EXERCISES FOR MICROECONOMICS TOPIC 1 Economics: An Introduction (Chapters 1 & 2 in the Textbook) EXPLAIN THE FOLLOWINGTERMS ◎ Average benefit ◎ Average cost ◎ Economic surplus ◎ Economics ◎ Microeconomics ◎ Macroeconomics ◎ Marginal benefit ◎ Marginal cost ◎ Normative economics ◎ Positive economics ◎ Rational person ◎ Sunk cost ◎ Opportunity cost ◎ Absolute advantage ◎ Comparative advantage ◎ Attainable point ◎ Unattainable point ◎ Efficient point ◎ Inefficient
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Impact of global meltdown on Indian economy in 2009 | | | | Ashok Handoo | 08 Jan‚ 2009With the advent of 2009‚ economists are debating the extent of the impact of global meltdown on the Indian economy in 2009. The predictions range between somewhat optimistic to fairly pessimistic. But the common thread running is that 2009 will be challenging‚ indeed. The Deputy Chairman of the Planning Commission Montek Singh Ahluwalia says the stimulus package part two is part of the government
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MICROECONOMICS CHAPTER 1 The Market Economy What is to be done? —Lenin When future historians look back on the close of the 20th century‚ one of the most sweeping changes they will note is the collapse of centrally planned economies in Eastern Europe. It is not far off to say that the Cold War between the United States and the Soviet Union was won not by the armies of the United States and its allies‚ but by the productive power of Western market economies. Mikhail Gorbachev‚ then leader of the Soviet
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croChapter 1: A tour of the world 1.1 THE EUROPEAN UNION When macroeconomists study an economy‚ they first look at three variables: * Output – the level of production of the economy as a whole – and its rate of growth. * The unemployment rate – the proportion of workers in the economy who are not employed and are looking for a job. * The inflation rate – the rate at which the average price of the goods in the economy is increasing over time. The economic performance of European
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Global recession and its impact on Pakistan economy Presented by HASSAM TARIQ Abstract There has been speculation that American would lead global recession and it could impact the global economy. IMF also predicted that in 2008 global growth would fall from 4.9 percent to 4.0 percent. US economy suffered thousands of layoffs and the biggest retail sales dip on record. Strong economies as that of UK‚ Germany‚ France and the new emerging one’s like China and India also fell pray to this recession
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Faculty Material Week 2 Quiz 1. Schaefer (2015) defines _______________ as “the ways in which people respond to one another” and ___________________ as “the way in which a society is organized into predictable relationships.” a. Social interaction; social structure b. Social interaction; social change c. Organization; bureaucracy d. Politics; economics 2. Which of the following is not an element of social structure? a. Language b. Statuses and roles c. Social networks d. Groups 3. According to the
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Quiz 1 over Chapters 1-4 Looking Out Looking In Please use the Excel spreadsheet in this conference to record your answers. Write either T for True or F for False‚ or choose the letter from the multiple-choice items that corresponds to your selected option. Chapter 1 True/False 1. Chapter One indicates that effective interpersonal communication is strongly linked to social happiness and career success. 2. The ability to speak and listen effectively can mean the difference between
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Chapter 1 What is Economics? Definition of Economics • • • • • • • All economic questions arise because we want more than we can get. Scarcity is our inability to satisfy all our wants. Faced with scarcity we must make choices. Economics is the social science that studies the choices that individuals‚ businesses‚ governments‚ and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Economics divides into Microeconomics and
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and interest b) capital and rent c) labor and wages d) services and rent Q2) Joe could be at three different jobs that pay $15‚ $10‚ and $8 respectively. If he is not working‚ the opportunity cost is... a) $15. b) $10. c) $8. d) $33. Q3) Apples‚ oranges‚ and peaches are the same price. In descending order‚ Joe’s favorite fruits are apples‚ oranges‚ and peaches. If Joe buys an apple‚ the opportunity cost for him is a(n)... a) apple. b) orange. c) peach. d) oranges and peaches
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how the US Central Bank deal with their recession by using quantitative easing‚ which is closely related to monetary policy and how it affects the aggregate demand and aggregate supply. By using Economic Analysis: Monetary Policy: Objectives and Framework Central bank is a national bank that controls the quantity of money and banking services for its country’s government and commercial banks. Their responsibility is to stabilize currency‚ control inflation and maximize employment. (Investopedia
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