...CHAPTER 1—WHAT IS ECONOMICS? MULTIPLE CHOICE 1. The basic problem of economics arises when there are unlimited resources available to fulfill society's limited wants. a.|True| b.|False| ANS: B PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: Scarcity and Individual Choice KEY: Bloom's: Knowledge 2. Economics is the study of choice under conditions of a.|demand| b.|supply| c.|scarcity| d.|opportunity| e.|abundance| ANS: C PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension 3. The study of economics would be superfluous if __________ did not exist. a.|demand| b.|capital| c.|corporations| d.|profit| e.|scarcity| ANS: E PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic STA: DISC: Scarcity, tradeoffs, and opportunity cost TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension 4. Which of the following disciplines is not a social science? a.|psychology| b.|mathematics| c.|economics| d.|political science| e.|sociology| ANS: B PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic STA: DISC: The Study of economics, and definitions in economics TOP: Scarcity and Individual Choice KEY: Bloom's: Comprehension 5. What does economics have in common with sociology? a.|Economics and sociology ask fundamentally the same questions...
Words: 13032 - Pages: 53
...* The date when you finished the final exam: December 13 2013 You are advised to print a copy of this exam and read it prior to taking it. Make sure you have a word processor to use during the above dates (at home or work, in a lab or a public library, etc.). Do not use the small textbox to write your answers in WebTycho. Send me the electronic file with your answers as an attachment through the Assignments link! Please do not delete the questions as you are answering them. You may use the shaded/underlined field for the answers, or insert some additional space. Section 1: Multiple-Choice (28 Questions). 2 Points each. 56 Points total. Write the letter of the correct answer in the shaded/underlined field immediately after the question. The table below shows the hypothetical utility schedule for a consumer of chocolate candy bars. [pic] 1. Refer to the above table. This consumer begins to experience diminishing marginal utility when consuming the: A. Third candy bar B. Fourth candy bar C. Sixth candy bar D. Seventh candy bar B. 2. Refer to the above table. Marginal utility becomes negative with the consumption of the: A. Fourth candy bar B. Fifth candy bar C. Sixth candy bar D. Seventh candy bar D. 3. Refer to the above table. Based on the data in the above table you can conclude that the: A. Marginal utility of the fourth unit is 7 B. Marginal utility of the third unit is 18 C. Total utility of 5 units is 30 D. Total utility of 3 units is...
Words: 3205 - Pages: 13
...| | | | | | | | | | | | | | | Question 1 | 0 out of 1 points | | Which of the following could lead to a bank's failure, even if the bank has positive net worth? | | | | | Selected Answer: | A bank with positive net worth cannot fail. | Correct Answer: | Most of the bank's assets are illiquid. | | | | | Question 2 | 1 out of 1 points | | The three most important sources of economic growth are | | | | | Selected Answer: | increases in employment, increases in the capital stock, and improvements in technology | Correct Answer: | increases in employment, increases in the capital stock, and improvements in technology | | | | | Question 3 | 0 out of 1 points | | If the capital stock increases faster than employment, then we would expect | | | | | Selected Answer: | both output and labor productivity to fall | Correct Answer: | both output and labor productivity to rise | | | | | Question 4 | 0 out of 1 points | | Refer to Figure 8-9. The production possibilities frontier tells us that there is a trade-off between investment in capital and | | | | | Selected Answer: | investment in human capital | Correct Answer: | living standards in the present | | | | | Question 5 | 0 out of 1 points | | In figure 7-1, the equilibrium hourly wage and number of workers employed are: | | | | | Selected Answer: | ...
