser (Book Review) Publish on 1999 ,Alexander Hamilton, American, it’s a 240 pages biography book on which author Richard Brookhiser sets the arguments to describe one of America’s founding fathers, Mr Alexander Hamilton. Richard Brookhiser takes us through the times on which Hamilton lived, accounting all the extraordinary events that surrounded and shape his life and character from his humble beginnings in St. Croix to the years he hold a position of power as the nation’s Treasury Secretary. All through the book Brookhiser explore other’s points of view about Hamilton. As all persons involved in politics Hamilton had supporters, enemies and people that could not described or comprehend what kind of American he was. Alexander Hamilton is known for many as a genius and a great economist but others point to his achievements as “forcing the dominion of big money or big government or both”(Brookhiser 4). The contrast of opinions on Hamilton serves as points of examination for Brookhiser, who put all perceptions at test with the facts of reality to create a real perspective. As the author points out on the book, “the tread that runs through every chapter, and every aspect of Hamilton’s life, is his identity as an American. The author sets to tell Hamilton’s history through ten chapters which go from the earliest accounts of Hamilton’s childhood to his last moments of agony before death. Brookhiser begins...

Words: 730 - Pages: 3

Premium Essay

Jefferson and Hamilton

...Jefferson vs. Hamilton: Confrontations that shaped the Nation Thomas Jefferson was born in affluence to his father, Peter Jefferson, a rising young planter in the Virginia colony, and his mother, Jane Randolph, who held a high status within the colony as well. Due to his father’s prosperity Jefferson was afforded the absolute best in the ways of education, starting with private tutors at the age of five, then moving on to learn how to read Greek and Roman and finally taking his studies to the College of William and Mary in Williamsburg which he would say is “…what probably fixed the destinies of my life…” (5). On the other side of the spectrum, Alexander Hamilton son of James Hamilton, a Scotsman of a well-known family but never flourished on his own, and his mother, Rachel Fawcett Lavien, who had left her husband to live with James Hamilton. Hamilton’s early life was just that his father “drifted away” and his mother passed in 1768. Lacking wealth, Hamilton’s educational opportunities in his young life were nonexistent; however this did not stop him from gaining a vast knowledge of business and finance that he would later on use in his services to President George Washington. In addition to these politically influential men’s different early lives, they have their differences in opinions. Thomas Jefferson and Alexander Hamilton were not just on different issues that shaped the nation, but they were at the head of those differences. Jefferson distrusted the federal government...

Words: 1128 - Pages: 5

Free Essay

Hamilton vs Adams

...Chanice Lighty November 3rd, 2014 Harrold US History John Adams vs Alexander Hamilton Born October 30, 1735 in Quincy, Massachusetts. John Adams our 2nd president of the United States, grew up with a father who was a farmer, deacon, and town councilman. Adams was a federalist one of his famous attributes was the argument about the stamp act of 1765. He wrote a response to the act called “Essay on the Canon and Feudal Law” in which he argued that: ‘the stamp act deprived American colonist of their rights to be taxed by consent and to be tried by a jury of their peers.’ He also made it clear that the act was null and void in a speech he sent out to the governor of Massachusetts along with his council. In 1796, Adams was elected as the federalist nominee for president. Thomas Jefferson led opposition. During his presidency France and Britain began a war, which started a political uproar for the United States causing Adams administration to focus on diplomatic efforts for France, when France denied the United States and later after the war died down Adams lost his favoritism from the public and lost his re-election to once opposed Thomas Jefferson. Alexander Hamilton born January 11, 1755 on the island of Nevis in the British West indies. Hamilton was part of George Washington’s administration, and one of the leading figures. Hamilton was also a nationalist, who stood for the “wealthy elite” meaning he believed the government should protect the wealthy. Hamilton’s goal...

Words: 883 - Pages: 4

Premium Essay

The Hamilton-Burrr Duel

...Hamilton debuted on Broadway on July 13, 2015, and ever since then, Lin-Manuel Miranda’s hip-hop musical has entertained audiences in droves. This has peaked interest in the play’s main protagonist alexander hamilton founding the father and the former secretary of the treasury. But is Hamilton historically accurate? A good, amount of the story and lyrics come from real life events all looked over by Ron Chernow the historical advisor on Alexander Hamilton. In Hamilton, there is one main rivalry the one between Aaron Burr and Alexander Hamilton they are complete polar opposites of each other. Hamilton the former secretary of the treasury of the united states is a poor immigrant from the west indies who is bold, poetic, brave and wants to make...

