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|
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* 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
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| | | | | | | | | | | | | | | 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:
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Practice Problems Problem 1 Income (Y) Consumption (C) Saving (S) Investment (I) TE 9,000 1,300 2,500 11,000 1,700 2,500 13,000 2,500 15,000 2,500 17,000 2,500 19,000 2,500 a) What is the consumption function? Assume that it takes the standard form (C = a + b YD). b) Fill in the table above. c) What is the equilibrium output level? d) If the current output level is 14,000, what would likely happen to the output level next year? Why? e) By how much will the
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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
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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
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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
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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
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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
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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
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