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Attached is 11 Economics questions (Multiple choice).Description:Note that this assignment is based on information from the article “Economic Lessons from the Musical Hamilton” by Rousu and Conrad published in The Journal of Economics Teaching, Vol. 2(1), 2017.The Broadway musical Hamilton was written by Lin-Manuel Miranda and is based on Ron Chernow’s biography of Alexander Hamilton. The musical includes a variety of musical genres, including pop, hip-hop, rhythm and blues, and jazz to showcase the life of Alexander Hamilton. The musical recounts events that happened during the founding of the United States, and it illustrates economic concepts that are rarely discussed in popular music. As described by Rousu and Conrad, Alexander Hamilton is important in U.S. history in part because he was the nation’s first Secretary of the Treasury and is credited as the “architect of the department” (U.S. Department of the Treasury, 2010). Hamilton advocated for a strong centrally controlled treasury – often pitting himself against the likes of Thomas Jefferson (Secretary of State at the time) over how much control the treasury should possess in regard to managing governmental accounts, tax policy, enforcing financial laws, and more (U.S. Department of the Treasury, 2010). Hamilton clashed with Jefferson over the idea of creating a national bank. Coinciding with the establishment of the First Bank of the United States in 1791, Hamilton also fought for the assumption of state debts by the federal government and the creation of a mechanism for collecting taxes (U.S. Department of the Treasury, 2010; PBS, 2000). The implementation of these three elements of Hamilton’s financial plan ultimately provided the foundation for the nation’s future economic and monetary policies. eco_hw.docx Unformatted Attachment Preview Description Note that this assignment is based on information from the article “Economic Lessons from the Musical Hamilton” by Rousu and Conrad published in The Journal of Economics Teaching, Vol. 2(1), 2017. The Broadway musical Hamilton was written by Lin-Manuel Miranda and is based on Ron Chernow’s biography of Alexander Hamilton. The musical includes a variety of musical genres, including pop, hip-hop, rhythm and blues, and jazz to showcase the life of Alexander Hamilton. The musical recounts events that happened during the founding of the United States, and it illustrates economic concepts that are rarely discussed in popular music. As described by Rousu and Conrad, Alexander Hamilton is important in U.S. history in part because he was the nation’s first Secretary of the Treasury and is credited as the “architect of the department” (U.S. Department of the Treasury, 2010). Hamilton advocated for a strong centrally controlled treasury – often pitting himself against the likes of Thomas Jefferson (Secretary of State at the time) over how much control the treasury should possess in regard to managing governmental accounts, tax policy, enforcing financial laws, and more (U.S. Department of the Treasury, 2010). Hamilton clashed with Jefferson over the idea of creating a national bank. Coinciding with the establishment of the First Bank of the United States in 1791, Hamilton also fought for the assumption of state debts by the federal government and the creation of a mechanism for collecting taxes (U.S. Department of the Treasury, 2010; PBS, 2000). The implementation of these three elements of Hamilton’s financial plan ultimately provided the foundation for the nation’s future economic and monetary policies. QUESTION 1 1. Listen to the song “Satisfied.” https://www.youtube.com/watch?v=InupuylYdcY In the song, Angelica Schuyler (the daughter of prominent U.S. general Philip Schuyler) sings a toast to her sister Eliza and her sister’s groom, Alexander Hamilton (a poor immigrant), at their wedding. While singing the toast, Angelica has a flashback to when she first met Hamilton. Angelica actually met Hamilton before Eliza did, shared a mutual attraction, and could have pursued him. Instead, Angelica introduced him to her sister. She sings: “I’m a girl in a world in which My only job is to marry rich My father has no sons so I’m the one Who has to social climb … He’s after me cuz I’m a Schuyler sister That elevates his status, I’d Have to be naïve to set that aside … I know my sister like I know my own mind You will never find anyone as trusting or as kind If I tell her that I love him she’d be silently resigned He’d be mine She would say, ‘I’m fine’ She’d be lying.” What choice is Angelica recalling in this song – what were her options? Do not introduce her sister to Hamilton and pursue her own relationship with him or give up her potential opportunity with Hamilton by introducing her sister to him. Turn her back on her family and marry someone else or fulfill her fathers wishes and marry Hamilton Support her family by marrying wealthy Hamilton or turn her back on her family and become a spinster QUESTION 2 1. Listen to the song “Satisfied.” https://www.youtube.com/watch?v=InupuylYdcY In the song, Angelica Schuyler (the daughter of