Words: 878 - Pages: 4

Premium Essay

Alexander Hamilton Influence

...Alexander Hamilton, known to most as the man on the ten dollar bill, was one of the most influential Founding Fathers of America. Hamilton, forgotten even by most scholars, had lasting impacts on America that are still intact today, such as putting our financial system into existence. Alexander Hamilton lived a life full of excitement around every corner. Hamilton made tight-knit relationships with many people along his journey, however, some people had more of an impact than others. Historical figures, Maria Reynolds and Aaron Burr, played roles in persuading the decisions of what he chose to publish as influential writings that led to his nonexistent presidency, or for backing Thomas Jefferson for president; both of which really affected...

Words: 896 - Pages: 4

Premium Essay

Alexander Hamilton Accomplishments

...Alexander Hamilton “Men give me credit for some genius. All the genius I have lies in this; when I have a subject in hand, I study it profoundly. Day and night it is before me. My mind becomes pervaded with it. Then the effort that I have made is what people are pleased to call the fruit of genius. It is the fruit of labor and thought” (Hamilton). This quote shows Alexander Hamilton's task commitment and how he was devoted to everything he did. He had made and overcame many mistakes during his life, building him stronger and leading him on his path to eminence. Alexander Hamilton created America’s current financial system, used Thinking and Communicating with Clarity and Precision to innovate ways to overcome challenges, and illuminated the...

Words: 805 - Pages: 4

Premium Essay

Alexander Hamilton Beliefs

...Alexander Hamilton (1757-1804) Andrew Walsh The American dream has been around long before that term was coined. Alexander Hamilton is proof of it, as well as all migrants who came to the colonies to populate this New World. Most had nothing, or very little as Alexander, but from hardships and squalor some of our nation’s greatest men were formed. These hardships taught lessons of self-reliance, forged ideologies, and paved the way for those opportunistic enough to take this new country and lead it. Alexander Hamilton came from a very tumultuous childhood. His legitimacy as a child always haunting him. His mother dying, father leaving, all family ties gone. Mr. Hamilton had to grow up quick and he did. He grew up and moved to the states. He...

Words: 1097 - Pages: 5

Premium Essay

Alexander Hamilton Federalism

...claimed by Hamilton, “The people are turbulent and changing, they seldom judge or determine right.” In these words, Hamilton expressed the simple logic behind the supposedly “evil” idea of Federalism. This quote would prove to be quite important in recent debates which would alter the entire fate of the nation, for good or for bad. On one side were the Republicans, which felt that a nation based on strict Constitutional law and favoring the majority would lead us out of our troubles. On the other, Alexander Hamilton and the Federalists, who felt an elite community of the educated and powerful would best the best for our country. Yet, despite various good points from both sides, the only truly reasonable answer...

Words: 1049 - Pages: 5

Premium Essay

Jefferson Vs Hamilton Disagreements

...Hamilton vs. Jefferson Throughout the history of the United States, our leaders have disagreements. It would be interesting if they did not have any considering how people always disagree. Most of the time these arguments are easily solved. In our history, there are two men who were complete opposites.Alexander Hamilton and Thomas Jefferson.Hamilton and Jefferson had a huge disagreement over how the country should be ruled. Hamilton was wanting the there to be a national bank and Jefferson did not want one. Jefferson was against it because it was not stated directly in the constitution and that they would only benefit some people. This debate over the national bank was only one way Jefferson and Hamilton differed. Jefferson thought that Hamilton's...

Words: 256 - Pages: 2

Premium Essay

The Pros And Cons Of Alexander Hamilton

...When you mention Alexander Hamilton, people often automatically think about the negative things he did, such as the highly publicized scandal with Maria Reynolds or how he might have even been called a traitor because he led American politician to create mercantilism after the Revolutionary War.  Despite these negatives, Hamilton also had a number of achievements during his political career.    Although Hamilton never was the highest member of office, he did a lot more for his country than he is often credited. To start, some of his accomplishments include that he was a member of the Continental Congress, authored more than half of the Federalist Papers, and he was the first secretary of Treasury from 9/11/1789-1/31/1795. The Federalists...

