...ECO 212 Final Exam To purchase this Tutorial click below link : http://homeworkgallery.com/index.php/product/eco-212-final-exam/ ECO 212 Final Exam A 1)Economics does not study correct or incorrect behaviors, but rather it assumes that economic agents make the best decisions given their knowledge of the costs and benefits. What term best describes this behavior? 2) By definition, what is economics the study of? 3) What is the term in economics by which a group of buyers and sellers of a product come together to trade? 4) Which of the following statements describes the actions of producers in the circular flow model? 5) If a commercial dairy farm wants to raise funds to purchase feeding troughs, in which market does it do so? 6) Which of the following is not a critical function of the government in facilitating the operation of a market economy? 7) If demand is inelastic, the absolute value of the price elasticity of demand is 8) Economists in general 9) A demand curve which is ________ represents perfectly inelastic demand, and a demand curve which is ________ represents inelastic demand. 10) A decrease in the price of GPS systems will result in 11) At a product’s equilibrium price 12) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until 13) Marginal revenue product of labor for a competitive seller is 14) Let MP = marginal product, P = output price, and W = wage, then the equation that represents the...
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...Final Project: New House Decision ECO/212 February 20, 2010 The arrival of a new baby is a major lifestyle change. The decision to buy a house takes into account pros and cons of making a major purchase. A studio apartment is a difficult living arrangement with a new baby, because it is small and without a separate space for a baby. The studio apartment is not in proximity to schools or services, which are needed for childcare. A house offers space for baby, a yard, schools, and services. The pros of home ownership offer many benefits not available with a rental property. Trade-offs The studio apartment although close to downtown night life, is not close to schools, churches, or shopping centers. This location worked well for the past few years, because children were not part of the equation. Some trade-offs are required before making a housing purchase. Proximity to night life is enjoyable; however, caring for a new baby will limit a carefree lifestyle. Purchasing a home will require a down-payment and closing costs. In addition to a monthly mortgage payment, utilities, homeowner dues, repairs, maintenance, lawn care, insurance, and taxes are costs of ownership. When renting the renter does not have homeowner dues, lawn car, property taxes, and most repairs and maintenance costs. Homeowners unlike renters can make home modifications, without ramifications. Equity in a home increases the homeowner’s personal wealth. Homeownership also signifies stability. A renter...
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...all... Save Paper Two Weeks With The Queen courage and prejudice expressed in a very realistic way that we can relate to. Two Weeks with the Queen gives the reader a sense of reality. In the beginning... Save Paper Week 5 Qnt/561 show that the production rate at the Scranton Plant has changed from 200 per week. The Two Sample Test of Hypothesis The two- sample hypothesis testing... Save Paper TraInIng In Acc point around which a learning organization may develop. The training program contents in ACC aimed to change employees to make them adopt new ways of thinking and... Save Paper Eco/212 Week 5 Week 5 final paper Eco/212 Rex Hammond Dr. T o Define the purpose and function of money- the purpose of money is to sustain the balance and empower the elite... Save Paper Week Nine Capstone Questions Jackie Carter Eth 125 April 7, 2011 Christy Boyer Week 9 Final...
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...Economic Decision Making Eco/ 212 July 4, 2010 This paper will list and review the four principles of individual decision making. The listed principles are necessary tools each consumer needs in order to make the best informed decision one can regarding his or her needs. Today’s consumers are faced with a constant barrage of financial decisions that today’s economy requires we make. Most consumers today are true economist whether they know it or not. Although many may not realize it, we all make decisions based on the four principles of economics which are: the cost, the incentive, the trade-off, and the margin. Economics is the study of how a society manages the scarce resources it has. When a consumer decides to make a purchase the first principle comes into play, how much will the item cost. The second principle, at least for me, becomes what are the incentives to make the purchase. The third principle for economic decision making is what would be the trade-off for the purchase. A consumer would now begin to question what item or goal would have to be given up or set aside to gain this particular item or goal. The fourth principle is known as the margin. The benefit of an item (marginal benefit) should carry more weight than the cost of an item (marginal cost). Because the benefits should outweigh the cost, this would give the consumer the final margin. Do keep in mind opportunity as well as price, availability, upkeep, re-sale value, and the potential...