prominent U.S. general Philip Schuyler) sings a toast to her sister Eliza and her sister’s groom, Alexander Hamilton (a poor immigrant), at their wedding. While singing the toast, Angelica has a flashback to when she first met Hamilton. Angelica actually met Hamilton before Eliza did, shared a mutual attraction, and could have pursued him. Instead, Angelica introduced him to her sister. She sings: “I’m a girl in a world in which My only job is to marry rich My father has no sons so I’m the one Who has to social climb … He’s after me cuz I’m a Schuyler sister That elevates his status, I’d Have to be naïve to set that aside … I know my sister like I know my own mind You will never find anyone as trusting or as kind If I tell her that I love him she’d be silently resigned He’d be mine She would say, ‘I’m fine’ She’d be lying.” What does she actually choose? Follow her dreams and keep Hamilton to herself Introduce Hamilton to her sister so her sister can pursue her happiness Set her sister up with Hamilton on a blind date to see what happens QUESTION 3 1. Listen to the song “Satisfied.” https://www.youtube.com/watch?v=InupuylYdcY In the song, Angelica Schuyler (the daughter of prominent U.S. general Philip Schuyler) sings a toast to her sister Eliza and her sister’s groom, Alexander Hamilton (a poor immigrant), at their wedding. While singing the toast, Angelica has a flashback to when she first met Hamilton. Angelica actually met Hamilton before Eliza did, shared a mutual attraction, and could have pursued him. Instead, Angelica introduced him to her sister. She sings: “I’m a girl in a world in which My only job is to marry rich My father has no sons so I’m the one Who has to social climb … He’s after me cuz I’m a Schuyler sister That elevates his status, I’d Have to be naïve to set that aside … I know my sister like I know my own mind You will never find anyone as trusting or as kind If I tell her that I love him she’d be silently resigned He’d be mine She would say, ‘I’m fine’ She’d be lying.” What are the benefits to Angelica from making that choice? She is still available to marry a wealthy husband and her sister is happy with Hamilton. She doesnt end up with Hamilton who she finds uninspiring. Her relationship with her sister falls apart because Eliza doesnt want to be with Hamilton either. 1. QUESTION 4 Listen to the song “Satisfied.” https://www.youtube.com/watch?v=InupuylYdcY In the song, Angelica Schuyler (the daughter of prominent U.S. general Philip Schuyler) sings a toast to her sister Eliza and her sister’s groom, Alexander Hamilton (a poor immigrant), at their wedding. While singing the toast, Angelica has a flashback to when she first met Hamilton. Angelica actually met Hamilton before Eliza did, shared a mutual attraction, and could have pursued him. Instead, Angelica introduced him to her sister. She sings: “I’m a girl in a world in which My only job is to marry rich My father has no sons so I’m the one Who has to social climb … He’s after me cuz I’m a Schuyler sister That elevates his status, I’d Have to be naïve to set that aside … I know my sister like I know my own mind You will never find anyone as trusting or as kind If I tell her that I love him she’d be silently resigned He’d be mine She would say, ‘I’m fine’ She’d be lying.” What is her opportunity cost of that choice? Her fathers approval Her sisters friendship She has potentially lost happiness and a marriage based on love. She may have lost the love of her life. QUESTION 5 1. Listen to the song “Your Obedient Servant” which occurs near the end of the musical and Hamilton’s life. https://www.youtube.com/watch?v=FdyMgtcyI-k It illustrates the letter-writing that went back-and-forth between Hamilton and Aaron Burr over the last few months of Hamilton’s life before their fateful duel (see Chernow, pages 680-694 for the story of the duel that resulted in Hamilton’s death). Burr was angry, because he thought Hamilton was slandering him. Hamilton’s trade-offs in the song are evident when Aaron Burr sings: “Careful how you proceed, good man Intemperate indeed, good man Answer for the accusations I lay at your feet or Prepare to bleed, good man.” … “Burr, your grievance is legitimate I stand by what I said, every bit of it You stand only for yourself It’s what you do I can’t apologize because it’s true.” What is Alexander Hamilton’s opportunity cost of ignoring Aaron Burr’s challenge to a duel? Nothing. There were no costs of not accepting the challenge. Reputation. He has to defend his honor by accepting the duel. His family would shun him if he refused to accept the challenge. QUESTION 6 1. Listen to the song “Your Obedient Servant” which occurs near the end of the musical and Hamilton’s life. https://www.youtube.com/watch?v=FdyMgtcyI-k It illustrates the letter-writing that went back-and-forth between Hamilton and Aaron Burr over the last few months of Hamilton’s life before their fateful duel (see Chernow, pages 680-694 for the story of the duel that resulted in Hamilton’s death). Burr was angry, because he thought Hamilton was slandering him. Hamilton’s trade-offs in the song are evident when Aaron Burr