Words: 4220 - Pages: 17
...Ruben Alvarez Professor Salmon Namala Macroeconomics 201 16 May 2015 Outline Main Points 1) America the Relatively Beautiful The bow-tie-wearing president of Estonia, Toomas Hendrik Ilves, told a story in Davos about a young Estonian inventor he invited to tea in the summer of 2011 who told him he was moving to the U.S. in two weeks to make his fortune. His name is Hardi Meybaum, and he co-founded a computer-aided-design company called GrabCAD. Last fall the now-Boston-based company was sold for $100 million. Said Ilves: “That never would have happened in Europe.” 2) America’s economy booming again The U.S. economy is booming again—which is one reason President Obama devoted much of his State of the Union address to extolling it. “Since 2010,” Obama said, “America has put more people back to work than Europe, Japan, and all advanced economies combined.”The U.S. economy has generated jobs at a pace of a quarter million per month over the past year. The unemployment rate—5.6 percent, the lowest since 2008—is low enough that the Federal Reserve has stopped buying bonds and is making noises about lifting short-term rates this year, 3) How America was able to utilize government intervention to get out of a recession. President Bush’s Treasury secretary, Henry Paulson, engineered a takeover of housing finance giants Fannie Mae and Freddie Mac, which kept some credit flowing to home buyers. President Obama and his Treasury secretary, Timothy Geithner, took...
Words: 1352 - Pages: 6
...Business Economics ECON 545 Professor Ermias Weldemicael Week 6 Macroeconomic Analysis Situation B William Samarin August 15, 2014 Situation B Introduction In situation B, Cindy wants to start her own business where she installs solar panels. She has based her choice on what she perceives as the economic benefit of the cost savings of solar, both for businesses and homeowners plus the positive environmental impact of using solar. She has also heard that both the state and Federal government is offering incentives and rebates for the installation of solar panels to aid in the purchase of a solar system. The macroeconomic impact of her business decision needs to look at the effect of the solar industry on the gross domestic product of the United States, unemployment in the field, the fiscal policy impact, business cycles in the industry, and monetary policy and interest rates as well the international trade impacts of solar installations. Without an understanding of these areas, starting a new solar installation business could be a risk. Gross Domestic Product and Solar Gross domestic product is the market value of the final commodities and services that are produced by any country during a specific time period. In most cases this is measured over a single year (Hubbard, 2012). The gross domestic product (GDP) impact of the solar energy industry is seen in the creation of jobs in the specialized production of solar panels, the installation of solar systems...
Words: 1681 - Pages: 7
...1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. (b.) (15 points) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production decrease. What new decisions will you make regarding production levels and pricing for your Widget facility? (Points : 30) (a.) ANS. With an increase in demand and an increase in supply, P* will be indeterminate. Q* will definitely increase. The decisions to be made follow the changes in Q* and P*. Production levels should be increased. The price of the Widgets should remain the same. (b.) ANS. Here the determinant of demand is an increase in the price of a substitute good. This will cause an increase in demand. The determinant of supply is an increase in costs. This will cause a decrease in supply. Now the change in Q* is indeterminate, and P* will definitely go up. ...
Words: 2547 - Pages: 11
...Chapter 20 – Elasticity: A Measure of Responsiveness #1 - Page 432 – Answer question #2.4 (MADD Beer Tax…). Show your computation. If the goal of MADD is to decrease highway deaths by 39% then they would need to increase beer taxes by 30%. I arrived at this conclusion by taking 39% (because the highway deaths are proportional to the beer consumption) then I divided this number by 1.3 (the elasticity of demand) this brought me to the answer of 30% (change in price). #2 – How can we use the price elasticity of demand to predict the effect of taxes? In the example of the beer and highway deaths, we can use the concept of price elasticity to predict the effects of a change in the price of beer on drinking and highway deaths. Since the price of beer is directly related to consumption among young adults and the consumption is directly related to the highway deaths, if one changes they all change. Since the government cannot force beer manufacturers or retailers to increase the price of beer. However, the government does have control over taxes and they can increase the price through tax increases. This will lower beer consumption and ultimately lower highway deaths. Chapter 21 – Market Efficiency and Government Intervention #3 - Page 456 – Answer question #1.3 (In Figure 21.1…) Tupak’s consumer surplus is $9, compared to $6 for Thurl. #4 – How does a minimum price (floor price) affect the market? A minimum price creates an excess supply within the market because...