Words: 282 - Pages: 2

Premium Essay

Alexander Hamilton: Founding Fathers

...Alexander Hamilton was one of the Founding Fathers of the United States. He was an interpreter of the U.S. Constitution and the founder of many important things that had a significant impact on history, including the nation’s financial system, the federalist party, the United States coast guard, and The New York Post Newspaper. He was also General George Washington's assistant and served as the nation's first secretary of the treasury. Hamilton was born on January 11, 1755 on the island of Nevis, which is in the British West Indies. Hamilton's parents were Rachel Fawcett Lavien and James Hamilton. At the time of Alexander's birth, Rachel was married to John Lavien. Her parents had pressured her to marry John when she was a teenager. They had...

Words: 329 - Pages: 2

Free Essay

Hamilton-Burr Duel

...HI US 221-001 | Hamilton-Burr Duel | Liberty University | | Matthew Waterman | 4/27/2012 | The Hamilton-Burr Duel is a very interesting case in history because a lot of people are unsure what the real reasons behind it were. Some people believe that Hamilton was depressed and suicidal and Burr was a murderous maniac. Other people think that it was just the pride in them and that in politics back then it is dishonorable to your reputation if you back down from a case as serious as a duel. Both of these cases are very reasonable to believe and are most likely correct. The first letter sent from Aaron Burr to Alexander Hamilton was Burr asking Hamilton for an explanation of an article that was written in the The Albany Register in which Dr. Charles Cooper, who was present at a dinner with Alexander Hamilton, tells that Hamilton was quoted as to have made comments about Burr quotes which are as follows: “General Hamilton and Judge Kent have declared in substance that they looked upon Mr. Burr to be a dangerous man and one who ought not to be trusted with the reins of government.” As well as Dr. Cooper telling The Albany Register “I could detail to you a still more despicable opinion which Hamilton has expressed of Mr. Burr.” Aaron Burr and Hamilton happened to be adverse politicians and, oddly enough, at the same time supposed “friends”. The words Dr. Cooper accused Hamilton of saying were clearly serious claims and that is why Burr wanted an explanation of...

Words: 1603 - Pages: 7

Premium Essay

Alexander Hamilton Research Paper

...of Secretary of the Treasury;” – Alexander Hamilton The year is 1791, Alexander Hamilton is the Secretary of the Treasury. Hamilton had “spent the preceding two years crafting a visionary financial system for the new nation that was designed to form a strong central government…” (Cogan 389). Hamilton’s life is centered around politics and family, but in the summer of 1791 Hamilton put both his career and family on the back burner. In the summer of 1791 Hamilton and Eliza spend most of their time apart. Hamilton...

Words: 1391 - Pages: 6

Premium Essay

Why Is Alexander Hamilton Important

...Alexander Hamilton was a man who was quite an influence in our country. Even at his young age, he wowed the other famous men in his time with his amazing literary skills, eventually gaining himself a spot in the Continental Congress. Still today Hamilton is still a well known figure in and throughout American history. He did not sign the Declaration of Independence but is considered a founding father due to his helping in the framing of that document. Despite his many accomplishments Hamilton had a hard early life. Alexander Hamilton was born on January 11, either 1775 or 1777, the exact year was never known. He was born out of wedlock and after being abused by his real father, Alexander's mother left to St. Kitts. Rachel (Alexander’s mother) soon met and moved in with James Hamilton and had another son named James who was Alexander’s older brother. She then moved back with Alexander to live with James Sr. He left them again and they lived in poverty forcing Alexander at the young age of 11 to find a job. After working as hard as she could, Rachel died at the age of 38. Leaving Alexander and his brother orphans, as their step father had abandoned them. “Our great error is that we suppose mankind to be more honest than they are.” - Alexander Hamilton - 1787 Later in his life Alexander was able to work as an...

Words: 734 - Pages: 3

Premium Essay

Alexander Hamilton: Machiavellian Leadership

...The leader I chose from my table was Alexander Hamilton. His Machiavellian manipulation of people around him and his innate ability to get things done makes him an excellent example of leadership. . Born to a prostitute whose husband ran away and had her imprisoned, he displayed an early affinity for politics by negotiating a job with the British East India Company despite being six years too young at the age of eight. His mother died at ten years old to disease, but Alexander found a man willing to take him in. When that man committed suicide, Alexander went to live on his own. When he was fourteen, a hurricane struck his town and destroyed everything he had. Undeterred, he made the most of the situation and wrote a story about the events. His writing was so good the leader of his village led an effort to raise money for him to go to college in America. He had made his way up from a child who should have never been born to the prodigy of his hometown. When he...

Words: 927 - Pages: 4