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...Economic Decisions ECO/212 February 3, 2011 How People Make Economic Decisions Consumers are a major key in economics and every decision they make is rational; this is what economist assume. Consumers make decisions on four basic principals; trade-offs, opportunity cost, marginal changes, alternative marginal benefits and scarcity resources. Four Basic Principals of Decision Making First principal are trade-offs. A person needs to weigh the want over the means; so this means getting a good or service that the person wants and then needs to give up on or the other. The second principal is opportunity cost. Making a decision based on cost and benefits and possible looking for an alternative conclusion. The third principal is marginal changes. Consumer decision would be based on marginal benefits and comparing with marginal costs of the conclusion. Alternative benefits changes the marginal costs or benefits to motivate people to respond. The fourth principal is called scarcity. Consumers have to make choices because in the economy the goods and services are scarce. People exceed their wants when there are limited services and goods to meet the means of consumers. In my personal experience, I used the four basic principals in the decision making of returning to school. I have been out the school for many years and was afraid of making the final decision of returning to school. I finally looked at many variables that I took into consideration in making a final decision. Variables...
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...Measuring Economic Health Kim Kardashian ECO/212 August 9, 2011 Edward Vargas Measuring Economic Health The gross domestic product, or GDP, “is the market value of all final goods and services produced in a country during a period of time, typically one year” (Hubbard & O’Brien, 2010, p. 615). Generally, GDP is the measure of market values and not quantities. Moreover, the GDP can be an indicator for the general economic health of a country. Typically, if the GDP rises the country is in good economic health; however, if the GDP declines, the country may be gravitating toward recession, or is in recession. The business cycle consists of the expansion and recession periods. “The business cycle expansion is a period during which total production and total employment are increasing” (Hubbard & O’Brien, 2010, p. 614). On the opposing side of the business cycle is the recession. The business cycle recession is a period when the total production and employment is decreasing. The interrelation of fiscal policies, production, and employment are important to the economy. “A fiscal policy is the changes in the federal taxes and purchases that are intended to achieve macroeconomic policy objectives” (Hubbard & O’Brien, 2010, p. 900). Congress, and the president can attempt to stabilize the economy by using fiscal policy to affect the price level and the level of real GDP. However, in practice it is extremely difficult for Congress and the president to use...
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...Measuring Economic Health Memo ECO/212 As you may already know, GDP stands for Gross Domestic Product. GDP refers to the market value of all final goods and services produced in a country during a period of time, usually one year. When someone refers to the business cycle, he or she is referring to the alternating periods of expansion and recession of the economy. GDP is the most significant method used to gauge the state of the economy measuring total production and total income. When GDP is measured, a dollar amount of all goods and services is calculated to eliminate confusion. If the quantity of all goods and services were just measured, then the result would misinterpret the findings. GDP is an important tool to analyze total income a household or firm spends on particular items, giving insight into the state of the economy. By measuring GDP, the government can examine where money goes; is it being deposited, is the money being spent on taxes, or is it being invested into stocks and bonds. The flow of money from households into the financial system make it possible for firms to borrow, which is crucial to any economy. GDP measures the business cycle as well as it can, but cannot be the only determining factor; inflation and unemployment play vital roles as well. The term Fiscal Policy refers to changes in federal taxes and purchases that are intended to achieve macroeconomic objectives. Fiscal Policy is the government’s way of offsetting times of instability in the business...
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...How People Make Economic Decisions Teresa Baray Eco 212 January 17, 2011 Randy M Weinerman All adults must make choices to attain their specific goals. We have many wants but the resources have limits. Individual decision-making involves making choices on how to use their limited income on various goods and/or services available to them. People also make decisions about how they will spend their free time. Many outside entities can persuade an individual to use their resources including advertisements, coupons or incentives such as ‘buy one, get one free” or saving a certain percentage if you shop on a certain day and time. People must make decisions everyday nearly on everything. As stated in our textbook there are three key economic ideas: 1. People are rational, 2. People respond to economic incentives and the final idea being that optimal decisions are made at the margin. One of the major decisions where I compared the marginal benefits and the marginal costs was the time I decided to move in with a family member. I wanted to save some money to have a down payment to purchase a home. There were more than one marginal benefit and costs but the one I will focus most on is the cost of living further from work, but the benefit being not having to pay rent. In this circumstance I added an hour each way to my drive time everyday to work and a lot of additional money would be spent on gas. The best part was I was cutting my rental expenses by almost 70% but the not good part...
