Reflection: Data Response

November 8, 2010 § Leave a comment

I feel that I did not do really bad on this data-response, however, there is still room for improvement. The score I received is something I was not satisfied with, and it merely had to with point reductions on basic areas in Economicsーsuch as supply and demand. I regret that I did not look over my work before handing it in, and by doing this, I could have easily gotten a higher mark. Two things I would like to do to improve on my score is to first, attempt  on practicing ‘simulation’ problems before the test, and second, refer to CRAMPS.

Another note, is to remind myself the scores should not be a burden. These days, I am very score-driven especially because I care about what only goes in the transcript. This has limited me to only put an effort on summative assessments than the formative, because formative assessments do not count towards the grade.  This was a huge mistake I made because an improvement on formative assessments would lead to a stronger response on the summative, and in the end, the final IB exam in May. I figured my senioritis has gotten me and feel lazy than I was last year, yet I have to force myself to put an effort on all assignments to accelerate in this class.

Should Trade Protectionism be allowed?

October 5, 2010 § 1 Comment

That’s right, it is certainly a hard question to solve with a simple yes and no. Many countries lean toward free-trade, while others impose protectionism such as tariffs, quotas, and subsidies to protect domestic industries. Understanding there exists pros and cons to this argument, I must say that I agree to have free-trade with these reasons:

  1. Protectionism increases price and decreases options. Protectionism limits availability of imported goods that force consumers to purchase domestic goods at a higher price. This is because the consumers have to cover the cost for protectionism with expensive prices for foreign goods.  On the other hand, prices are kept low and have more goods to choose from when there is free trade because competition levels increase amongst producers world-wide.
  2. Trade Wars may breakout. If a country restricts the amount of imported goods into one country, the countries may have tension in between them. For example, Japan and the USA were fighting over resources during WWII. USA was trying to avoid the war until Japan attacked Pearl Harbor and provoked USA to have war. The ultimate reason to this had to do with Japan blocking goods and trade between the two countries.

Real World Examples of Protectionism

October 4, 2010 § 3 Comments

Type of Protectionism Definition Real World Example + Link
Tariff Tax imposed when a good/service is imported in the country “Congress is considering slapping a tariff on Chinese imports as retaliation for China’s stubbornness over currency policy,and such a move could have implications for green-energy stocks.”

 

Tariff Example

Quota Limitation on the quantity that must not be exceeded, such as an import quota “Private English-medium schools on Thursday hinted at a fee hike to make up for the mandatory 25 per cent reservation of seats for underprivileged students.

 

The Right to Free and Compulsory Education Act, a piece of central legislation the state government has announced it would implement, makes it mandatory for all schools to set aside a quarter of their seats for poor students who won’t be charged fees.”

Quota Example

Subsidy A grant provided for the government to benefit the public “The government is weighing the feasibility of subsidizing in-vitro fertilization (IVF) treatment in an effort to slow the continuing decline in the birth rate, a Department of Health (DOH) official said Saturday.

 

If the subsidy program is adopted and offered to infertile couples, the official said, the numb”

Quota Example

 

 

Danger Zones in an IB Economics Exam

August 31, 2010 § Leave a comment

Some small, careless faults on IB papers can be something big like falling from a 7 to a 6. Looking at past papers/tests/exams, I have seen some common mistakes that have pulled down my grade down. Perhaps by noting my weaknesses down here, I will be able to avoid them in the near future.

  1. Poor Time Management: Sometimes, I would spend a quarter of the time allowed for a question that is only worth 3 points out of a total of 20 points on a test or quiz. It is pertinent to be able to plan and allocate time wisely by how much value each question has.
  2. Ineffective Evaluation: Evaluating the text may be one of the most important skills used in an economics exam  so it is crucial for us to know what is expected and understand several things about it. Whenever I see a question that asks me to evaluate certain causes or consequences, we should identify the ultimate cause or consequence and the reason; this leads back to the point about time-management, but if we endlessly kept listing them, it might be risky. Furthermore, it is also necessary to state economic concepts when evaluating.
  3. Imprecise use of Economic Terminology: This merely has to do with learning economic concepts and its terminology. Perhaps reviewing more often would help resolve these problems.

RE: “Tax Reform: These Small Steps Could Help Deficit, Economy”

August 24, 2010 § Leave a comment

I would like to respond to an interesting article who my classmate, Bobby, has shared on Diigo, that pertains to the diminishing US economy by its tax system.

