Microeconomics 12e‚ Ragan - Ch 1 Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A modern economy like Canada’s is largely organized by 1) A) governments at all levels coordinating the activities of firms and citizens. B) benevolent individuals pursuing the public interest. C) the directions of international economic consortiums. D) individuals forming cooperative enterprises and labour unions. E)
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Supply and Demand Simulation MACRO AND MICROECONOMICS Two principles of macroeconomics are local income and housing market growth in the town of Atlantis. I chose these because if the people of Atlantis’ have low income‚ they will not be able to pay for apartments in the area that have high rent. This would hinder the housing and apartment complex growth in the area because there would be no economic support. Two principles of microeconomics are the choice to rent an apartment or buy a
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Economics Exam Review Chapters 2‚ 3‚ 4‚ 5‚ 6‚ 7‚ 8‚ 13‚ 14‚ 15‚ 16‚ 17‚ 21 Chapter 2: Thinking like an economist Scientific Method- Development and testing of theories about how the world works. This is applicable to studying a nations economy. * Theory and observation‚ economists collect and analyze data since experiments are often difficult in economics. * Economists make do with whatever data the world happens to give them * Natural experiments offered by history‚ considering
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Macroeconomic Forecast Pfizer‚ Inc. March 14‚ 2005 Abstract This paper is a Macroeconomic Forecast Outline of Pfizer‚ Inc. This outline will identify main economic indicators for Pfizer as a business entity and as a representative of pharmaceutical industry. This paper will identify sources of various data collected based on economical activity and relationships between different economical indicators. Main Economic Indicators The purpose of economic indicators is to provide for researchers
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Microeconomics Positive economics This is the use of economics to describe the activities which are happening in the world It is also called “what is” or “descriptive” Normative economics This is the use of economics to recomment changes. It means advicing on how things “shoud be” It is also called prescriptive analysis The market economy An economy that is entirely run by the market forces demand and supply and there is no government involvement in the economy A pure market economy
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Econ 103 Ch 4: Page 88 (page 490 in Economics) 1. Define GDP and distinguish between a final good and an intermediate good. Provide examples. GDP is the market value of all the final goods and services produced within a country in a given time period. A final good or service is an item that is sold to the final user‚ that is‚ the final consumer‚ government‚ a firm making investment‚ or a foreign entity. An intermediate good or service is an item that is produced by one firm‚ bought
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Chapter 10: Savings‚ Investment Spending and the Financial System 1. Given the following information about the closed economy of Brittania‚ what is the level of investment spending and private savings‚ and what is the budget balance? What is the relationship among the three? Is national savings equal to investment spending? There are no government transfers. GDP= $1‚000 million T= $50 million C= $850 million G= $100 million Investment spending is $50 million. The budget balance is
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Question 1 1. Economics studies _____. How society manages its scarce resources social welfare ethical use of resources protection of workers’ rights 5 points Question 2 1. GDP ______ Is the Gross Domestic Price Index Measures the market value of all final goods and services produced in the U.S. in a given year Measures the cost of inputs to factories in a given year Measures the unemployment rate 5 points Question 3 1. Inflation results in _____. A general decrease in
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proposed using the “scorched earth” tactic‚ which was to destroy all resources in front of him to prevent him from using them. The intended effect would be to starve Sherman and his Army. However‚ because the Confederates did not know where he was going‚ they were unable to get in front of him. The scorched earth tactic was abandoned as the Confederates realized they could not destroy the entire south. Sherman was essentially‚ left unchallenged. Another tactic employed by General Sherman was to use
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choice Formal: The value of the next-best‚ but unchosen alternative Opportunity Cost Example: Job choice: Suppose after graduation you have 2 job options A. IBM in RTP. Salary= $70‚000 B. Own consulting firm in Wilm. Salary= $30‚000 Suppose you choose option B‚ what is the opportunity cost of this decision? Answer: $70‚000 + full value of benefits (living in Triangle area‚ etc.) Opportunity Cost Example: Jeopardy 5x champ Pick a car! A. Audi TT conv B. BMW 5 series C. Mercedes CLK
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