sings: “Careful how you proceed, good man Intemperate indeed, good man Answer for the accusations I lay at your feet or Prepare to bleed, good man.” … “Burr, your grievance is legitimate I stand by what I said, every bit of it You stand only for yourself It’s what you do I can’t apologize because it’s true.” What is Alexander Hamilton’s opportunity cost of deciding to accept Aaron Burr’s challenge to a duel? He gives up his reputation. He wins the presidency of the U.S. He could give up his life - he could die. QUESTION 7 1. Listen to the song “Your Obedient Servant” which occurs near the end of the musical and Hamilton’s life. https://www.youtube.com/watch?v=FdyMgtcyI-k It illustrates the letter-writing that went back-and-forth between Hamilton and Aaron Burr over the last few months of Hamilton’s life before their fateful duel (see Chernow, pages 680-694 for the story of the duel that resulted in Hamilton’s death). Burr was angry, because he thought Hamilton was slandering him. Hamilton’s trade-offs in the song are evident when Aaron Burr sings: “Careful how you proceed, good man Intemperate indeed, good man Answer for the accusations I lay at your feet or Prepare to bleed, good man.” … “Burr, your grievance is legitimate I stand by what I said, every bit of it You stand only for yourself It’s what you do I can’t apologize because it’s true.” How could Hamilton avoid the duel and still have peace with Burr? Apologize for what he said about Burr. But, Hamilton viewed this as dishonorable. There is no way to keep the peace with Burr. Become Burrs assistant. QUESTION 8 1. Listen to the song “Your Obedient Servant” which occurs near the end of the musical and Hamilton’s life. https://www.youtube.com/watch?v=FdyMgtcyI-k It illustrates the letter-writing that went back-and-forth between Hamilton and Aaron Burr over the last few months of Hamilton’s life before their fateful duel (see Chernow, pages 680-694 for the story of the duel that resulted in Hamilton’s death). Burr was angry, because he thought Hamilton was slandering him. Hamilton’s trade-offs in the song are evident when Aaron Burr sings: “Careful how you proceed, good man Intemperate indeed, good man Answer for the accusations I lay at your feet or Prepare to bleed, good man.” … “Burr, your grievance is legitimate I stand by what I said, every bit of it You stand only for yourself It’s what you do I can’t apologize because it’s true.” Ultimately, what does Hamilton choose to do? He gives a passionate speech that saves him from death. He accepts the dishonor of ignoring the challenge to a duel. He accepts the duel and is killed by Burr. QUESTION 9 1. Listen to the song “You’ll be Back.” https://www.youtube.com/watch?v=eKFNaqPJH8 This song is sung by King George, and it is basically his love-letter to the American colonies. He describes the opportunity cost that the colonies will incur if they choose to secede from Britain. He sings: “Oceans rise, empires fall We have seen each other through it all And when push comes to shove I will send a fully armed battalion to remind you of my love!” And later… “Don’t throw away this thing we had ‘Cuz when push comes to shove I will kill your friends and family to remind you of my love.” What was the cost to the United States of the Revolutionary War? Conflict with Native Americans. Security and protection of England and war with one of the most formidable armies existing at that time. They had to continue to pay taxes to England after winning the war. QUESTION 10 1. Listen to the song “You’ll be Back.” https://www.youtube.com/watch?v=eKFNaqPJH8 This song is sung by King George, and it is basically his love-letter to the American colonies. He describes the opportunity cost that the colonies will incur if they choose to secede from Britain. He sings: “Oceans rise, empires fall We have seen each other through it all And when push comes to shove I will send a fully armed battalion to remind you of my love!” And later… “Don’t throw away this thing we had ‘Cuz when push comes to shove I will kill your friends and family to remind you of my love.” According to King George, what is the colonists’ opportunity cost if they secede from the British crown? Chance of losing their lives or at least possible loss of their farms or property if no revenue was earned during the span of their military service Loss of British music and dances. Loss of trips to Europe. QUESTION 11 1. Although the examples from Hamilton illustrate that opportunity cost does not always have to be monetary, here is a monetary example. You are shopping at Richmond Centre with an $80 gift certificate. Only three items catch your attention. The items include a Justin Bieber sheet set, a remote control helicopter, and an “Amazing Abs Belt.” You would be willing to give up $60 for the sheets, $70 for the belt, and $80 for the helicopter, and you decide to purchase the helicopter. The opportunity cost of the helicopter was $60, the value of the sheets. $70, the value of the “abs belt.” $80, the amount of the gift certificate spent. $130, the combined value of the alternatives forgone. ... Purchase answer to see full attachment