Some individuals suggest that the US tax system is coming to a turning-point: perhaps a milestone for change. Since the US former president, Bush, enforced the tax-cuts in years 2000 and 2003 and is nearly coming to an expiration date by the end of this year, some people are rushing for a new system while some others insist to keep the old system. At the moment, the Obama administration has been extenuating on the fact that they will keep continuing to exempt people who earn more income  from the tax-cuts. On the other hand, the congressional democrats prefer to let the package expire instead. That means we are down to whether augmenting the cuts or either making them perpetual.

The economic term, tax-cuts, is self-explanatory: “cut”, or reduction in taxes. This pertains to theories of Keynesian economics. At times, the government may decide to differentiate between groups who merely “earn more” and those who “earn less”. According to individuals’ or  either families’ income, the government decides who will be ‘cut’ from paying taxes.

In the past, there have been four main big ameliorations in history, all relating to “fiscal crisis” (Farrel, 2010): Civil War, World War I, the Great Depression, and World War II. As the US especially faces the financial crisis at a moment like this, the government changes its system in order to make more money.

With many other reforms the Obama Administration attempted to take on: Health-care, fiscal stimulus, financial services, perhaps it would be encouraging for the lawmakers to go on an easy “step-by-step” process. To article here suggests to enforce VAT, otherwise known as a Value Added Tax. “The starting point: trading for a broader tax base in return for lower tax rates” (Farrel, 2010).  Other economists such as Andrew Samwick suggests to disregard the income tax, and instead, raising gasoline taxes to reduce offsets for payroll taxes.

But whatever gets decided, I believe it is solely hasty to talk about what’s wrong and what’s not. After mid-term elections, perhaps the Congress will realize how broken the US tax system is at the moment and the importance of attempting to give an effort in fixing it.

Picture from here

Reflection: President’s Dilemma

May 31, 2010 § Leave a comment

I personally think our group was not ready enough to give a presentation, and perhaps one of the reasons could be because I was too dependent on the other group members. Probably half way through the project, I was not 100% focused in, which bit me back when we had to present our economic theories. Although I was not the person presenting, I should have prepared myself more with economic concepts and drilled in with harder questions that may have been asked on Friday.

However, I have to laud myself for being an active speaker when answering questions. In fact, when I was preparing with Dr. Anthony on Friday with the questions, his suggestions helped a lot because basically the same questions appeared at the question-answer session. Despite the last question without a counterpoint (What are you going to do with this economic plan by just throwing money?), I was able to answer most of the questions somewhat  thoroughly.

All in all, things I should keep in mind for next time, is to not be dependent on other group members. On the day of our presentation, we had one of our strong members absent, which screwed us all. Next time, although it is a group project, I can’t rely too much on other group members, and prepare myself so that I can be good on my own.

Tradeoffs Regarding the Cape Wind

April 30, 2010 § 1 Comment

Even the sound of “power-winds” energy suppliers seem good to the environment and the economy because it will bring good to the welfare. But is it always so? In this article I found about Cape Windーan offshore wind farm in Massachusettsー argues that there are criticisms regarding this plan.

The offshore wind farm, with 130 windmills that covers about 240 sq. miles of space, supplies nearly 183 megawatts of electricity needs for Cape Cod and various islands in the area. “Opponents claim that the turbines will spoil Cape Cod’s sea views and disrupt submerged Indian burial grounds, and that, at $1 billion for the whole project, they aren’t worth the cost” (Wagner, 2010).

Thus, there are tradeoffs regarding this idea. With that amount of money, a more efficient and price-savy energy supplier could have been made instead.

“Salazar ordered modifications to the project to quell some of the criticisms: the number of turbines was once greater, and they were situated closer to land. The somewhat smaller, more-distant installation should reduce the visual impact. But Salazar also pushed back against critics, noting that Nantucket Sound is anything but pristine, with a long history of fishing, boating and industry activity, as well as cell-phone and broadcast towers located around the area. “This will allow us to strike an appropriate and responsible balance,” he said at the press conference in Boston, where he was flanked by Massachusetts Governor Deval Patrick, a Cape Wind supporter. “This will be the first of many projects up and down the Atlantic Coast.” ”  (Wagner, 2010).

Read more here