Words: 1098 - Pages: 5
...ECON 306 Final Exam Click Link Below To Buy: http://hwaid.com/shop/econ-306-final-exam/ 1. Which of the following constitutes an implicit cost to the Johnston Manufacturing Company? a. Payments of wages to its office workers. b. Rent paid for the use of equipment owned by the Schultz Machinery Company. c. Use of savings to pay operating expenses instead of generating interest income. d. Economic profits resulting from current production. 2. Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting: a. profits were $100,000 and its economic profits were zero. b. losses were $500,000 and its economic losses were zero. c. profits were $500,000 and its economic profits were $1 million. d. profits were zero and its economic losses were $500,000. 3. Which of the following is a short-run adjustment? a. A local bakery hires two additional bakers. b. Six new firms enter the plastics industry. c. The number of farms in the United States declines by 5 percent. d. BMW constructs a new assembly plant in South Carolina. 4. The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product respectively. Therefore, we can conclude that: a. marginal product of the third worker is 9. b. the third worker has to work with poorer-quality tools and raw materials. c. the firm will not want to hire more than...
Words: 2023 - Pages: 9
...FINA 6282 Economics for Finance Practice Mock Examination Chinese University of Hong Kong Please write your name and student number (If you don't have a student number yet, please put your application number) on the booklet. Please answer all of the following questions. The full mark for exam is 100. Please present the definitions, theorems and steps of the proofs clearly. Please make sure that people can read your handwriting. You will have THREE hours for the exam. 1 Consider the following game between two firms, Sony and Toshiba. Toshiba Invest Heavily 0, 0 1, 3 Sony Invest Heavily Slacken Slacken 3, 1 2, 2 a) Find the pure-strategy Nash equilibrium or equilibria. b) Compute the mixed-strategy Nash equilibrium. As part of your answer, draw the best-response function diagram for the mixed strategies. c) Suppose the game is played sequentially, with Sony moving first. What are Toshiba's contingent strategies? Write down the normal and extensive forms for the sequential version of the game. d) Using the normal form for the sequential version of the game, solve for the Nash Equilibria. e) Identify the proper subgames in the extensive form for the sequential version of the game. Use backward induction to solve for the subgame-perfect equilibrium. Explain why other Nash equilibria of the sequential game are "unreasonable". (Nicholas and Synder Ch5, Q5.7) 2 Consider the following Bertrand competition model with differentiated products. Let the demand curves...
Words: 1285 - Pages: 6
...Guidelines for the ECON 411W Term Paper Each student is expected to write a term paper on a topic relevant to the course, but of your choosing. Each of you should chose a topic and submit the idea by October 5th for my approval. In your proposal, you should describe to me what you plan to write about and why. You must (and this is important) provide a brief selection of material/scholarly articles that you plan to rely on for your paper. After your topic has been approved, you are free to begin development of the paper in greater detail. The purpose of this writing assignment is to help you express your thoughts/findings on a subject related to Money and Banking, as well as to gain some greater confidence in the process of scholarly writing. That said, I am NOT looking for original research, although in some cases (but not all cases), basic data analysis may be required for you to demonstrate certain points you wish to make. This project is about writing and expressing your ideas in a clear and careful way. A first draft of this term paper is due next Monday (November 11th). Please post the papers on Blackboard. If you must, you can forward to my email account. The paper must be typed, double spaced, and roughly 12 pages in length, exclusive of tables and references. The first draft will account for 1/3 of your final grade on the paper. I am looking to see that you have developed the idea in a reasonably thorough way. By that I mean the following: 1) You have...
Words: 687 - Pages: 3
...Devry Econ 545 Final Exam-2015 IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-Econ-545-Final-Exam-2015-04040444320.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Question 1.1.(TCOs A and D) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (30 points) (Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected on the Widget Market, you know that market demand has recently decreased and market supply has recently increased. Name two shift factors and determinants that could have caused the market demand to decrease and two shift factors and determinants that could have caused the market supply to increase. Also as manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? (15 points) Remember that supply and demand are about the market supply and market demand, which is much bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. You want to identify the possible change in market equilibrium price, and possible change in market equilibrium quantity based on the shifts in demand and supply and adjust your own price and...