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...cs How People Make Economic Decisions Paper University of Phoenix Eco 212 May 29, 2011 Economics plays a role in every person’s day-to-day life. One aspect that it plays apart in is decision making. For every decision that is made economics is applied. There are principles that relate to decision making. First is that for every decision made there are tradeoffs, to get one thing something else is given up. The next principle is for every decision made there is a cost. The cost is what was given up. The third principle is people think rationally and rational people think on the margin, meaning that the decision is not made unless the marginal benefit exceeds the marginal cost. The final principle is that people respond to incentives. Behavior changes when cost or benefits change. These principles explain how the economy functions as a whole. Since resources are scarce people have to make decisions based on benefiting themselves on how to spend their time and money. To make rational decisions people must interact with the environment and other decision makers. These interactions lead to the best allocation of resources. When people interact with one another they make trade for resources when the benefit is mutual. For example buying a soda the buyer is thirsty and enjoys soda so he or she will benefit from the soda, and the vender will benefit from the money for the soda so the trade has been made. These interactions are affected by the economy system present. In a...
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...Romblon State University Main Campus Institute of Graduate Studies Odiongan, Romblon Supporting Quality Instruction: Additional LCD Projector For Graduate School Submitted by: EM 212 PROGRAM/ PROJECT DEVELOPMENT AND EVALUATION Summer Class 2016 Submitted to: DR. ESTER L. FORLALES Professor May 2016 Romblon State University Main Campus Institute of Graduate Studies Odiongan, Romblon PROJECT PROPOSAL I. PROJECT DESCRIPTION Project Title: Supporting Quality Instruction: Additional LCD Projector for Graduate School Type of Project: Classroom Facility Project Proponents: Program/ Projects Development and Evaluation Summer Class 2016 Project Beneficiaries: RSU-Institute of Graduate Studies Students Location of Beneficiaries: Main Campus, Romblon State University Date of Implementation: May 4-13, 2016 Duration: Two (2) Weeks Area of Project Implementation: Institute of Graduate Studies (IGS) Budget Requirements ₱ 21,700.00 II. BACKGROUND/ SITUATION ANALYSIS Shortage and unavailability of educational technology facilities were observed in the Institute of Graduate Studies particularly during summer classes. Some of the LCD projectors should be booked in advance by a faculty or students for reservation. If you will be late in reservation, you will borrow from other department or colleges in order to render your report or presentation. The Romblon State University as a premiere educational institution advocates...
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...Supply and Demand and Price Elasticity Paper Betty Hargrove ECO/212 January 30, 2013 Vivek Singhal Introduction After careful evaluation of our daily commodities we have chosen, soap, oil, sugar, salt, tissue, flour, toothpaste, deodorant, electricity, and wheat. These lists of commodities are necessary in a basic style of life. Our chosen product to focus on throughout our paper is sugar. We will address the supply and demand shift of sugar in a market economy. Furthermore, we will address supply and demand and price elasticity as well as whether our chosen commodity is a necessity or a luxury. Supply and Demand Shift There are limited explanations of why the demand and shifts in sugar vary. One of these reasons is because of the federal tariffs that are put on sugar. A tariff or tax on the import or even export increases the price and make it less in demand. No one wants to pay more for anything that we were paying less for a week ago. Also now there are a few different substitutes of sugar then using the real things. There are brands such as Equal, Splenda, and Sweet and Low. These are known as artificial sugar substitutes. These artificial sugar substitutes are sometimes found in food that we consume daily depending on our likes. Items that are, labeled as “diet” or “sugar free” use artificial sweeteners. There is “sugar free gum” and “diet soda”. These products typically have artificial sweeteners. The demand for the sugar is how much the consumers are willing...
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