Words: 1395 - Pages: 6
...Devry Econ 545 Final Exam-2015 IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-Econ-545-Final-Exam-2015-04040444320.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Question 1.1.(TCOs A and D) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (30 points) (Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected on the Widget Market, you know that market demand has recently decreased and market supply has recently increased. Name two shift factors and determinants that could have caused the market demand to decrease and two shift factors and determinants that could have caused the market supply to increase. Also as manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? (15 points) Remember that supply and demand are about the market supply and market demand, which is much bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market. You want to identify the possible change in market equilibrium price, and possible change in market equilibrium quantity based on the shifts in demand and supply and adjust your own price and...
Words: 1395 - Pages: 6
...I used to play soccer for a club,just for recreational purposes,in fact i was one of the cofounders of the team. The team we assembled was a mixture of young and old, and for this reason we were the laughing stock of the league, because all other teams were made up solely of young players, who were exceptionally talented. The team ended up on the wrong side of the score for the first few games we played, and got nicknamed the “whopping boys”. Eventually we grew tired of the nickname and of our performances on the field, and we decided to try and improve things, first thing we did was to elect a leader for the club. Even though i didnʼt want the job, i was voted into the position, and as the president it was my duty to represent my team when the league called for club meetings. At the time we were all students, so it was decided that we would all contribute towards any and all expenses,but unfortunately when you dealing with a blend of young and old, things donʼt always go according to plan, people constantly made up excuses for not showing up for practice, or for not contributing towards our equipment. Even though it wasnʼt my duty, i took it upon myself to ensure that every single player showed up for practice, i used to drive up to the houses of all those who didnʼt have any transportation. It was a tiring job, but i realized that if i wanted the team to be successful, i had to make certain sacrifices, some of which included taking money out of my own pocket...
Words: 750 - Pages: 3
...Axia College Material Appendix A Final Project Overview and Timeline Final Project Overview The final project consists of a checkout application. This application—similar to practical programs at many supermarkets—includes the following elements: • Complete requirements analysis • Design • Verification • Validation and test documentation The checkout application is a program that allows users to enter items and totals will be added up and results presented to the user. Requirements The requirements will change for each assignment section. This is because as we go along you will be able to add to the previous assignment using what you have learned during the course. Each assignment will require you to perform analysis and design and testing. We will learn more formal testing in week 6. Final Project Timeline You should budget your time wisely and work on your project throughout the course. As outlined below, some CheckPoints and assignments in the course are designed to assist you in creating your final project. If you complete your course activities and use the feedback provided by the instructor, you will be on the right track to complete your project successfully. □ Suggested in Week One: Read Appendix A regarding the final project overview and timeline. □ Due in Week Two: Initial Application Development □ Due in Week Four: Additional Application Development □ Due in Week Six: Final Application Development and Test Cases ...
Words: 262 - Pages: 2
...patient for hearing aid suitability. It was agreed that these three sessions encompassed all aspects in Audiology she may come across in her future career. For example, she can fit a hearing aid, she can assess a patient and she has learnt that not all fittings are straight forward, for those presenting with a unique problem(s). The end product is patient satisfaction, provide a solution for the patient and to support that in practise. Leanne has come on in leaps and bounds since her early days in the department. She is confident, but finds it difficult to ask questions. However, she does manage talk about things in the appointment through her reflective reporting. This is something I may need to talk with her about when I have the final meeting with her. But I am not overly concerned at this moment in time. The 3 reflective reports that Leanne produces is of good quality, informative and reasonably accurate. It also highlights aspects of training she mentions that we both have undertaken together in the appointment, so I suppose she is reporting her own training and that of mine in her words, that I can use as evidence that can be signed off. Each three reflective reports enclosed have been signed by myself and my mentor-supervisor, including this document. Trainee mentor…………………….print name………………….date:……………… Mentor-supervisor…………………print...
Words: 309 - Pages: 2
